Derive Launches V3 Migration Proposal: Migrating V2 Positions and Balances to a zkVM Architecture Settled on Ethereum Mainnet

TechFlow reports that on September 15, the Derive community released the “Launch Derive V3” proposal, planning to deploy and launch Derive V3. The new version will run on a zkVM program settled on the Ethereum mainnet, migrating accounts, balances, positions, rewards, native ETH, and ERC-20 assets held in wallets from Derive V2 to the V3 genesis state. Following the migration, bridged funds will be transferred to L1 contracts, user wallets, or relevant LayerZero OFTAdapter contracts, and Derive Chain will gradually cease operations.

The proposal states that Derive V3 will adopt an off-chain matching and zero-knowledge proof verification risk and settlement mechanism. User funds will be custodied in Ethereum L1 smart contracts, with state diffs published to Celestia to ensure data availability. V3 will also introduce risk isolation, cross-currency margin, non-cash asset lending, one-click vault deployment, and institutional-grade session key control. At least 14 days prior to the migration, the team will release an official notice; during the migration period, bridging, trading, and certain withdrawal functions will be paused or restricted according to the schedule.