# Derive (prev. Lyra) - Web3 Case Study by BootNode

> An options trading L2 native protocol that provides a robust, lightning-fast and reliable trading experience.

- **Page:** https://www.bootnode.dev/web3-case-study/derive-lyra-decentralized-options-protocol/
- **Live:** https://www.derive.xyz/

## Challenge

The Derive (prev. Lyra) team was focused on enhancing their offerings in options and financial instruments but needed specialized expertise in tokens, bridges, escrows, and the AAVE Safety Module. This expertise was crucial for them to successfully launch and manage an L2 native protocol without diverting their core operational focus.

## Solution

We stepped in to fill the expertise gap for Derive (prev. Lyra). Our team handled the development and integration of UI, Frontend, Smart Contracts, Subgraph, Governance Framework, and a Custom Safety Module. In addition to facilitating team expansion and connecting with high-profile investors,  our unvested $LYRA was committed to be staked into the Safety Module, protecting the protocol against unexpected loss.

## Contributions

UI, Frontend, Smart Contracts, Subgraph, Governance Framework, and Custom Safety Module.

## Outcome

Successfully launched the protocol, front-ends, and subgraph directly onto Optimism L2.

Secured additional investors from Bankless and launched its token.

Expanded the team.

## Client Testimonials

> "BootNode helped us navigate the challenges of launching an L2 native protocol, including subgraphs, governance, and the protocol's safety module. In addition, they understood the financial complexity of the mechanism, which made working together easy. We also liked their engagement model as they contributed their work 100% as investors, building a unique long-term partnership."
>
> -- Mike Spain, Co-founder of Derive (prev. Lyra)

---

Part of [BootNode Case Studies](https://www.bootnode.dev/case-studies)
For company overview: https://www.bootnode.dev/llms.txt