Derive
DRV
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
DRV (Derive, formerly Lyra) represents a decentralized derivatives protocol specialized in options and perpetual futures with a cross-margined Generalized Risk Engine. Across the evaluated dimensions, Active Development (7.0/10) reflects live token mechanics updates and a planned V3 mainnet launch in Q4 2026. Team and Governance (7.5/10) is supported by a fully doxed public leadership team, the Lyra Foundation legal wrapper, and audited governance contracts. Tokenomics (6.5/10) and Market/Use Case (6.5/10) exhibit strong utility and exchange distribution (Coinbase, Kraken, Gate), balanced by circulating supply discrepancies across data aggregators and significant emissions overhang against a 1.5B token supply. Security and Audit History (6.5/10) indicates a clean incident record with an explicit attestation of zero tokenholder or fund exploits as of April 2026, though specific audit reports and platform security scores remain unverified. Community Support (4.5/10) remains a relative weakness due to limited verifiable civic and forum engagement. No qualifying red-flag events were identified, yielding a weighted overall score of 6.45/10.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Derive (DRV)
Derive (DRV), formerly known as Lyra (LYRA), is a decentralized derivatives protocol built on Ethereum and the OP Stack. The protocol operates an on-chain derivatives exchange utilizing a Generalized Risk Engine designed to support European options, perpetual futures, and spot trading with cross-margined spreads. Derive is the result of a project rebrand and formal community migration vote that transitioned the protocol from its original Lyra branding to Derive.
The DRV token functions as the protocol's native governance and utility asset, with a fixed total supply of 1.5 billion tokens migrated on a 1:1 basis from the original LYRA token. Holders can stake tokens (stDRV) to participate in on-chain governance decisions and protocol fee mechanics, which allocate 35% of protocol revenue toward token buybacks. The project is supported by a public leadership team under the legal framework of the Lyra Foundation, and its development roadmap targets a major V3 mainnet launch scheduled for the fourth quarter of 2026.
Derive's formal disclosures report no historical protocol exploits, bad-debt events, or fund losses as of April 2026. However, several operational and structural risks remain. Data aggregators exhibit conflicting circulating supply metrics ranging between approximately 737 million and 999.7 million DRV, introducing reporting transparency challenges alongside multi-year emission overhangs against the fixed 1.5 billion maximum supply. Additionally, specific audit documentation and third-party security firm verification were unconfirmed in available project filings, while the platform remains exposed to categorical regulatory scrutiny inherent to decentralized derivatives trading.