According to Huoxing Finance, Derive forum user domrom posted a DIP proposal on September 13, proposing to deploy and launch Derive V3 (a zkVM program settling on Ethereum mainnet), migrate all V2 positions and balances into the V3 genesis state, transfer bridged funds to L1, and shut down Derive Chain after migration. The proposal states that as of September 7, 2026, Derive accounted for approximately 95% of the on-chain options premium volume over the prior 30 days, with open interest of about $2 billion. V3 is a zero-knowledge exchange where the matching engine and sequencer state transitions are executed within a zkVM and verified on Ethereum L1, with user funds custodied in L1 smart contracts, targeting L2Beat Stage 1. The migration is not a redeposit; the genesis state will be generated from a Derive Chain snapshot, stDRV will be deployed to Ethereum mainnet, and DRV OFT will be connected to Robinhood Chain. The timeline will be announced at least 14 days prior to approval; prior to migration, bridging will be frozen, trading paused, and a snapshot taken after settlement, followed by resumption of trading. Rewards can be claimed on Optimism until February 1, 2027.
Derive Proposes V3 Deployment and Derive Chain Shutdown
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Summary
Forum user domrom proposed a DIP on September 13 to deploy Derive V3, a zero-knowledge exchange built on a zkVM and settled on Ethereum L1. The plan includes migrating all V2 positions and balances to V3’s genesis state, transferring bridged funds to L1, and shutting down Derive Chain. On-chain data shows that as of September 7, 2026, Derive accounted for 95% of the previous 30-day on-chain options premium trading volume, with $2 billion in open interest. V3 aims for L2Beat Stage 1 compliance, with stDRV on Ethereum and DRV OFT connected to Robinhood Chain. Migration will pause trading and freeze bridging for a snapshot, with a 14-day notice issued after approval.
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