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 $0.5693 on October 9 and traded at $0.3934 on October 20. A vote to raise the buyback share of protocol fees to 50 percent passed on October 5.

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 20 CoinGecko's venue table showed Upbit's DRV/KRW pair first at about $2.31 million of 24-hour volume. Coinbase's DRV/USD market was second at $1.82 million, Hyperliquid third at $1.07 million and Kraken's DRV/USD market at $0.53 million. Bithumb's won pair carried about $0.11 million. Bitrue opened a DRV/USDT pair at 09:00 UTC on October 13, with deposits on Ethereum, and 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 to $0.5089 on September 19 and then to $0.5693 on October 9, CoinGecko shows. Bitrue's listing post, citing CoinMarketCap, puts the record at $0.5778 on September 19, so the two trackers disagree on both the date and the level. On October 20 DRV traded at $0.3934, about 31 percent below CoinGecko's record, with a market cap near $393 million. It was down about 1.5 percent over 30 days and 8 percent over seven.

DRV price at five 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: $0.5089 $0.5089Sep 19 Oct 9 record: $0.5693 $0.5693Oct 9 record Oct 20: $0.3934 $0.3934Oct 20
Figure 02Prices as reported: the July 14 spike high and post-spike level (Coinpedia), the September 19 high, the October 9 record and the October 20 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. Derive's governance archive shows it closed on October 5, and the Snapshot tally was about 47.7 million DRV for and none against, so the share is now 50 percent. CoinMarketCap's digest puts the protocol's fees at about $500,000 over 30 days, which makes even a 50 percent share small next to a market cap near $393 million.

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:

  • How buybacks at the 50 percent share compare with the 35 percent months.
  • Derive's V3 rollout, approved on October 4 by 107.1 million DRV against 0.65 million.
  • Any further unlock or mint proposals.

The digest also dates a V3 upgrade to October 6. The governance vote confirms the launch decision, and we did not find a dated mainnet announcement from Derive. 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.