Nick | Derive
@itseneff
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cofounder @derivexyz, former equity options trader
Joined June 2015
It’s time to share our vision for Lyra V2. ❇️. A self-custodial, modular, performant stack for on-chain derivatives trading.
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What a year it’s been. From $7m TVL and averaging $3-4m in volumes a day with a new protocol launch, to $115m TVL and putting up $2.4bn in volume in December alone. It’s been difficult to find time to reflect properly as we’ve been building out the product this year and scaling.
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Decided to exclusively use modular systems in all aspects of my life, on and off chain
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What if trading felt less like an exam and more like a conversation?. AI and options together could make this a reality—turning complexity into clarity and unlocking the potential for onchain markets to scale like never before. Here’s how I think this plays out in 2025 🧵.
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One-year expiries are live on @derivexyz 🕗. You can now trade ETH and BTC options out to September 2025—offering long-term, liquidation-free leverage. A DeFi first, unique to Derive 🧵
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Just dropped my 2024 roadmap post for Lyra, Harvest Moon. The Lyra community has been planting seeds for 2 long years, it's time to reap what has been sowed. The future of DeFi options has never been brighter👇.
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Part time DeFi for 8 years, full time for 4. Never been more convinced that the best markets are free and decentralized. It's time to build them.
Yesterday, we were Lyra. Today, we are Derive. Tomorrow, derivatives change forever. 🐎
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One of my most insane but enjoyable weeks ever @derivexyz. - Major partnership + grant with @ethena_labs .- Biggest trade ever ($1.66m in options premiums).- TVL/user ATHs.- DRV Jan 15 announce. And a MASSIVE influx of collab interest from teams I've wanted to work with all.
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Biggest options fee day in Lyra history last Friday in spite of muted market conditions. $57m TVL and growing. Major product announcement this week. Gm
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big relief to have $DRV live again - migration complete . no time to rest on these laurels, we have a plan to execute. thanks for your continued support 🫡.
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Took 3 years of grinding through the bear averaging 1-2m per day and now we're here
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The day after our biggest partnership ever… our biggest trade ever 🤯. A Derive trader just collected $1.66 million in premiums selling $BTC calls. They sold 200 calls in the 105k-130k range for March, guess is trying to farm around 33% APR on BTC while being happy to reduce.
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🥲 An absolute joy to share Lyra v2 with the world after an 18 month marathon. V2 will deliver on the promise of onchain options, and within 6 months Lyra will be synonymous with crypto options, mark my words. The BTC ETF PVP marks the beginning of the rollout. We'll be.
Summon ye traders, the V2 rollout begins. 𝘽𝙏𝘾 𝙀𝙏𝙁 𝙋𝙑𝙋 now LIVE!. Start trading:
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The largest ever onchain options trade just printed on @derivexyz 📈📈📈. A $25m BTC trade which has some significant election readthroughs 🌋
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Been just over 2 months and Lyra has generated over $600,000 in fees. $15k a day added to the onchain insurance fund - just 10 weeks ago we were stoked with $1k a day. No longer an experimental protocol in the corner of a nascent L2 - Lyra is now a heavy hitter. But so far.
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Lotta people were confused by the rebrand, but we've gone from 5m a day to 300m a day in volumes in 5 months. The rebrand was entirely driven internally to better reflect our culture, a vibe shift, a statement of intent, and it worked. There are a handful of teams in onchain.
15.01.25. $DRV is near. Years of building, partnerships, and milestones have brought us to this moment. Let’s take a moment. ↓
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ATH fee day for Lyra yesterday with ~$55k (liquidations not counted in the stats page). 90% of the onchain options volume. The onchain risk + liquidations system handled a -17% 5-minute ETH candle like any other Monday. Options taking off, time for growth.
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If you’re exhausted by narratives, memes, and hype, consider refuge in the Lyra community: . - Laser focus and leadership over 3 years in a vertical with the biggest TAM in finance (options) . - A sector which is poised to breakout with institutional adoption of ETH/BTC . -.
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New ATH for Lyra - $30m volume traded over the last 24 hours. Was averaging $5m just 3 weeks ago, now consistently posting $20m+ days. I see no reason why volumes can't 6x again over the next 3 weeks.
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Now seems like a good time to ease back onto CT after 1.5 years of head down grinding 🫡. Going forward, you can expect more from me on:. - Options (ETFs will catalyze a 50x in the sector and boy does CT need some accessible options content).- Lyra (ofc) .- Trading/mkt making.
