Derive proposal to deploy V3 and shut down Derive Chain

On September 13, Derive forum user domrom published a DIP proposal to deploy and launch Derive V3 (a zkVM program settled on the Ethereum mainnet), migrating all V2 positions and balances to the V3 genesis state, transferring bridge funds to L1, and shutting down Derive Chain after the migration is complete.

The proposal states that as of September 7, 2026, Derive accounts for approximately 95% of the on-chain options premium trading volume over the previous 30 days, with open contracts totaling about $2 billion. V3 is a zero-knowledge exchange, where the state transitions of the matching engine and sequencer are executed in zkVM and verified on Ethereum L1, with user funds held in L1 contracts, aiming for L2Beat Stage 1. The migration is not a redeposit; it will generate the genesis state based on a snapshot of Derive Chain, with stDRV deployed to the Ethereum mainnet and DRV OFT connected to Robinhood Chain.

The timeline will be announced at least 14 days in advance after approval; bridging will be frozen before migration, trading will be paused, and a snapshot will be taken after settlement, followed by the resumption of trading. Rewards can be claimed on Optimism until February 1, 2027.