Derive Completes First Angel Round with Industry-Leading Support
Staff Writer • 2024-09-12
In a groundbreaking development for decentralized finance (DeFi), Derive, formerly known as Lyra, has successfully completed its first Angel Round. The DeFi protocol, with a trading volume of US$5.2 billion and a total value locked (TVL) of US$45 million, secured the backing of 35 prominent leaders from the world’s top DeFi protocols, collectively managing approximately US$12 billion in TVL. Industry Giants Join Derive’s $DRV Angel Round Some of the major figures who participated in the $DRV Angel Round include: • Bryan Pellegrino, LayerZero • Guy Young, Ethena • Mike Silagadze, Etherfi • DCF God • Thor Hartvigsen • Daniel Dizon, Swell Network • Amitej Gajjala, Kelp DAO • Lucas Kozinski, Renzo Protocol • Vaibhav Chellani and Rishabh Khurana, Socket • Xinshu Dong, Babylon Nick Forster, Founder of Derive, expressed his excitement at the successful round, highlighting that although the company had raised around US$9 million since its inception as an options trading protocol in 2021, the US$640,000 secured through the $DRV Angel Round represents a crucial milestone for the company’s next phase. A New Era for On-Chain Derivatives “We are thrilled to have the collective support of major industry players backing the launch of the $DRV token,” Forster said. “We started as a simple options trading protocol and have evolved into Derive, a robust ecosystem of programmable derivatives products, including Trade, Yield, Lend, Swap, Hedge, and more.” Forster emphasized that Derive is the clear leader in on-chain options, reflecting the company’s dedication to spearheading the next phase of DeFi’s evolution. Derive’s technology introduces innovative yield generation mechanisms through its Derive Yield product. Users can tokenize portfolios of derivatives for the first time, offering a unique chance to enhance the profitability and utility of their yield-bearing assets significantly. “For traders, this means they can optimize their yield and hedge their risk with a powerful set of tools. Whether you're bullish and looking to trade options, bearish and seeking to hedge downside, or a passive investor seeking yield, Derive offers products to suit every market perspective,” Forster added. Expanding Access for All Investors Derive’s inclusive approach extends its offering to both active and passive cryptocurrency holders, maximizing returns regardless of market conditions. The protocol allows even non-expert traders to benefit from a sophisticated DeFi ecosystem. “By leveraging derivatives to enhance the yield of major crypto tokens and projects, Derive underscores its flexible protocol and its limitless potential. Our broad network approach ensures that Derive will remain at the forefront of DeFi innovation,” Forster explained. Derive Rewards Program Launch Derive’s recently launched Rewards Program aims to incentivize participation and reward users within its ecosystem. For more information or to participate, visit the Derive website. About Derive Derive, formerly known as Lyra, is a leading decentralized protocol specializing in creating programmable on-chain options, perpetuals, and structured products. With a total value locked of US$45 million, Derive empowers users with accessible automated strategies to build, grow, and preserve wealth across the cryptocurrency landscape.
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