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Crypto needs real yield. Real yield creates positive sum, sustainable dynamics which stand in contrast to the zero-sum PvP dynamics proliferating in the current market. Farmers are being pushed further up the risk curve for smaller and smaller airdrops amidst a declining low.
Today, Lyra has completed the first execution of the Covered Call Yield Product. • 1 Week.• 8,000 Options Contracts.• $30,000,000 Notional Volume. A new era of yield →
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genuinely feels like ETH to $5,000 in the next 4 weeks is max pain for many on the timeline (in memecoins, rotated to SOL, taking profits) . it's my third cycle and i have zero evidence to back it up, but I can feel a rapid ATH break in my bones.
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Highest weekly fees for Lyra since launch, there’s something special brewing here after a difficult 3 year grind. Great traction, but no time to rest. Let’s heap more fuel on the fire:. - Options markets++.- Perps markets++.- New products stop a brand new DeFi primitive. 🔜
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Lyra has built the most powerful risk engine for onchain derivs (options and perps), already you can: . - Deposit from: Arbitrum, Base, Optimism, Mainnet.- Deposit: USDC, ETH, wstETH, WBTC, USDT collateral. but this only hints at where we're going.
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In case you thought things were going to quieten down after the token launch - another $100m day with $335m in OI on Derive
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Who could have seen this coming? . Year of options
Just dropped my 2024 roadmap post for Lyra, Harvest Moon. The Lyra community has been planting seeds for 2 long years, it's time to reap what has been sowed. The future of DeFi options has never been brighter👇.
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Lyra is the most powerful trading arsenal available on-chain. Best part? You earn $3.50 in rewards for every $1 in fees right now. Even better? You earn real tokens, not points. It's not difficult to treat users well and yet so many fail.
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Lyra is making a concentrated, all in bet that onchain options will 100x by the end of 2025. The two catalysts? ETFs and cryptoeconomic security . Study commodities markets.
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There's a lot of outdated information being spread about Lyra v2. One claim that seems to be making the rounds is that v2 has so much horsepower packed under the hood, the DEX will rumble upon wallet connection. That is actually true.
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$1m in protocol fees generated since the v2 launch. Proud of this milestone, but it is merely the curtain raiser for the Lyra Derivatives Network. Alpha coming this week.
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Back on CT and TG after a month of deliberately winding back use. Felt more in control of my brain than ever before. But now, I'm here to stay. This is going to be the breakout 6 months for @lyrafinance, and I will be manically tweeting the whole journey. GM.
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Derive metrics up and to the right, crossed $200m in OI earlier this week 📈. We have one of the highest concentrations of informed, high signal traders. Why? Because Derive is the most powerful onchain trading arsenal. Options, perps, borrow, lend, and structured products all
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Largest week in Derive history. and we've still got 3 days to go
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There are a handful of teams in DeFi that are building generational products and protocols that will define the next decade in crypto. Ethena is certainly one of them. Thrilled to be working with @leptokurtic_ @n2ckchong and the team in the years ahead to build out the most.
Today, Derive integrates into @Ethena_labs. A multi-million dollar partnership to bring basis trading to Derive and unlock $4.5b of TVL and 300,000 users.
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Derive has the most advanced onchain risk engine, and AI is the key to unlocking its full potential. Gamechanger.
Introducing Derive Pro: our first step into DeFAI, delivering an AI-powered trading experience for pro traders. In collaboration with @MessariCrypto, we're redesigning the trading experience from scratch, with agents at the center.
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This isn't your regular token x token deal: . - multi-year alignment.- multi-million dollar grant .- basis trades, ENA options, liquidity, users, unprecedented sUSDe/USDe functionality. @derivexyz x @ethena_labs will be a cook for the ages.
.@derivexyz is integrating with @Ethena_labs in a multimillion dollar partnership to bring basis trading to the platform, reports @godbole17.
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This information is very old and out of date - community can expect an update on Lyra V2 at the end of this week, and I think they are going to like what they see.
1/.I'm going to have to issue a mea culpa to my friends about the aforementioned positive $LYRA news. I’ve learned more information about what the team is planning to do with the new appchain and CEX. Long story short, it’s NOT bullish for the $LYRA token. Read on below🧵⤵️
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Secret's out, the former head of design for Robinhood options has been taking the Lyra V2 experience to a place no dapp has ever gone before. Mark my words: it will melt souls.
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$7.11m in volume over the last 24 hours in Bitcoin alone . @lyrafinance remains the best place to trade BTC ahead of the ETF
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Governance post up on @EthenaFndtn forums to get Derive perps integrated for the basis. Keen to hear feedback from the Ethena community, and scale up these strategies as Derive perps see unique flows due to their cross margin/coupling with our options.
