TechFlow News, December 3 — Derive (formerly Lyra), an on-chain options protocol, is partnering with Ethena and aligning with the Ethena network. This collaboration extends the existing relationship between Ethena and Derive. Derive has established sUSDE as collateral on its platform and launched the first on-chain structured product for sUSDE. As part of the partnership, the Ethena Foundation has granted Derive several million dollars, and sENA token holders will be eligible to receive 5% of the DRV token supply from the Derive DAO.
Notably, Derive currently holds over 75% of the on-chain options market share, with approximately $250 million in weekly trading volume, more than $80 million in total value locked, and over 50,000 users.
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