Documentation

DRV Token Launch

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  2. DRV
  3. DRV Token Launch

The $DRV token is live, and here’s everything you need to know to claim, stake, and maximize its potential.

TL;DR

Overview

The DRV token launch is broken up into 2 components:

LYRA token holders can migrate their balances 1:1 to DRV or staked DRV. DRV has the same total supply as LYRA. A breakdown of the DRV token supply is shown below:

​Airdrop (67,168,869 DRV, 87.1% of entire Airdrop & Migration)

Migration (9,945,683 DRV, 12.89% of entire Airdrop & Migration)

Airdrop Breakdown

The airdrop introduces a new supply of up to 7.71% or 77,114,554 DRV tokens into circulation. Users can opt to stake their DRV for a one-time 25% bonus to their airdrop. Stakers earn ongoing staking rewards and can delegate their tokens for governance. The unstaking period is 28 days.

The airdrop program ran for 8 months from May 8 2024 to Jan 13 2025 in 6 rounds. Users were rewarded with points based on the following protocol actions:

The airdrop rewards a fixed amount of DRV for each round pro-rata based on points earned. In addition to the points conversion, users receive extra DRV for reaching certain levels based on points earned each round. The distribution for levels is pro-rata based on the cutoff points balance for each major rank (e.g. Apprentice and Explorer, not Explorer I and Explorer II). For example:

A total of A% of supply of DRV tokens are being rewarded to points earned. The breakdown of DRV rewarded for each round is as follows:

DRV Trading & Deposit Points Breakdown

In addition to points, 4 airdrop bonuses were launched in round 6. Each bonus allocates 2.5% of the airdrop to the first 1000 users to complete the bonus. The airdrop supply is defined as the A% of new supply allocated to the points distribution. The breakdown below summarizes how many users were eligible for each airdrop bonus and the corresponding DRV amounts.


Migration Breakdown

55.38% of the total DRV supply or 553,815,216 DRV is allocated to migrating LYRA and staked LYRA token holders. There are over 100,000 LYRA holders eligible to migrate.

LYRA holders who staked from April 19 in advance of the LYRA snapshot (A.K.A. holder points program) on May 8 earned a share of 2,529,958 DRV tokens pro-rata based on staked-hours.

Additionally, LYRA holders who prestaked their migrating DRV balance in advance of the token launch on January 15 earned a one-time 2.5% bonus in their staked DRV balance. A total of 60.09% of the migrating LYRA supply was prestaked, resulting in prestake bonuses of 7,415,725 DRV.

This creates a total of 56.37% new supply for migrating LYRA holders.

How to Claim Your DRV

Check Your Allocation
Visit the dApp to preview your allocation: derive.xyz/airdrop

Your allocation includes:

  1. Snapshotted LYRA

  2. Pre-staking rewards

  3. Migration bonuses

  4. Claim Options

    1. Claim DRV directly for flexibility and liquidity.

    2. Claim and stake as stDRV to unlock weekly rewards and governance rights.

Note: stDRV has a 28-day unlock period. There is a 25% bonus for staking DRV at the airdrop.

Staking and Governance

  • Stake your DRV to receive stDRV and participate in Derive’s governance.

  • Delegate your voting power to up to five representatives.

  • Governance on Derive Chain allows you to shape the future of DeFAI.

Where Can You Use DRV?

  1. On Derive Chain
    Stake DRV for rewards and governance.

  2. Bridge to Ethereum
    Use DRV for centralized exchange deposits. Supported on Kraken and Gate.io.

  3. Kraken: Trade DRV/USD

  4. Gate.io: Trade DRV/USDT

  5. Bridge to Base and provide liquidity on Aerodrome.

    1. Incentives Duration: Jan 15, 00:00 UTC – Jan 28, 23:59 UTC

    2. Total Incentives: 2 million DRV

    3. Pool Breakdown:

      1. DRV/ETH Full Range – Off-chain rewards (no bribes).

      2. DRV/ETH CL200 – Off-chain rewards plus bribes for enhanced emissions. Must also be in range.

Full details: https://blog.derive.xyz/liquidity-incentives-on-aerodrome-everything-you-need-to-know/

How Does Bridging Work?

  • Use LayerZero’s OFT standard for seamless interoperability.

  • Withdraw DRV from your funding account on Derive Chain and bridge to Ethereum or Base.

  • Instructions for bridging will be available in the help docs.

DRV Token Utility

DRV introduces three core functionalities:

  1. Buybacks

    25% of protocol revenue allocated for token buybacks.

    Executed on Derive’s DRV-USDC spot market.

  2. Staking

    Earn rewards and participate in governance by staking DRV.

  3. Governance

    Staked DRV enables token holders to delegate voting power and influence protocol decisions.

Key Token Addresses

Always verify token addresses before interacting:

  • Ethereum: 0xB1D1eae60EEA9525032a6DCb4c1CE336a1dE71BE

  • Base: 0x9d0E8f5b25384C7310CB8C6aE32C8fbeb645d083

  • Derive Chain: 0x2EE0fd70756EDC663AcC9676658A1497C247693A


Updated about 1 month ago