Achieved 10% of Deribit's ETH options volume on January 8th, 2026.

Included in Panoptic's DeFi Options Landscape Report (2025) as one of six protocols analyzed for the current state of onchain options markets.

Running an ongoing trading competition

A PNL card feature for options trading launches and is now being used publicly.

Derive launches on HyperEVM and introduces a rewards program for HypurrCo users to trade on the platform.

Large ETH block trades execute on the platform with significant whale activity.

The market-making program opens to the public, allowing anyone to quote RFQs and earn rewards as a market maker.

Hitesh Donga joins as Head of Product, formerly Head of Product at Paradigm with experience building trading systems at Tradeweb, Broadridge, and Paradigm.

Trade tape goes live on Telegram for tracking options flow across BTC, ETH, and HYPE markets.

The platform passes 40 weeks of consecutive DRV buybacks with 15M+ tokens repurchased, implements fee cuts for makers and takers, expands infrastructure with Spicenet integration, and adds HYPE as collateral.

pufETH goes live as collateral for margin trades while earning restaking yield and as a tradable asset in spot markets, with perpetuals and options coming soon.

dcf cap holds 4% of circulating DRV tokens.

ETH Strategy uses Derive for onchain options strategies as part of their treasury operations to generate real yields.

Derive launches $HYPE Options with market maker FalconX Global providing quotes on the RFQ platform.

The platform goes live on HyperEVM.

Team member acknowledges Derive brand awareness is lower than Lyra's and commits to addressing this marketing challenge.

Launches official Chinese WeChat Community with a DRV token reward campaign running until Nov 30th to incentivize community engagement and discussions.

Weekly buyback #40 completes with 486,042 DRV purchased at $0.04 average price, bringing total buybacks to 14,937,647 DRV.

Joint AMA event features Derive Head of Partnerships alongside D2_Finance Co-Founder Luca and Ether.fi Head of Marketing SlaterHeil.

The platform receives increasing inquiries and aligns partners across Asia, while liquidity becomes more competitive on monthly and quarterly options contracts amid rising volatility.

Monthly notional options volume hits $630M+ with $75M+ TVL, and Ethena's yield-bearing stables integration enables yield earning on posted collateral.

Weekly buyback #39 completes with 366,847 DRV purchased at $0.03 average price, bringing total buybacks to 14,451,605 DRV.

RFQ response time improves as big orders start coming in, and alt options trading in size launches soon.

Options notional volume increases 17% M/M and options trades increase 26% M/M, with metrics trending towards pre-airdrop highs.

Platform proposes adding $ZEC options trading, noting the asset's high volume-to-mcap ratio, Bitcoin-like issuance characteristics, Ethereum alignment, lack of current options coverage, and built-in hedging demand from early allocation holders.

Platform crosses $550m in open interest achieving top 6 protocol ranking, launches zero fees spot trading with 18+ supported collaterals, and becomes first DEX integrated into Liquid Mercury's RFQ system. LBTC Basis Vaults currently yield 20% APY, and dHedge establishes precedent for onchain fund hedging on the platform.

Large options trade executed via RFQ: trader sells 640 ETH 5,000 puts expiring June 2026, collecting $990,000 in premiums.

DRV included in list of tokens with active buyback mechanisms.

The platform implements a major perpetual liquidity upgrade, reducing ETH spreads to 1 cent and improving options market pricing.

The platform onboards several new liquidity partners to improve competitive positioning for onchain derivatives trading.

Market overlooks DRV despite strong metrics, as traders show increasing disillusionment with crypto options protocols.

Open interest crosses $500M mark, ranking #6 among protocols in terms of open interest.

LBTC basis trade vault offers 20% APY yield.

The project announces an upcoming addition of a new collateral type, presenting 22 possible assets including BTC, ETH, stablecoins, and various liquid staking tokens.

Derive DAO executes weekly buyback #37, purchasing 322,855 DRV at $0.05, with cumulative buybacks now totaling 13,654,458 DRV.

Community observers note increased shilling activity on Crypto Twitter.

dHEDGE begins hedging treasury risk on Derive platform while maintaining non-custodial control through Safe, with all positions verifiable onchain.

$DRV token rallies 85% from April lows following tier-1 exchange listing, with protocol revenue now annualizing at $1.9M.

New team member joins with stated goal to bring billions in crypto options volume onchain to the platform.

Ex-CMO of Deribit (options protocol sold to Coinbase for billions) becomes a core contributor to the project.

Altcoin options trading to launch soon with community-driven altcoin selection and business development initiatives targeting market participants and power users.

FalconX institutional client access to be added later this year, expanding platform reach and improving liquidity with tighter spreads for on-chain options trading.

$DRV token airdropped to sENA stakers as part of collaboration with Ethena ecosystem.

Platform achieves technical milestone with 256-instrument Portfolio Margin capacity (claimed as first in crypto), expands product offerings with 2DTE and 3DTE options seeing institutional adoption, secures new market maker partnership for tighter spreads, and hires marketing lead from competitor Deribit.

Current market cap sits below 50M while maintaining pricing parity with Deribit's put options, suggesting significant valuation gap given Deribit's billion-dollar acquisition.

Derive successfully defended against a hostile takeover attempt by Synthetix.

Supply increase proposal of 50% announced with team allocation requiring 150M FDV for one month before tokens become transferable.

