Upbit and Bithumb listed Derive (DRV), the renamed Lyra Finance options protocol, on July 14, 2026, seven weeks after Coinbase. DRV cooled to $0.1530 after that day's spike, set a record of $0.5089 on September 19 and traded at $0.3706 on October 7. A vote to raise the buyback share of revenue to 50 percent opened October 2.

Where it stands

Upbit announced DRV with trading opening at 17:00 Korea Standard Time across KRW, BTC and USDT, with deposits and withdrawals on the Ethereum network. It limited buy orders, low-priced sell orders and some order types in the opening window, its standard damper for fresh listings. Bithumb added its own won pair the same day, completing the double listing we last saw with Metaplex a week earlier.

DRV spiked as much as 70 percent to $0.1920 and cooled to around $0.1530, Coinpedia said, while Yahoo Finance measured the move at closer to 30 percent over its own window. Daily volume jumped by more than 10,000 percent to roughly $50.9 million.

By October 7 CoinGecko's venue table showed Hyperliquid first at about $2.40 million of 24-hour volume. Upbit's DRV/KRW pair was second at about $2.07 million, Coinbase's DRV/USD market fourth at $1.66 million and Kraken's DRV/USD market at $0.98 million. Bithumb's won pair carried about $0.34 million. We found no announcement dating the Kraken pair.

Figure 01DRV's venue ladder, from Synthetix-era options protocol to Korea's twin boards.

How it traded

The Korean listing was not the high. After the July 14 spike, DRV kept climbing and reached $0.5089 on September 19, CoinGecko shows. On October 7 it traded at $0.3706, about 27 percent below that record, with a market cap near $370 million. It gained about 139 percent over 30 days and lost about 3 percent over seven.

DRV price at four reported points
$0 $0.2 $0.4 $0.6 Jul 14 high: $0.1920 $0.1920Jul 14 high Jul 14 cooled: $0.1530 $0.1530Jul 14 cooled Sep 19 record: $0.5089 $0.5089Sep 19 record Oct 7: $0.3706 $0.3706Oct 7
Figure 02Prices as reported: the July 14 spike high and post-spike level (Coinpedia), the September 19 record and the October 7 price (CoinGecko). The sources differ, so the chart compares levels only roughly.

We cannot attribute the September rise to one cause in the sources we read. The sequence only shows that the weeks after this Korean double listing produced a higher price, not a lower one. Our listings guide explains why those weeks are usually when the market decides what an enlarged audience thinks a token is worth, and the Fartcoin page tracks the same post-listing negotiation from the meme side of the market.

Tokenomics and risks

Derive is not a memecoin finding liquidity. It is an infrastructure token whose workload predates its distribution. The protocol directs 35 percent of revenue toward DRV buybacks, raised from 25 percent by a DAO vote, and staking carries governance rights. Weekly staking emissions fell from 250,000 to 100,000 DRV, per CoinMarketCap's project updates at our August 8 check.

On October 2 a vote opened to raise the buyback share to 50 percent, according to CoinMarketCap's digest. The same digest puts the protocol's fees at about $500,000 over 30 days, which would make even a 50 percent share small next to a market cap near $370 million. We did not find the vote result.

Supply is the counterweight. Total supply is 1.5 billion DRV after a 500 million token mint proposed in September 2025, a 50 percent expansion of the original 1 billion. Derive's governance archive lists the mint proposal, titled Strategic Mint for Institutional Expansion, as closed on October 3, 2025, and CoinGecko's 1.5 billion total supply shows the mint went ahead. The same archive dates the original DRV token launch proposal to September 27, 2024.

CoinGecko counts about 1 billion DRV as circulating. A buyback stream and a supply expansion pull in opposite directions, and revenue the protocol has yet to prove at scale decides which wins.

What to watch next:

  • The result of the buyback vote and any change to the 35 percent share.
  • Derive's v3 rollout, which its docs describe as an Ethereum deployment.
  • Any further unlock or mint proposals.

The digest also dates a v3 upgrade to October 6, but we could not confirm the details from Derive's own announcements. Nothing here is financial advice.

Not financial advice Listings often spike and then fade once the first wave of buyers is done. Nothing here is a suggestion to buy this token. Check dates on the exchange's own announcement page before trading: schedules slip. Our listing reaction data shows how new listings have typically traded.