The memo
REJECTED SOLELY ON A CATEGORICAL US-PERSON EXCLUSION; THE TECHNICAL FILE IS OTHERWISE THE STRONGEST IN THIS DERIVATIVES BATCH. Derive's Terms identify Lyra Technologies Corp. as the interface operator and define US residents, citizens, entities, agents, and persons organized under US law as Restricted Persons. The protocol itself is a self-custodial options, perpetuals, and spot risk engine on an OP Stack application chain, with margin and liquidation rules checked on chain, a Security Module for insolvent debt, published Sigma Prime audits, on-chain DAO governance with timelocks, and a live Immunefi bounty. Those are meaningful positives. Residual controls remain: Derive Trading Co. operates the centralized order book, a whitelisted sequencer controls contract deployment, governance sets risk parameters, and fast withdrawals through the custom Socket bridge have global daily limits. None is the reason for a zero allocation today. The product's own terms make it legally unavailable to the clients this registry serves.
What would reopen the file
- Derive publishes terms permitting this registry's United States client population to trade or hold positions through the application
- Derive or a named affiliate obtains and publishes the registration or exemption governing its options and perpetuals offering to United States clients
- The centralized matcher, sequencer, or custom bridge is unavailable for more than one hour or prevents a proposed-size exit
- Any protocol-fund exploit, Security Module shortfall, or accepted audit behavior produces a realized client loss
- The deployer whitelist or governance timelock is bypassed for a production contract change
Facts on file
- Verdict
- Rejected
- Exposure
- other
- Chains examined
- Hyperliquid L1, Base, OP Mainnet, Ethereum, Arbitrum, Blast, Mode
- Memo version
- v1
- Reviewed
- Next review