Synthetix, a prominent player in the decentralized finance (DeFi) derivatives space, has announced a proposal to acquire the crypto options platform Derive for $27 million through a token swap arrangement.
Publicly disclosed on May 14, this initiative aims to enhance Synthetix’s presence in the crypto derivatives market by reintegrating a previously spun-off segment of its ecosystem.
The acquisition, which establishes Derive’s valuation—formerly known as Lyra—at approximately $27 million, proposes a swap ratio of one SNX token for 27 DRV tokens.
Community Vote to Decide $27M Derive Acquisition Next Week
This proposed deal, outlined in Synthetix Improvement Proposal 415 (SIP-415), awaits the endorsement of both the Synthetix and Derive communities, with voting scheduled for next week.
Should the community approve the deal, the merger promises to merge Derive’s expertise in real-world assets (RWA) and front-end trading with Synthetix’s foundational derivatives infrastructure.
Following recent acquisitions of Kwenta and TLX, this move indicates Synthetix’s strategic focus on vertical integration within its operational framework.
“Reuniting under one banner simplifies our architecture and governance, unlocking the next phase,” said Synthetix founder Kain Warwick, comparing the re-acquisition to successful startups returning to their roots.
The proposal positions Synthetix to centralize control over a range of derivative products, which include perpetual contracts, options, and app-centric chains—all intricately linked to SNX, the native token of the project.
As part of our full-force drive towards Synthetix v4 on Ethereum mainnet, a new proposal has just dropped:
Synthetix to acquire @derivexyz Perps & options Exchange https://t.co/wC7jRyCJqR…
Let’s break it down (1/6)
— Synthetix (@synthetix_io) May 14, 2025
On the social media platform X, Synthetix underscored that this consolidation is essential for competing with leading derivatives platforms like Hyperliquid, Binance, dYdX, and Deribit, the latter of which was recently acquired by Coinbase.
To finance the acquisition, Synthetix plans to mint up to 29.3 million SNX tokens, which will be released with an initial three-month lockup period, followed by a nine-month linear vesting schedule.
As of the latest trading session, SNX was valued at $0.94, reflecting a daily increase of 11.5%. Nonetheless, the token continues to experience a significant decline from its peak in February 2021, where it reached $28.53—a drop of 97%, according to CoinGecko.
Synthetix Pushes New Staking Plan to Restore sUSD Peg
In recent developments, Synthetix founder Kain Warwick also called on SNX stakers to engage with the newly introduced sUSD 420 Pool, a staking program designed to restore the dollar peg of the sUSD stablecoin.
This pool will distribute a total of 5 million SNX tokens to users who agree to lock their sUSD for a 12-month period, in an effort to shrink the token’s circulating supply and stabilize its market value.
Despite these incentives, Warwick acknowledged that the process remains “very manual” and lacks a user-friendly interface, which is currently in the works.
If voluntary participation does not improve following the interface launch, Warwick warned that more drastic steps might need to be implemented.
In recent times, the sUSD stablecoin, which relies on SNX as collateral, has struggled to maintain its peg, dropping as low as $0.68 before making a slight recovery to $0.77.
Warwick emphasized that the solution lies within the SNX community, suggesting their combined resources could provide the necessary support to rectify the situation.
The initiative is part of SIP-420, which also reallocates debt risk from stakers to the protocol itself.
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