Derive Forum User Proposes V3 Migration and Shutdown of Derive Chain

Derive forum user domrom submitted a DIP proposal on September 13 to deploy Derive V3, a zkVM program settled on Ethereum mainnet, migrate all V2 positions and balances into the V3 genesis state, move bridged funds to L1, and shut down Derive Chain after the migration is completed. According to ChainCatcher, the proposal said Derive accounted for about 95% of on-chain options premium volume over the previous 30 days as of September 7, 2026, with open interest of about $2 billion. The proposal describes V3 as a zero-knowledge exchange in which the matching engine and sequencer state transitions are executed in a zkVM and verified on Ethereum L1, while user funds are held in L1 contracts. It said the target is L2Beat Stage 1. The migration would not require new deposits and would use a snapshot of Derive Chain to generate the genesis state. stDRV would be deployed on Ethereum mainnet, and DRV OFT would connect to Robinhood Chain. If approved, the timeline would require at least 14 days' notice before migration. Bridge transfers would be frozen, trading paused, and a post-settlement snapshot taken before trading resumes. Rewards can be claimed on Optimism until February 1, 2027.