PANews reported on December 3 that the options protocol Derive (formerly Lyra) announced a partnership with Ethena, officially joining the Ethena Network. As part of the collaboration, the Ethena Foundation provided Derive with millions of dollars in grants, while sENA token holders will be eligible to receive 5% of the DRV token supply from Derive DAO.
According to reports, Derive currently holds over 75% of the on-chain options market share, with a weekly trading volume of approximately $250 million and a total locked value exceeding $80 million, boasting over 50,000 users. In this collaboration, Derive will use USDe as collateral in its perpetual contract DEX, allowing users to obtain 20 times Sats, while users who deposit at least $10,000 USDe and meet the minimum trading volume threshold will be eligible for a significant amount of Derive points.