DRV Farming Program

Michael Spain -


TLDR

  • DRV is the new utility token for the Derive Derivatives Network; an ecosystem including a Chain, Protocol, Exchange and Wallet
  • The DRV Farming Program allows LYRA holders to farm DRV, starting today
  • LYRA balances will be snapshotted on May 8 and migrated 1:1 to DRV — DRV has the same total supply as LYRA
  • DRV will be airdropped in Q4 2024

What is DRV?

Over the last 3 years the Derive ecosystem has expanded from an options AMM to include a Chain, Protocol, Exchange and Wallet, becoming the first capital efficient and composable primitive for perps and options trading on any ERC-20.

This new scope demands a token native to the network.

Enter DRV, the utility token for the Derive Network.

How Can I Earn DRV?

You can earn DRV in two ways:

  • Farming: Hold LYRA to farm DRV, starting today
  • Trading: Trade perps and options to earn DRV, starting May 8 — there will be multiple airdrops for traders

DRV will be airdropped to farmers and traders in Q3 2024. Additionally, existing LYRA holders will be migrated 1:1 to DRV with the same total supply.

DRV Farming Program

LYRA holders can farm DRV by staking and locking LYRA at derive.xyz.

LYRA holders earn 1 Holder Point per LYRA per hour. The more Holder Points you earn, the larger your DRV airdrop will be. The last day to stake and lock LYRA is May 8 when balances are snapshotted.

There are three ways to farm DRV:

  • If you are holding stkLYRA on Ethereum mainnet via gov.lyra.finance you are automatically earning Holder Points
  • LYRA holders can stake using a new, cheaper sink contract on Ethereum, Optimism, and Arbitrum via derive.xyz to earn Holder Points
  • Traders earning LYRA trading rewards over the last 3 months can “commit” their rewards to be staked and start earning Holder Points immediately — all pending and future LYRA trading rewards until the May 8 snapshot will be automatically staked and not claimable.

Holder Points will be forfeited by LYRA holders that:

  • Unstake via gov.lyra.finance or contracts after April 19
  • Claim rewards via contracts after committing them to be staked

LYRA to DRV Migration

On May 8 12:00 AM UTC, all LYRA and stkLYRA balances on Ethereum, Optimism and Arbitrum will be snapshotted:

  • LYRA will be migrated 1:1 to DRV
  • The total supply of DRV will be the same as the total supply of LYRA
  • LYRA will migrate 1:1 to DRV regardless of whether it is staked and locked — farmers and traders will be airdropped additional DRV
  • Migrated DRV will be claimable in Q4 2024

Before the snapshot on May 8, it is essential that LYRA Uniswap LPs withdraw their LP positions. LPs are encouraged to withdraw by May 1 when incentives end for Arrakis on Ethereum mainnet, Camelot on Arbitrum and Velodrome on Optimism. Uniswap LPs can refer to this guide for instructions on how to withdraw.

The timeline for the LYRA to DRV migration is as follows:

  • April 19: Proposal approved, DRV farming starts
  • April 24: LYRA trading rewards are claimable
  • May 1: Uniswap LP incentives end
  • May 8: LYRA balances are snapshotted
  • Q4 2024: DRV is claimable 1:1 for LYRA, and additional DRV is airdropped to farmers and traders

Derive is the infrastructure layer for DeFi derivatives, visit derive.xyz.