Derive, formerly known as Lyra Finance, has proposed a V3 upgrade that would rebuild its onchain options and perpetuals platform around a zero-knowledge exchange model verified on Ethereum Layer 1. The plan would retire Derive Chain, move the matching engine and sequencer into a zkVM, and migrate V2 positions and balances into V3. Derive accounts for approximately 95% of onchain options premium volume, while dashboard data shows roughly $2.4 billion in total open interest, including $1.09 billion in Ethereum options and about $36.3 million in Solana options. V3 would add risk universes, two-sided lending, native vaults, broader asset coverage, Real World Assets and granulated session keys, while its stated capacity target is hundreds of billions of dollars in daily volume and thousands of cross-margined positions per portfolio.