ChainCatcher, citing MLM monitoring data, reported unusual price action in DRV on Upbit. According to the update, the token surged 300% within 10 minutes and briefly reached 1,600 won, or about $1.15. The move did not hold, and the price later pulled back. The report did not provide additional details on the cause of the swing. The alert was published as a 7x24 newsflash.
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.
Starkiller said on August 21 that it has high confidence the digital asset cycle has bottomed after BTC posted two strong days of gains and the market improved over the past month. The investment firm also said it closed all short positions last month. In its view, BTC and ETH have both reclaimed their 200-day moving averages, while U.S. regulatory efforts and Treasury buybacks of longer-dated Treasurys could help turn the cycle. Starkiller added that it expects assets with real revenue or value capture mechanisms to draw more attention, while weak tokens may become short candidates in the next leg higher. It also said BTC could see a short-term pullback near $80,000, but it remains constructive on stablecoins, tokenization, prediction markets, on-chain perpetuals, its long/short liquidity token strategy, and DeFi market-neutral yield strategy.
On-chain options are re-emerging after several cycles of failed experiments, but the new wave looks very different from the first DeFi options push. The report cited in the article argues that the sector is moving away from passive liquidity pools, generalized AMMs and overly complex retail-facing products, and toward market structures built around central limit order books, request-for-quote systems, cross-margining and clearer user segmentation. Platforms such as Derive, Rysk and Aevo illustrate that shift in different ways: Derive is positioning itself as a professional venue for sophisticated volatility traders, Rysk is packaging options into yield-oriented products such as covered calls and cash-secured puts, and Aevo is offering options inside a broader unified-margin derivatives exchange. Beyond vanilla venues, the piece also maps out adjacent categories including perpetual options, AMM-native options, short-dated touch options and binary-style markets that overlap with prediction markets. The broader argument is that infrastructure alone does not create demand. For on-chain options to grow, teams need products that solve concrete problems for asset holders and traders in ways that perpetual futures or prediction markets cannot easily replicate.
Crypto trading turned mixed over the past 24 hours. Bitcoin, XRP and Solana all posted losses, while LAB surged 68.2% with more than $236.9 million in volume, leading the day’s gainers.
Bitcoin rose 3.9% to $70,006, driving ETH, XRP, BNB, and Solana higher. Smaller altcoins like Derive DRV surged 68.9% leading gainers, with total market volume strong.
Bitcoin stayed above $73,000 in the latest market upswing, while Ethereum led major-cap gains with a 7.3% rise. Smaller tokens such as Gravity posted much sharper daily advances.
Bitcoin slips below $70,000 while Ethereum edges higher. Small-cap altcoins surge led by ACX's 70% rally, highlighting market divergence.