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Lyra v2 is pushing the boundaries of what’s possible with web3 UX. Will melt souls.
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Dropping a (long overdue) 2024 roadmap for Lyra this week. Nigh time for a community rollcall ahead of a pivotal year.
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Best spreads *anywhere* in crypto options for ETH. <1% implied vols wide . The power of Lyra v2
ETH options and perps are now LIVE on Lyra v2 ⚡️⛈️🌪️. Come check out the tightest spreads and biggest rewards in DeFi options.
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Long dated options are some of the best tools for medium term, high conviction trades📈. You could buy 20 of the $2,500 December 27 calls for $605 each ($12,100 total). You get the upside of 20 ETH ($54,000 worth, or 4.5x leverage) for the rest of the year, no liquidations.
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Options in crypto have been shackled by low liquidity, limited products, and most crucially, limited imagination. @lyrafinance is changing all of that, it’s simple mathematics
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Kain up $5m (50x) if BTC doubles by end of year . Send it.
Just bought 100 $100k BTC Dec calls on @derivexyz. This should be entertaining.
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Lyra putting up 89% of the onchain options volume last 24 hours
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Lyra ETH perps quite literally the best place to long ETH in the entire market rn . Funding paid continuously - spot has been trading consistently ~$4 under oracle past 24 hours, need some arboors to put it back in line
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$1 billion notional traded.$912,000 in the insurance fund .Phase 1: ▓▓▓▓▓▓▓▓▓▓▓▓▓░ 98% complete. Phase 2: [loading]
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Do Kwon, Daniele Sesta, Su Zhu all positioned themselves as ‘men of the people’. They dealt with FUD by stirring up hate and armies of tokenholders to attack industry veterans calling for sanity as ‘out of touch elites’. Seeds of that brewing again. We must do better.
The same ppl who simped for 3ac and ftx/sbf are shilling you the “eth roadmap is too complex” narrative . Lesson there.
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Swapping: Uniswap.Lending: Aave.Options: Lyra. Lyra is focused on one thing, and one thing only: being the clear category leader in DeFi options.
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record week at work, infinite inbound threads to wrap by end of week, haven’t started xmas shopping, and a best man speech to write by Saturday . Good problems to have, but I am indeed cooked.
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probably nothing.
The core contributors have been quietly working on DeFAI in late 2024, with a launch date slated for Q1 to kick off our 2025 roadmap. Join the waitlist for early access:
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There is a 100% chance Robinhood launches its own chain using Arbitrum Orbit, given the success of Base / Optimism. RemindMe! 3 months.
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$53m in 24 hour volume, $178m open interest, $75m TVL, more markets by the day. Derive taking flight ✈️
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$22.75m today. It's not too late to be early. 1,500,000 $LYRA per week to traders using the most powerful financial arsenal available in DeFi - options AND perps.
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Lyra Yield popping off - best farm in DeFi rn in my biased opinion . - @ether_fi weETH.- @swellnetworkio rswETH.- USDC farms . All available with boosted farming opps
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Tightest spreads on the market with a lot more depth behind the best bid/offer. If you haven't tried Derive for the last 6 months, now is a good time to do so, the velocity of improvement in liquidity and UX is astonishing.
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- 2 major new core contributors onboarded .- Another $90m day .- TVL remains >$100m despite selloff.- Multiple major announcements in the chamber. Gm and happy Tuesday.
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$15m yesterday, $20m today. 2024 is the year of options
Another $15m day for @lyrafinance - I'm confident we can 2x that in the next week.
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0 day options vs perps. - Trading 0 or 1 day options allows you to get up to 200x leverage with no liquidation risk . - They are a powerful tool to play reversions on cascades. - The tradeoff? If the market doesn't move, you lose your premiums. Let's walk through an example 🧵.
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The scope of Lyra is 100x bigger than when it all kicked off 3 years ago. Ethereum’s scaling roadmap will create a whole new category of users who need products that hedge and generate yield. The Lyra Derivatives Network will be facilitating that expansion with novel, powerful.
LDX airdrop farming is now LIVE ⚡️. LDX is the new utility token for the Lyra Derivatives Network. LYRA holders can stake and lock to start earning their LDX airdrop 👉 What is LDX? Let’s unpack ↓
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.@echodotxyz is leveling the playing field in crypto, and it's been an honor to work with them on Derive's community round. Long-term games with long-term players create exponential outcomes — Derive is here to build and shape the future of onchain finance for years to come.
