Doing V3, many protocols start by talking about new chains; Derive is doing the opposite this time and directly retiring its own OP Stack chain. On October 8th, V3 migration was completed. Funds are now held by Ethereum L1 contracts, matching happens off-chain, and margins and settlements are processed via ZK proofs verified on Ethereum. Original positions were automatically migrated, but triggered orders and TWAP orders need to be resubmitted. Upgrading isn’t about leaving (your own chain) on a PowerPoint slide—it’s about ensuring that when the operator shuts down, users can still forcibly withdraw from L1. Speed stays off-chain, and the final exit is back on the main chain. This trade-off is worth more than just the three words “fully on-chain.” #DeFi #Ethereum