Decentralized options and perpetuals exchange Derive (DRV) announced an upcoming airdrop, allowing users to earn tokens through trading, yield farming, and inviting others. This initiative is set to begin at 12:00 AM UTC on September 18th.
Users can accumulate points based on the fees they generate from trading options and perpetuals, which will allow them to earn Optimism’s OP token and allocations of DRV. For every $1 in fees, users receive 10,000 DRV points. OP incentives are allocated proportionally based on the fees generated.
Importantly, users who rank among the top 25 traders each week will have their fees counted twice, enhancing their potential rewards.
Additionally, users can earn points based on the amounts they deposit into vaults. For every $1 deposited, users receive 1 point for each day the funds remain in the vault. The points awarded are calculated based on the total account value within the protocol.
Users can also earn bonuses by referring new traders to the platform. For each trader referred, both the user and the newly invited trader will receive a 50 OP bonus. Additionally, the referrer will earn 10% of the fees paid in USDC, 20% of the fees paid in DRV, and 10% of any secondary fees paid in DRV.
In order to qualify, the referred trader must sign up using the referrer’s link, make a deposit into their funding account on the exchange, and complete trades. A minimum of $100 in fees is necessary to be eligible for the OP bonus.
Furthermore, Derive will use the OP bonus to recognize and reward the project’s supporters.
The Final Round.
Trade on Derive to earn the last prelaunch allocation of DRV. All trades will also receive a portion of 10,000 OP every week, rewarded based on fees paid.
https://t.co/p0WX5aBOIE pic.twitter.com/UKhu5gcxkw
— Derive (formerly Lyra) (@derivexyz) September 18, 2024
What Is Derive?
Previously known as Lyra, Derive is a decentralized finance (DeFi) platform that operates on the Optimism network and leverages Synthetix‘s liquidity. It serves as a decentralized exchange for cryptocurrency options and perpetuals, including assets like ETH and BTC. Users trading on Derive can take advantage of key features such as cross-margining, cross-asset collateral, and portfolio margining.
Notably, Derive is the only protocol in DeFi that facilitates on-chain settlement of both options and perpetuals simultaneously, incorporating cross-margin and cross-asset collateral. This unique combination allows it to create a variety of yield-bearing derivative structures, such as basis trades and covered calls, using LRTs and other tokens.
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