A DIP proposal posted by Derive forum user domrom on Sept. 13 sets out a plan to deploy and launch Derive V3, a zkVM-based system that settles on Ethereum mainnet. The proposal would move all V2 positions and balances into the V3 genesis state, transfer bridged funds to Layer 1, and shut down Derive Chain after the migration is complete. It says the move would not require users to deposit again, because the genesis state would be created from a snapshot of Derive Chain.
The document also describes V3 as a zero-knowledge exchange where state transitions for the matching engine and sequencer run inside a zkVM and are verified on Ethereum L1, while user funds remain custodied in L1 contracts. The stated target is L2Beat Stage 1. According to the proposal, Derive accounted for 95% of on-chain options premium volume over the previous 30 days as of Sept. 7, 2026, with about $2 billion in open interest. If approved, the timeline would be announced at least 14 days in advance. Before migration, bridging would be frozen, trading paused, and a post-settlement snapshot taken. Rewards would remain claimable on Optimism until Feb. 1, 2027.
Derive forum user domrom posted a DIP proposal on Sept. 13 to deploy and launch Derive V3, a zkVM program that settles on Ethereum mainnet. The proposal also calls for moving all V2 positions and balances into the V3 genesis state, transferring bridged funds to Layer 1, and shutting down Derive Chain once the migration is finished.
Plan moves V2 state into V3
According to the proposal, the migration would not require users to deposit funds again. Instead, the V3 genesis state would be created from a snapshot of Derive Chain. The plan also says stDRV would be deployed on Ethereum mainnet, while DRV OFT would connect to Robinhood Chain.
On process, the proposal says bridging would be frozen before migration, trading would be paused, and a snapshot would be taken after settlement. Trading would then resume. The full timeline has not been finalized and would be announced at least 14 days in advance if the proposal is approved.
How V3 is structured
The proposal describes V3 as a zero-knowledge exchange. State transitions for its matching engine and sequencer would run inside a zkVM and be verified on Ethereum L1. User funds would be held in L1 contracts. The stated goal is to reach L2Beat Stage 1.
Metrics cited in the proposal
The proposal says that as of Sept. 7, 2026, Derive accounted for 95% of on-chain options premium volume over the previous 30 days, with about $2 billion in open interest.
Rewards would remain claimable on Optimism until Feb. 1, 2027.
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