South Korea’s largest cryptocurrency exchange, Upbit, has listed Derive’s native token, DRV, on its Korean won (KRW), Bitcoin (BTC) and Tether (USDT) markets, giving the onchain derivatives protocol broader access to one of the world’s most active crypto trading markets.
According to Upbit’s listing notice, trading begins at 5:00 p.m. Korea Standard Time (KST) on July 14, while deposits and withdrawals will be supported only through the Ethereum network.
신규 디지털 자산 디라이브(DRV) 거래지원 안내
✅ 지원 마켓: KRW, BTC, USDT 마켓
📅 거래지원 개시 시점 : 2026-07-14 17:00 KST 예정🔗공지 바로가기:https://t.co/m9ruNCpBdF#Upbit #DRV@DeriveXYZ pic.twitter.com/VWfAr4WQ24
— Upbit Korea (@Official_Upbit) July 14, 2026
As with other new listings, Upbit said it will temporarily restrict certain buy and sell orders immediately after trading opens to reduce extreme price swings during the launch period.
What does the Upbit listing mean for DRV?
The listing introduces three trading pairs, allowing users to buy and sell DRV with Korean won, Bitcoin or USDT. The addition of a fiat trading pair is expected to make the token more accessible to South Korean investors, while the crypto pairs offer existing digital asset holders more trading options.
The launch also follows Bithumb’s decision to list DRV on its KRW market on the same day, giving the token exposure on South Korea’s two largest cryptocurrency exchanges.
The dual listing significantly expands DRV’s presence in the country, though newly listed assets often experience high trading volume and price volatility in their first days on major exchanges.
How did Derive evolve from Lyra Finance?
Derive, previously known as Lyra Finance, is an onchain options protocol built within the Synthetix ecosystem. The project rebranded to Derive in 2024 and replaced its LYRA governance token with DRV through a 1:1 token migration following a May 2024 snapshot.
DRV officially launched in January 2025. Since then, the protocol has expanded beyond options to support perpetual futures and structured trading products through a self-custodial exchange built on an Ethereum rollup using the OP Stack.
The platform also includes a portfolio margin system designed to improve capital efficiency while settling trades onchain.
DRV token utility and recent growth
DRV serves as the protocol’s governance and staking token. Holders can stake their tokens, participate in governance and delegate voting rights. The protocol also uses DRV to support liquidity and trading incentive programs.
According to Derive’s token model, 35% of protocol revenue is allocated to token buybacks. The token currently has a total supply of 1.5 billion DRV, following a 500 million token mint approved in 2025 to support institutional partnerships, ecosystem development and market-making initiatives.
The Upbit listing follows DRV’s expansion onto Coinbase in May 2026, further increasing the token’s availability across major global cryptocurrency exchanges. Synthetix proposed acquiring Derive through a $27 million token swap in May 2025. The plan would have exchanged 27 DRV for one SNX under lockup and vesting terms. The parties later abandoned the proposed merger, leaving Derive independent.
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