Key Takeaways:
- Coinbase listed DRV on May 27 with a DRV-USD trading pair
- Derive Protocol holds $133 million in TVL and $51 million in open interest
- DRV's buyback program allocates 35% of protocol fees to token repurchases
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DRV jumps 6% on Coinbase listing as Derive token gains exchange access
DRV rose more than 6% to $0.0830 after Coinbase listed the Derive token, giving the decentralized derivatives protocol its largest centralized exchange debut.
Derive Protocol's total value locked stands at $133 million, with open interest across its options and perpetual futures products at $51 million, according to DefiLlama data. The protocol supports on-chain derivatives trading on Ethereum layer 2, competing with platforms such as Aevo and Hyperliquid in the DeFi derivatives sector.
The token, formerly known as LYRA under the Lyra Finance brand, underwent a 1:1 migration to DRV in 2024 following a snapshot on May 8. DRV functions as both a governance and utility token, with holders able to stake and participate in a buyback program funded by 35 percent of the protocol's collected fees. The total supply is 1.5 billion tokens, with about 999.8 million in circulation, giving DRV a market capitalization of roughly $90 million, per CoinGecko.
Coinbase first added DRV to its asset listing roadmap around May 20, and the token's price reacted immediately, climbing more than 6 percent with a noticeable increase in trading volume. The actual listing began trading May 27 at 9:00 AM PT, with DRV paired against the US dollar. The token was listed alongside MetaDAO (META) in the same batch.
The Coinbase listing gives DRV access to millions of retail and institutional users on one of the largest spot exchanges by volume, potentially driving higher trading activity and user adoption for the Derive Protocol. The listing also brings mainstream attention to the decentralized derivatives sector, which has seen growing competition among protocols offering on-chain options and perpetuals. Investors will watch whether TVL and open interest expand following the exchange debut, and whether trading volume on the protocol itself increases as more users discover it through Coinbase.
This article is for informational purposes only and does not constitute investment advice.
[1] Coinbase lists Derive token (DRV) for trading on platform[2] US negotiators reach 60-day ceasefire deal with Iran, pending Trump approval - Crypto Briefing[3] Coinbase to list MetaDAO (META) and Derive (DRV) tokens starting May 27, 2026, pending liquidity conditions. - Pluang[4] DRV rises over 6% after Coinbase roadmap listing: how high can it climb? - MSN
