Derive Proposes V3 Deployment and Shutdown of Derive Chain

A proposal on the Derive forum suggests deploying Derive V3 as a zkVM program settling on Ethereum mainnet, migrating all V2 positions and balances to the V3 genesis state, and shutting down the Derive Chain. As of September 7, 2026, Derive accounted for 95% of on-chain options premium volume over the previous 30 days, with approximately $2 billion in open interest. The V3 upgrade aims for L2Beat Stage 1 status, with user funds held in L1 contracts. The migration will be based on a snapshot of the Derive Chain, and stDRV will be deployed to Ethereum mainnet while DRV OFT connects to the Robinhood Chain. Trading will be paused and bridges frozen during the migration process.