Derive said in a post on X that Derive V3 is now live, the migration has been completed, and trading has resumed. The new version places asset custody on Ethereum and uses ZK proofs to handle margin and settlement, while supporting sub-millisecond order matching. Derive also said V3 introduces no-code vault creation and offers ETH and BTC hedging tools aimed at improving capital efficiency. In addition, the platform supports lending and borrowing for ETH, WBTC, HYPE, and USDC. The update follows an earlier community proposal to migrate V2 positions to V3 and shut down Derive Chain. The announcement outlines both the technical changes in the new release and the product features now available after trading reopened.
Derive said in a post on X that Derive V3 is live now, the migration is done, and trading has started again.
Per the announcement, V3 keeps assets in custody on Ethereum, uses ZK proofs for margin and settlement, and supports sub-millisecond order matching. It also lets users create vaults with no code. Short and simple. The new version also offers ETH and BTC hedging to improve capital efficiency, and supports lending and borrowing for ETH, WBTC, HYPE, and USDC.
Earlier, the Derive community proposed moving V2 positions to V3 and shutting down Derive Chain.
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