Derive.xyz is a decentralized onchain options and perpetuals protocol, formerly known as Lyra, that supports crypto options and perps on BTC, ETH, and altcoins. Derive.xyz's Twitter Score is 189 out of 1000 (an Excellent rating) as of July 2026, ranking #2,946 (top 1%) among 389,587 tracked accounts.
Derive.xyz was co-founded by Nick Forster as CEO and Dominic Romanowski as CTO, alongside Michael Spain and Jake Fitzgerald. Originally launched in 2021 as a decentralized options trading protocol on Optimism, the project rebranded from Lyra to Derive. Per DefiLlama, the protocol raised a total of $6.3 million across a $3.3 million seed round in July 2021 and a $3 million strategic round in November 2022.
Derive.xyz describes itself as an institutional-grade options and futures trading protocol, offering deep liquidity, low fees, and custody integrations with partners including Fireblocks, Anchorage Digital, and Copper. The protocol also works with FalconX as an affiliated partner. Derive.xyz states it has processed more than $28 billion in notional volume, generated over $8 million in revenue, bought back more than 1% of its token supply from revenues, and carried approximately $1 billion in open interest. DRV is the protocol's native token, used for governance and incentive alignment across trading and liquidity programs.
Derive.xyz has received backing from investors including Framework Ventures, GSR, ParaFi Capital, Robot Ventures, Variant, AllianceDAO, Apollo Capital, Divergence Ventures, and Orthogonal Trading. Derive.xyz has published 3,152 posts on the platform and has been mentioned by 163 accounts a total of 403 times.
Who follows Derive.xyz on X?
The accounts that follow Derive.xyz include 574 founders, 178 angel investors, 464 influencers and 27 VCs, among them Laura Shin, Solana, Stani, Mert, Andrew Kang and Zhu Su.