Derive releases DRV Tokenomics Governance Proposal, planned for issuanceToken in the fourth quarter

ForesightNews · 2024-09-05T04:56:59+00:00

The Derivativesprotocol Derive has released a governance proposal for DRV Tokenomics. DRV Token will be launched in the fourth quarter with a total supply of 1 billion. LYRA/stkLYRA holders will have a 1:1 claim ratio. DRV can be cross-chain interacted to Derive L2 for claiming and can be staked as stDRV for governance. The DAO treasury will distribute a maximum of 1.15 million DRV tokens per week as rewards to stakeholders. 25% of the protocol's income will be used to repurchase tokens, and a maximum of 2.5 million DRV tokens per week will be allocated to the incentive program.

ForesightNews

2024-09-05 04:56:59

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Foresight News, Derivatives protocol Derive (formerly Lyra) released the DRV Tokenomics Governance Proposal. The DRV Token is planned to be launched in the fourth quarter with a total supply of 1 billion tokens. LYRA/stkLYRA holders will have a 1:1 right to claim DRV Tokens, and the quantity will be determined by the balance at the time of the Snapshot. DRV will be issued on the ETH mainnet, with most of them being cross-chain interacted to Derive L2 for claiming and can be staked as stDRV (only on Derive L2), and only stDRV can participate in governance. As a reward for staking DRV, stDRV holders will be eligible for rewards. The DAO treasury will allocate a maximum of 1.15 million DRV tokens per week for stake rewards to the CC multisig, and after 6 months from the end of TGE, the weekly rewards will be reduced to 600,000 DRV tokens. 25% of the protocol’s revenue will be used for Token buyback for the DAO treasury. In addition, a maximum of 2.5 million DRV tokens per week will be allocated for various incentive programs used by the protocol (trading/liquidity, etc.).

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