Derive raised $500k in under 10 minutes on @echodotxyz. This was a round for the community, real people and VCs investing together on the same terms. The Derive Echo round was led by the G Gang (@leptokurtic_) and Patron (@kaiynne) groups. Real onchain natives. Real community
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If BTC crosses $100k Kain gets $10,000,000 of upside exposure with no liquidations, until the end of the year. He bought these calls with $100,000. Liquidationless 100x leverage.
I don’t often trade but with a setup like last week I couldn’t help myself but yolo some options on @derivexyz
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Options markets now showing 70% IV for Jan 12th expiry. That means there's an expected daily move of ~3.66% for BTC until then. A 6 month IV high ahead of the ETF decision and renewed uponly PA - buckle up.
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Breakout week at Lyra: record fees, volumes, and signups, and we're only 4 days in 📈
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$60m in volume last 24 hours off the back of ETH ETF speculation - biggest day ever for @lyrafinance 🥲. Market pricing in a roughly 20% chance of ETH $5,000+ by June 28th.
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24 hour trades ATH ✅.Open interest ATH ✅.TVL ATH ✅. Sure we're cooking, but I mean it when I say this, you ain't seen nothing yet. We are going to change how people all over the world trade, designed from first principles. More very 🔜
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excited for @lyrafinance to facilitate price discovery on $OP and $ARB options with some liquid two-way trading !!!
Upgraded trading on @optimismFND is now live!. We’ve relaunched our OP deploy with a new AMM that:. 📊 Increases the portion fees directed to LPs.💱 Can access 40+ new markets on @synthetix_io .🪙 Uses USDC to trade and LP. Learn more:
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Is there any other protocol or exchange in the world that allows you to trade w/ portfolio margin + cross asset using staked ETH as collateral?. Serious question, because this is powerful as fuck.
Lyra is pioneering the expansion of wstETH. We’re working on a proposal for the @LidoFinance DAO to define the appchain standard. BETA live now - deposit wstETH 👉
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The world is about to find out what a composable derivatives network looks like.
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Lyra liquidity consistently improving. Spreads are 60% tighter over the last month and sizes on / behind the BBO continue to get bigger. If you haven't checked out v2 yet - this week might just be a good time to do so. Gonna be a big week.
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Can't get scam-wick liquidated when you use options for leverage. Possibly their most underrated feature in a market like this.
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Flash crash overnight is a good reminder that @lyrafinance is the best place to trade Bitcoin this week. Top ranked trader currently in line for 150,000 LYRA on ~2m notional volume traded (~$800 in fees), with 8 days to go.
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Add another $30m to that today. But we're not even close to scale. The vision for Lyra is so, so much bigger than a trading platform - there's a reason that multiple trillion dollar industries are built atop/using options in TradFi. More 🔜. ⛈️.
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The twin engines of growth are coming to life:. 1. Lyra Exchange - volatile with market conditions but seeing higher highs + higher lows (volumes/fees) . 2. Lyra Yield - consistent, market-neutral users who return weekly seeking yield (users/TVL). ☯️
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More onchain options protocols than users? Check again post Lyra Yield
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Aave at max capacity, but you can still put this trade on in size on @derivexyz . sUSDe depositors also eligible for an exclusive Ethena bonus, too .
here’s how Aavethena works:. - Aave increases sUSDSe caps.- sUSDe holders borrow stables to the max to max return.- Stables borrow rate spikes to 100%.- New users lend stables .- Borrow rate comes down.- REPEAT. This is the biggest black hole of capital in DeFi. 2 BILLION NEXT
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- Best spreads in the game. - Liquidationless leverage . - Full self-custody . - Earn tokens not points. Simple as
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Some exceptionally tight spreads on offer during this selloff in the Jan26 weekly on Lyra. 1.75% IVs wide in the at the money puts - best in market ANYWHERE
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Couple more tweaks needed and it'll be 100m+ per day. Do not fade this community.
Another record week for Lyra v2:. - Weekly volume: 124 M $ [New ATH!] 🟢🟢.- Weekly fees: 83,920 $ [New ATH!] 🟢🟢.- New daily ATH: Wed. 29,9M $ and 20,194 $.- Accumulated trading volume: 631 M $.- Accumulated fees into SM: 415,229 $.- TVL in Lyra L2: 14,4 M [+48% / +4,7 M $]👀
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Translation: ETH’s price, should it reach 2475, could accelerate extremely quickly.
ETH price at 2410 now .From 2475 we enter negative gamma territory. Are we about to see a GAMMA SQUEEZE?
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The most requested feature in Lyra history drops tomorrow 👀🌩️.
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