Synthetix, a number one DeFi derivatives protocol, has proposed a $27 million acquisition of crypto choices platform Derive by a token swap deal.
Introduced on Might 14, the plan goals to bolster Synthetix’s attain within the crypto derivatives sector by reintegrating a former ecosystem spin-off.
The proposed acquisition values Derive—previously often known as Lyra—at roughly $27 million, with a swap ratio of 1 SNX to 27 DRV tokens.
Neighborhood Vote to Determine $27M Derive Acquisition Subsequent Week
The deal, formalized underneath Synthetix Enchancment Proposal 415 (SIP-415), is pending approval from each the Synthetix and Derive communities, with voting set to happen subsequent week.
If greenlit, the merger will mix Derive’s real-world asset (RWA) and front-end buying and selling experience with Synthetix’s core derivatives infrastructure.
The transfer follows Synthetix’s latest acquisitions of Kwenta and TLX, signaling a strategic push towards vertical reintegration inside its ecosystem.
“Reuniting underneath one banner simplifies our structure and governance and unlocks the following section,” mentioned Synthetix founder Kain Warwick.
He likened the re-acquisition to profitable startups “coming again to affix the household enterprise.”
The proposal positions Synthetix to immediately management a set of by-product merchandise, together with perpetuals, choices, and app-specific chains—every already linked to SNX, the challenge’s native token.
As a part of our full-force drive in the direction of Synthetix v4 on Ethereum mainnet, a brand new proposal has simply dropped:
Synthetix to accumulate @derivexyz Perps & choices Change https://t.co/wC7jRyCJqR…
Let’s break it down (1/6)— Synthetix
(@synthetix_io) Might 14, 2025
On social media platform X, Synthetix emphasised the consolidation transfer as important to competing with high derivatives gamers reminiscent of Hyperliquid, Binance, dYdX, and Deribit, which was just lately acquired by Coinbase.
To fund the acquisition, Synthetix will mint as much as 29.3 million SNX tokens. These shall be distributed with a three-month lockup interval, adopted by a nine-month linear vesting schedule.
On the time of writing, SNX was buying and selling at $0.94, up 11.5% on the day. Nonetheless, the token stays considerably down from its February 2021 peak of $28.53—a 97% decline, per CoinGecko.
Synthetix Pushes New Staking Plan to Restore sUSD Peg
Final month, Synthetix founder Kain Warwick urged SNX stakers to take part within the newly launched sUSD 420 Pool, a staking mechanism launched to revive the sUSD stablecoin’s greenback peg.
The pool provides a share of 5 million SNX tokens to customers who lock up their sUSD for 12 months, aiming to scale back the token’s circulating provide and stabilize its worth.
Regardless of the motivation, Warwick admitted the method continues to be “very handbook” and lacks a correct consumer interface, which is at present in improvement.
He warned that if voluntary participation stays low even after the UI launches, extra aggressive measures might observe.
sUSD, a crypto-collateralized stablecoin backed by SNX, has struggled to keep up its peg, just lately falling as little as $0.68 earlier than recovering to $0.77.
Warwick emphasised that the answer lies throughout the SNX neighborhood, whose mixed wealth might resolve the difficulty.
The initiative is a part of SIP-420, which additionally shifts debt danger from stakers to the protocol itself.
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