UPDATED (MAY 8 12:00:00 AM UTC)
The DRV snapshot has been taken as MAY 8 12:00:00 AM UTC.
Purchasing LYRA from May 8 12:00 AM UTC onwards will not confer any additional DRV.
Blocknumbers for the DRV snapshot were as follows:
Optimism. The balance on Optimism after the block: 119763811
Arbitrum. The balance on Arbitrum after the block: 208941786
Ethereum. The balance on Ethereum after the block: 19821623
To see the balances taken at snapshot visit the Holder Page.
Timeline
The timeline for the migration is as follows:
April 19: Proposal approved, DRV farming starts
April 24: LYRA trading rewards are claimable
May 1: Uniswap LP incentives end
May 8: LYRA balances are snapshotted
Q3 2024: DRV is claimable 1:1 for LYRA, and additional DRV is airdropped to farmers and traders
FAQs
General FAQs
What is DRV?
DRV is the utility token for the Derive Derivatives Network, encompassing the chain, protocol, exchange, wallet and more.
How will the migration affect governance mechanisms?
Governance will continue with the balances recorded at the snapshot until the launch of DRV. Voting parameters, such as duration, quorum, and proposition threshold, will remain aligned with current standards until then.
When is the official launch of DRV planned?
The launch of DRV is targeted for before the end of Q3. The exact date will depend on achieving necessary liquidity and establishing partnerships with both centralized and decentralized trading venues.
How will the DRV conversion rate be calculated?
The conversion from LYRA to DRV will be at a 1:1 ratio based on the balances at the time of the snapshot.
When was the snapshot date?
The snapshot occurred on May 8, 12:00:00 AM UTC.
Blocknumbers are as follows:
Optimism. The balance on Optimism after the block: 119763811
Arbitrum. The balance on Arbitrum after the block: 208941786
Ethereum. The balance on Ethereum after the block: 19821623
Post-Snapshot FAQs (After May 8)
What is happening with Lyra's liquidity and demand?
On May 8 the migration from LYRA to DRV began and a snapshot of all LYRA and stkLYRA balances across all networks was taken. Now Lyra's liquidity and demand are trending to 0 and is expected since LYRA now has no utility or governance value. This utility and governance value will be transferred to DRV upon the launch in Q3.
I hold LYRA, what do I need to do?
You don't need to do anything. Your LYRA will migrate to DRV after the snapshot.
I hold stkLYRA, what do I need to do?
Similar to LYRA holders, you don't need to take any action. Your stkLYRA will be converted to DRV based on the snapshot.
What happens if I transfer or sell my Lyra after the snapshot?
There are no restrictions on what users can do with their LYRA. However, we strongly recommend against purchasing LYRA now since it will confer no rights to DRV. We continue to recommend that LPs withdraw their liquidity.
I didn't withdraw my LYRA LP position before the snapshot. What should I do?
Fill in this form: https://forms.gle/RmXDoMMEuMs9BkQ1A
I want to see my LYRA balance taken at snapshot. Where should I go?
Visit the Holder Page to see your balances taken at snapshot.