Derive, formerly known as Lyra, dominates the onchain options market, accounting for approximately 95% of all onchain options premium volume, according to data highlighted by Delphi Digital’s Cross-Venue Options Dashboard. Launched in early July 2026, the dashboard aggregates BTC, ETH, SOL and HYPE options data across five venues, including centralized exchanges Deribit, OKX, Bybit and Binance, alongside an onchain venue. Derive holds the three largest Ethereum options positions and the two largest Solana options positions displayed on the dashboard. Its Ethereum options open interest (the value of outstanding contracts) is $1.09 billion, while its Solana book has reached about $36.3 million since launching in mid-March 2026. Derive’s total open interest across contracts is roughly $2.4 billion, and its 24-hour ETH volume is $262 million. Delphi’s broader market coverage represents approximately $40 billion in options trading activity, but onchain options account for only about 4.3% of overall activity compared with centralized exchanges. Derive’s expansion followed its rebrand from Lyra and the addition of SOL options to its existing BTC and ETH products. Its planned V3 upgrade, slated for mid-2026, would move the platform to a zkVM architecture (a virtual machine for proving computations) on Ethereum mainnet, with the stated aim of increasing throughput and attracting institutional participants seeking the performance guarantees associated with zero-knowledge systems.