ESPN raises $1M and generates 66% annualized yield through weekly ETH call options trading, demonstrating real institutional adoption and yield generation on the platform.

Weekly buyback acquires 167,567 DRV at $0.055 (16.7% lower than last week), with 29.6% higher quantity pushing total buybacks to 10.60M DRV.

Weekly buyback acquires 129,331 DRV at $0.066, pushing total buybacks to 10.44M DRV

Digital Asset Treasuries emerge as key ETH price driver, offering staking advantages over ETFs.

Coinbase acquires Deribit for $3B while DCF Capital maintains DRV position, signaling major institutional movement in crypto derivatives trading infrastructure.

Latest buyback purchases 113,300 DRV at $0.087 (28% higher than last week), with total buybacks reaching 10.13M DRV.

API Broker Program goes live offering 50% matching fee share to integrated DeFi builders.

RFQ functionality now live, enabling direct matching between traders with instant firm quotes for specified trade parameters.

Weekly buyback #24 acquires 108,912 DRV at $0.068, pushing total buybacks past 10M DRV milestone.

Options traders concentrate 25% of ETH volume in $4K July calls amid $190M short liquidation event.

Weekly buyback #23 acquires 75,262 DRV at $0.051, with total buybacks reaching 9.91M DRV

Options Open Interest increases 20% with Put-Call Ratio at 0.414, indicating strong bullish sentiment with 2.25x more call options than puts.

20% of BTC options open interest concentrates at $130K calls for September expiry, indicating strong bullish positioning.

Cross-margin functionality and perpetuals integration now live, but spreads remain 2-5x wider than CEX competitors for large positions despite recent infrastructure improvements.

Token price surges 110% in 30 days amid increased market attention.

Unusual ETH/BTC implied volatility spread drives significant options gains, with individual trades reaching 12x returns.

ETH options traders achieve 82% gains as platform sees surge in call buying activity amid 6% ETH price movement.

New institutional-focused upgrade delivers 20M TPS, custody solutions, and RFQ system with portfolio margining capabilities.

Capital efficiency upgrade generates $39M weekly volume; users achieve 60% margin reduction.

Stakeholders reject recent buyout offer while protocol prepares announcements focused on spread tightening mechanisms.

Weekly buyback #21 acquires 222,000 DRV at $0.044, with cumulative buybacks reaching 9.75M DRV

Order book upgrade delivers microsecond-level execution speeds with 1938293744136081542

Protocol executes 20th weekly buyback of 447K tokens, with cumulative buybacks reaching 9.5M DRV.

Protocol maintains $70.6M TVL with $1.1M annualized revenue, while trading at $23M market cap.

Major protocol upgrade launches with portfolio margin, native RFQ, and 20+ perpetual listings alongside 1-year options capability.

Pro version launches with $38 margin requirement, down from $88 in V2.0

Weekly buyback acquires 464,896 tokens at $0.025, pushing total buybacks past 9M tokens milestone.

Large on-chain buy triggers 145% price increase within 17 hours of DCF communication.

Major whale DCF accumulates 2.5% of supply while protocol leads competitors in notional volume.

DCF Capital acquires 2.5% of total supply; new Ethena partnership announced for funding rate optimization.

Platform generates $5M in total fees since V2 launch in early 2024

Implements offchain orderbook with ZKP integration from SuccinctLabs and RiscZero for settlement optimization.

Latest buyback acquires 450K tokens at $0.025; Derive Pro launches this week.

Integrates Anchorage Digital's Porto institutional self-custody wallet, enhancing security while maintaining user key ownership.

Weekly buyback acquires 447K tokens at $0.02, bringing total buybacks to 8.17M tokens (>1% of supply)

Options trading activity increases ahead of major June macro catalysts including ECB decision, US jobs data, and CPI.

New integration with MyEtherWallet's Enkrypt multichain wallet platform expands accessibility

Protocol conducts regular buybacks of 1% circulating supply over 16 weeks using 25% of fees, with additional $6,300 USDC bonus buybacks from recovered unclaimed rewards, totaling over 7.72M DRV repurchased.

SIP-415 acquisition proposal withdrawn following extensive stakeholder concerns over valuation and terms.

Protocol formally declines $27M Synthetix acquisition proposal after community consultation.

Synthetix proposes $27M acquisition of the protocol through 29.3M vested SNX tokens, amid previous higher valuations of $100M+.

Analysis suggests Synthetix may follow a pattern of using minted SNX tokens for future acquisitions beyond the current Derive deal.

Proposed Synthetix merger faces strong community opposition with multiple stakeholders actively working to prevent the deal, indicating significant risk to project independence and token value.

Synthetix aims to integrate options and perpetuals into Infinex ecosystem through the proposed acquisition.

Acquisition to be executed via SNX-for-DRV token swap mechanism.

Originally launched as Lyra with $3.3M funding, rebranded to Derive in August 2024, with proposed acquisition scheduled for May 2025.

Previous $150M valuation revealed (82% decrease to current $27M offer); SNX tokens have 1-year vesting period; community raising concerns about deal terms and valuation.

Critical governance proposal threatens protocol viability while facing competitive pressure from Synthetix.

SNX acquisition proposal includes additional 6-month vesting schedule after the 3-month cliff.