Derive Proposes V3 Deployment and Phased Shutdown of Derive Chain

The Derive (Derive) community has proposed deploying V3 and gradually shutting down the existing Derive Chain. InsightX reported that the proposal involves launching V3, a zkVM program on Ethereum mainnet, migrating all V2 positions and balances to V3 Genesis state, moving bridge funds to Ethereum mainnet, and retiring the Derive Chain after completion. InsightX noted that if approved, the transition would require at least 14 days' notice before proceeding, with bridges frozen and trading paused during the migration process until a snapshot is taken and trading resumes.