According to CoinMeta, the on-chain options protocols derive and v3 have been officially launched and the migration has been completed, with trading functions now restored. This version has assets custodied on Ethereum, uses zk for margin processing and settlement, and supports sub-millisecond order matching. The new version allows for code-free creation of vaults, provides ETH and BTC for risk hedging, and supports ETH, WBTC, HYPE, and USDC for lending and borrowing. The derive community has proposed to migrate v2 positions to v3 and to shut down derive and chain.