Derive has launched its V3 platform, moving user funds to Ethereum Layer 1 contracts and replacing its previous OP Stack-based chain. The upgrade introduces broader borrowing options including ETH, WBTC, and HYPE, alongside cross-asset margining for ETH and BTC. Trading resumed with automatic transfer of user balances, though users must re-submit certain order types. The platform now uses offchain order matching with zero-knowledge proofs on Ethereum for margin and settlement, improving security and flexibility. This launch follows Derive's plan to shift settlement to Ethereum and expands its market capabilities significantly.
Derive's launch of its V3 platform with Ethereum Layer 1 settlement comes amid a cryptocurrency market where only 5 out of 50 major cryptocurrencies rose today. For readers following the broader crypto market, here is Pluang's snapshot as of Oct 09, 2026 01:32 WIB: SAND (The Sandbox) dropped 16.86% to Rp1.185 with a typical hold time of 123 days and 69% sell order activity; MANA (Decentraland) fell 14.38% to Rp1.631 with 89% buy order activity; AVAX (Avalanche) declined 11.59% to Rp178.858 with 61% sell order activity.
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