Derive (DRV) is now live for trading on Coinbase, giving the decentralized derivatives protocol its biggest centralized exchange listing to date. The token launched on the platform with a DRV-USD trading pair.
What is Derive, and why should you care
Derive Protocol is an on-chain derivatives platform that supports options trading and perpetual futures. If you’ve been in DeFi for a minute, you might recognize it under its previous name: Lyra Finance.
The project rebranded to Derive in 2024, executing a 1:1 token migration from LYRA to DRV following a snapshot taken on May 8, 2024.
DRV functions as both the governance and utility token for the protocol. Holders can stake tokens, participate in governance decisions, and benefit from a buyback program funded by 35% of the protocol’s collected fees.
