Nick

Nick

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building @lyrafinance

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Long time listener first time caller with @DeFi_Dad and @Nomaticcap - we went deep into Derive's history, our positioning, and some alpha on what's next. Really, really fun one.

DeFi Dad ⟠ defidad.eth

New @edge_pod's out on @DeriveXYZ! "The market is littered with graveyards of options protocols that died from lack of runway or pivoted to perps." But Derive and @itseneff beat the odds, kept building, and now they own 90-95% of market share. This is their story 🙌

Would wager that Derive has some of the highest organic perps fees (green) in the industry. Derive's perps complement options, and are used by market makers to hedge deltas/gamma from their options positions. For this reason, the perps flow on Derive is differentiated and organic. Since many aren't aware: Derive has industry-leading portfolio margin for options/perps that comes out of the box, available to all traders. Options fee growth since November has been matched by perps, exactly as you’d expect when the flywheel is kicking in: liquidity begets liquidity.

Certified 100% organic farmer free growth, we have lift off twitter.com/itseneff/status/20...

And in 3 months we’ve been 1.5-2xed our weekly fees, despite the market being 30% lower and trading incentives cut 95%. twitter.com/itseneff/status/20...

Dream is redefining crypto UX for mobile ...and their options are built with Derive underneath Congratulations @domdosu and team on a stellar product and launch twitter.com/itseneff/status/20...

Derive did 10% of Deribit's volume in ETH yesterday We've started 2026 with a flood of new users and new teams building products with options This time feels different

Have a larger reflection post coming next week - but man is our liquidity night and day from where it was ~3 months ago Been a huge slog in 2025 but our books have never been more consistent - 0.9 vols wide, 500k up in the 1 month ATMs for $BTC, and much more behind on the RFQ. In fact, on ~50% of shows on the RFQ in the last month for BTC, we're better than Deribit up to 5 BTC and 50 ETH. There is still work to do on bigger sizes, but we've been laser focused on making onchain options extremely liquid, and it really feels like we're about to break the market wide open in 2026 (source: internal analytics, current options board)

Markets ripping, books are full Derive liquidity across options and perps is an order of magnitude better than it ever has been before I want to hear any and all feedback - what do you want to trade? - what size? - if you aren't trading options on Derive, why not?

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