Upbit will add Derive’s DRV token to its Korean won, Bitcoin and Tether markets on July 14.
Summary
- Upbit adds DRV trading against KRW, BTC and USDT, expanding Derive’s access across South Korea.
- Derive migrated LYRA holders into DRV and now operates an onchain options and perpetuals exchange.
- DRV’s total supply now stands at 1.5 billion after a previously proposed strategic token mint.
Trading is scheduled to open at 17:00 Korea Standard Time, giving the onchain derivatives protocol access to South Korean traders. The details appear in Upbit’s official DRV listing notice.
The exchange said deposits and withdrawals will use the Ethereum network. Upbit also applies temporary limits on buy orders, low-priced sell orders and certain order types after new listings. These controls are designed to manage sharp price moves during the opening period.
DRV enters South Korea through three Upbit markets
The KRW pair gives local users a fiat market for DRV. The BTC and USDT pairs add two crypto-based routes for traders who already hold digital assets on the platform. Together, the markets broaden DRV access beyond its listings on international exchanges.
Bithumb also added DRV to its Korean won market on July 14, giving the token listings on two major South Korean platforms on the same day. The combined rollout increases local access, although trading volume and prices can change quickly after new markets open.
Derive grew from the former Lyra protocol
Derive previously operated as Lyra Finance, an onchain options protocol launched within the Synthetix ecosystem. The project adopted the Derive name in 2024 and moved its governance and utility token from LYRA to DRV. Eligible balances converted at a 1:1 ratio after a May 2024 snapshot.
DRV launched in January 2025. The protocol now combines options, perpetual futures and structured trading products through a self-custodial exchange. Derive runs an Ethereum rollup built with the OP Stack and uses a risk engine designed for portfolio margin and onchain settlement.
DRV supports governance, staking and token buybacks
DRV holders can stake the token to receive governance rights and delegate voting power. Derive also uses token incentives for trading and liquidity programs. Its token documentation states that 35% of protocol revenue funds DRV buybacks under the protocol’s current token funding model.
The token’s total supply now stands at 1.5 billion DRV. That figure reflects a 500 million-token strategic mint proposed in September 2025 to fund institutional partnerships, market-maker incentives and development. The earlier plan represented a 50% increase from the original one billion-token supply.
Listing follows Derive’s wider exchange expansion
The Upbit launch comes after DRV reached Coinbase in May 2026, giving the asset access to a large regulated U.S. trading platform. The Korean listings add direct won markets and place the token before one of Asia’s most active retail trading communities.
As previously reported, 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.
Upbit has continued adding crypto assets throughout 2026. As reported by crypto.news, the exchange introduced nine tokens to its BTC and USDT markets in June. Other Upbit listings have produced rapid changes in volume and price, but early gains have not always continued.
The DRV listing may improve liquidity by connecting fiat and crypto markets. Traders will also monitor Derive’s protocol volume, token use and supply release schedule. Those measures will show whether the Korean rollout creates sustained activity after the initial listing period.
