Onchain options are the largest remaining whitespace in crypto derivatives.

Most crypto options activity still takes place on centralized venues. Although onchain premium volume recently hit a monthly high, total notional over the past 30 days was still just 4.3% of Deribit’s. Attracting sustained retail flow is the sector’s next hurdle.

Derive currently accounts for roughly 95% of onchain options premium volume. V3 builds on that position by making the same liquidity available across more markets and products.

The existing Derive Chain will be replaced by a zkVM-based system that settles on Ethereum. Its new risk architecture should make it easier to list markets with different risk profiles while portfolio cross-margining improves capital efficiency for traders.

Native vaults could turn those markets into products users access through a single deposit. A covered-call vault could generate income by selling part of a tokenized asset’s upside while creating a more predictable source of flow for market makers.

Consumer apps let users select an asset and express a directional view while Derive handles the options execution underneath. This allows builders to focus on distribution without having to bootstrap a new liquidity venue.

The success of v3 depends on whether these products can attract sustained flow beyond Derive’s existing user base and grow the onchain options market around its infrastructure.

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