# Derive Proposes Ethereum Settlement for V3 Options Exchange Upgrade

By Simon Yoon

Canonical URL: https://www.tokenpost.com/news/technology/26227
Published: 2026-10-01T19:27:13.000Z
Updated: 2026-10-01T19:27:13.000Z
Section: Technology

> The plan would replace Derive Chain with a zkVM-based exchange and make its trading infrastructure available to other crypto applications.

Derive has proposed replacing Derive Chain with V3, an options exchange that would settle on Ethereum and make its trading infrastructure available to other crypto applications.

The proposed V3 upgrade would handle order matching offchain and use a zkVM, with Ethereum Layer 1 verifying proofs for trading and settlement calculations. User funds would remain in Ethereum contracts, while state data would be posted to Celestia.

The proposal calls for migrating V2 balances and positions from a snapshot, so users would not need to withdraw and redeposit. Derive Chain would be wound down after the migration. V3 has not launched.

Markets would be split among four risk groups: Prime for Bitcoin (BTC) and Ether (ETH); Mid-cap, including HYPE; Alt, including Solana (SOL), XRP and Cardano (ADA); and RWA, initially covering gold through XAUT.

The proposed developer tools include one-click vault deployment, borrowing, cross-currency margin and session-key controls. Derive aims to give applications a shared API and settlement layer for building on its trading infrastructure.

Derive developed from Lyra, an options automated market maker, into an order-book exchange operating on its own OP Stack chain. The V3 plan would shift the protocol toward infrastructure that other applications can use, while moving settlement to Ethereum.

The proposal remains subject to a governance vote. The migration schedule has not been confirmed.