Derive wallet

What is Derive (DRV)?

Before there was DRV, there was LYRA. Derive is the protocol formerly known as Lyra, an onchain options exchange that grew into a full derivatives venue with options, perpetuals and structured products, and moved onto its own OP Stack rollup, Derive Chain. With the rebrand, the LYRA token was swapped one for one into DRV. If an old wallet still shows a LYRA balance, that is the predecessor token, not the asset on this page.

What DRV does: it is the governance token of the Derive DAO. Holders decide how the protocol and the rollup are run, and the DAO's revenue, trading fees from the exchange plus gas fees from Derive Chain, is managed under those decisions, with trading fees directed into an insurance fund that backstops the protocol. Voting requires staking DRV into stDRV, and the staked form has a waiting period on the way out, so a holder who wants to stay liquid keeps plain DRV rather than the staked version.

How it lives in a wallet: DRV is a standard ERC-20. It is deployed on Ethereum mainnet and on several Ethereum layer-2 networks. Each copy uses the same address format and pays gas in the ETH of its own network, so DRV received on one network does not appear in the balance of another until it is bridged across. The actual trading happens on Derive Chain through smart contract wallets, which is separate from wherever you park the governance token itself.

Supported networks in Tangem (5): Arbitrum One, Base, Ethereum, Optimism, HyperEVM. Tangem keeps a separate DRV balance for each of them and, before the card signs, shows which network a transfer is leaving on, so you compare it with what the recipient expects. For a token that sits in several places under one ticker, having that check on every send is the reason to keep DRV here.