Lyra rebrands to Derive event
Overview
Lyra Finance, an on-chain options protocol founded in 2021 and originally deployed on Optimism, rebranded to Derive to reflect a broader decentralized derivatives scope covering both options and perpetual futures. The rebrand included a full token migration from LYRA to DRV at a 1:1 ratio with the same total supply. The change was announced in 2024, with token migration details published alongside it.
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Frequently asked questions
What was Derive called before?
Lyra (Lyra Finance), an on-chain options protocol launched in 2021 on Optimism.
What happened to the LYRA token?
LYRA holders migrated 1:1 into the new DRV token, keeping the same total supply.
Why did the protocol rebrand?
The team framed Derive as reflecting a wider decentralized derivatives vision, spanning on-chain options and perpetuals and supporting integrators, traders and institutions, rather than an options-only product.
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