Derive V1

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

DeFiLlama publishes the exact rules used to aggregate on-chain balances into the headline TVL figure shown on this page. The methodology below is the team's own source-of-truth description.

TVL counts the option market locked synth value, along with USDC in safety module.

If a contract or vault isn't in this list, its balance does not contribute to the TVL displayed on Mantapex or DeFiLlama.

Derive V1 is published as a versioned release inside the Derive protocol family. Releases inside the same family typically share governance, brand, and large parts of the audit history, but each version can run materially different contract logic — a release labelled v2 or v3 is not just a UI refresh. Newer versions inside a family typically launch with their own audit cycle and parameter set, so do not assume the previous release's safety record carries over without checking the linked audit reports.

Fork lineage and parent-protocol relationships are tracked by DeFiLlama for security and audit-history attribution; a fork inherits the upstream design but not necessarily the upstream audits or governance.

Derive V1 is a versioned release inside a larger protocol family. View the parent for combined TVL and all sibling versions.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. Jan 30, 2023
   Launch on Arbitrum
2. Aug 3, 2022
   OP Rewards Distribution Start
3. Jun 27, 2022
   Lyra Avalon Start
4. Jun 16, 2022
   Lyra V1.1 End
5. Nov 2, 2021
   Token Program Start
6. Oct 26, 2021
   Lyra Token

Derive V1 is a Options protocol where traders open leveraged, perpetual, or option positions priced off oracle feeds and settled in collateral held by the contract. It is deployed across 3 chains, including Optimism, Ethereum, Arbitrum. The codebase has been independently audited (1 report on file). DeFiLlama tracks 6 historical events for this protocol since 2021.

Derive V1 operates on 3 networks (Optimism, Ethereum, Arbitrum), keeping its surface area narrower than chain-agnostic peers. Roughly 100% of its on-chain value sits on just three networks (Optimism, Ethereum, Arbitrum), so a fault on any one of them would affect a large slice of users. Price discovery relies on 2 oracle providers (Chainlink, Pyth), which diversifies the data-feed surface but also expands the set of third parties users implicitly trust. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts.

Verified external resources for Derive V1 — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Derive V1 is one of 7 Options protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Rysk V12, Hegic, Deri V4, and 3 more. These peer protocols collectively secure $85.6M in deposits, giving you a frame of reference for whether Derive V1's own TVL is at the top, middle, or tail of the category.

Rysk V12

TVL $62.6M · 24h +4.61%

Hegic

TVL $9.8M · 24h -0.02%

Deri V4

TVL $7.8M · 24h +0.27%

Hypersurface

TVL $2.7M · 24h +3.58%

GammaSwap Open Interest

TVL $1.4M · 24h +0.51%

Jasper Vault

TVL $1.3M · 24h -0.03%