DeFi· ★★★· bullish·

Derive unveils V3 upgrade, moving onchain options to zk architecture on Ethereum L1

  • —V3 replaces Derive's L2 with a matching engine and sequencer running inside a zkVM, verified on Ethereum L1
  • —The existing Derive Chain will be phased out entirely, with all V2 positions and balances migrating to V3
  • —A new token, stDRV, will launch on Ethereum mainnet and bridge funds will move to L1
  • —Derive holds roughly 95% of the onchain options market by premium volume, with about $2 billion in open interest
Why it matters: The largest onchain options protocol moving to zk verification on Ethereum could set a standard for scaling complex derivatives on L1.
#ETH
Source: Crypto Briefing
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