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Upbit and Bithumb List Derive's DRV as Token Jumps

Gaining direct fiat and crypto access in South Korea, DRV now faces whether protocol activity can absorb a 50 percent supply increase.

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Overview

  • Trading went live on July 14, with Upbit opening KRW, BTC and USDT pairs at 17:00 KST and Bithumb adding a KRW market soon after.
  • Both exchanges restricted deposits and withdrawals to the Ethereum network and put temporary limits on certain buy and low-priced sell orders to contain opening volatility.
  • The dual listings sent DRV up roughly 30 to 40 percent intraday, lifting price toward $0.18 before it settled near $0.15 and pushing 24-hour volume into the millions.
  • Derive operates a self-custodial derivatives platform on an OP-Stack Ethereum rollup that uses an off-chain order book, and DRV is used for governance, staking, incentives and protocol fee distribution with 35 percent of revenue allocated to buybacks.
  • Sustained liquidity will depend on on-chain trading volume, real user uptake of Derive's options and perpetuals, and how the project manages the strategic mint that raised total supply to 1.5 billion DRV.