Derive Proposes Ethereum-Based V3 Launch, Plans to Shut Down Existing Chain

Derive has submitted a DIP proposal to deploy a zkVM-based V3 on the Ethereum mainnet, replacing the existing Derive Chain. The proposal, authored by domrom and posted on September 13, outlines migrating all V2 positions and balances to V3 genesis state, moving bridge funds to Ethereum L1, and shutting down Derive Chain. Migration will occur based on a Derive Chain snapshot without re-staking, with stDRV deployed on Ethereum mainnet and DRV OFT connected to Robinhood Chain. The proposal notes that as of September 7, Derive accounted for approximately 95% of the on-chain option premium volume in the past 30 days, with open interest totaling around $2 billion (approximately KRW 2.686 trillion). If approved, a minimum 14-day notice will be issued before implementation, during which bridge and trading activities will pause until the snapshot is completed.