Derive Protocol has surpassed $100 million in total value locked (TVL) as interest in onchain options trading grows. Recent data indicates a surge in decentralized finance (DeFi) activity with record trading volumes and active traders. The protocol's yield on USDC deposits has reached 10%, with notional trading volume hitting an all-time high of $369 million. Notable transactions include a whale selling $1.6 million in premium through a covered call strategy on Bitcoin, retaining the premium if Bitcoin remains below $105,000 by the end of March. Traders are also leveraging the Ethena's USDe stablecoin to borrow USDC at competitive rates, creating considerable returns through DeFi carry trades. This uptick in action underscores the significant market demand for cryptocurrency derivatives and alternative investment vehicles like spot ETFs, reflecting a broader trend in the crypto ecosystem.

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