Alpha drops 3% on listing, DRV falls over 23% from its October 10 all-time high.

BlockBeats news, October 14 — According to market data, the on-chain options protocol Derive's token DRV has fallen over 3% cumulatively since the announcement of its listing on Binance Alpha, and is down over 23% from its high of $0.5631 set on October 10. As of press time, it is trading at $0.429, with a market cap of $85.71 million and 24-hour trading volume of $3.7 million.

BlockBeats previously reported that at the DAS conference hosted by Blockworks, Hyperliquid founder Jeff explicitly stated, "Options are an opportunity in on-chain trading worth continuing to develop." He noted that options occupy an important position in traditional finance, but on-chain products have yet to reach "escape velocity," and developers can build products around this market to make it easier for traders to hedge against spot and perpetual contracts.

Additionally, on October 8, reports emerged that Citrini Research, the institution behind the "AI Doom Report," disclosed in its latest article that DRV is one of the largest holdings in its crypto portfolio (10%).