Decentralized finance protocol Synthetix is making a bold move to deepen its footprint in the crypto derivatives space, announcing plans to re-acquire options trading platform Derive in a token-based deal.
In a blog post published on May 14, Synthetix revealed the proposed terms of the acquisition: a token swap valuing one SNX at 27 DRV, pegging Derive’s valuation at approximately $27 million. The deal, outlined under governance proposal SIP-415, will be put to a community vote next week for final approval from both Synthetix and Derive token holders.
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
The acquisition, if approved, will merge Derive’s expertise in front-end development and real-world asset (RWA) integration with Synthetix’s robust derivatives infrastructure. Derive, which launched as Lyra in 2021 after spinning out from the Synthetix ecosystem, is now set to return to its roots in a move that Synthetix founder Kain Warwick described as a “family reunion.”
“Reuniting under one banner simplifies our architecture and governance and unlocks the next phase,”
Synthetix founder Kain Warwick said.
“This is the kids going out to build their own successful startups, and coming back to join the family business.”
The deal is part of a wider consolidation strategy by Synthetix, which has recently brought decentralized trading platforms Kwenta and TLX back under its umbrella. The protocol envisions a vertically integrated ecosystem that directly manages perpetuals, options, and app chains — all powered by the SNX token.
To finance the acquisition, Synthetix will mint up to 29.3 million SNX tokens, subject to a three-month lock-up and a subsequent nine-month linear vesting period.
Following the announcement, SNX saw a notable price uptick, climbing 11.5% on the day to trade at $0.94. Despite the rally, the token remains far below its February 2021 peak of $28.53, marking a steep decline of nearly 97% according to CoinGecko data.
Synthetix has named Binance, dYdX, Hyperliquid, and Deribit — the latter now being acquired by Coinbase — as key competitors in the crypto derivatives space. With Derive potentially back in the fold, the protocol aims to solidify its position among the sector’s heavyweights.
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