New investment worth a s/o: @DeriveXYZ Main backer: @variantfund (bought a large stake in Derive) Key things to know ↓ • What they do: Onchain options exchange where you trade crypto options (BTC, ETH calls/puts). Think Deribit but you control your own funds instead of depositing on a centralized exchange • The gap they're filling: Everyone built perpetual futures onchain. Options trading stayed stuck on centralized exchanges. Derive built the infrastructure to bring options onchain with real liquidity • Track record: $20B volume, $7M revenue, 5 years with zero hacks, 20+ teams building on the platform • Institutional appeal: Partnered with Strands so institutions can trade on Derive while keeping assets with their existing custodian. Solves compliance issues • Roadmap: Expanding beyond BTC/ETH to altcoin options. Adding more custodian integrations. Building "volatility layer" for onchain markets • Derive's advantages: Professional trading interface, institutional custody solutions, proven infrastructure, competitive fees Main competitors: • Deribit: Centralized exchange, controls 80% of crypto options (Coinbase bought for $2.9B). You have to trust them with your funds • Aevo: Decentralized like Derive, runs on its own L2, but liquidity is thinner • Panoptic, Dopex, Syndr: Smaller decentralized options platforms still finding product-market fit • Why Derive wins: Uses orderbook like professional traders expect (not AMM), works with institutional custodians, proven over 5 years, better fee structure