Synthetix to Acquire Derive, a Crypto Options Platform, Through a $27M Token Swap

The plan, announced on May 14, 2025, falls under Synthetix Improvement Proposal 415 (SIP-415) and is pending a community vote

Synthetix is acquiring crypto options platform Derive, formerly known as Lyra, in a $27 million token swap, according to a May 14 announcement.

The plan, part of Synthetix Improvement Proposal 415 (SIP-415), is pending a community vote next week.

If approved, Derive’s front-end and options trading tools will be integrated into the Synthetix ecosystem. These will join existing products like perpetuals and app-specific chains, all linked to SNX.

The deal values Derive at $27 million with a swap ratio of 1 SNX to 27 DRV tokens. To fund it, Synthetix will mint up to 29.3 million SNX tokens. These tokens will be locked for three months, followed by a nine-month linear vesting schedule.

At announcement, SNX traded at $0.89, up 11.5% on the day, according to CoinGecko. However, the token remains far below its February 2021 peak of $28.53.

“Reuniting under one banner simplifies our architecture and governance and unlocks the next phase,” said Synthetix founder Kain Warwick.

Derive to Integrate Crypto Derivatives Offering

Derive originally launched as a spin-off from Synthetix. This acquisition would reverse that separation and bring its functionality back under Synthetix governance.

The deal follows earlier acquisitions by Synthetix, including Kwenta and TLX. The team has signaled this as part of a broader effort to consolidate control over key components of its ecosystem.

Synthetix stated on X that the acquisition helps strengthen its position against competitors such as Binance, dYdX, Hyperliquid, and Deribit, recently acquired by Coinbase.

SIP-415 Vote to Decide SNX–DRV Swap

The proposed SNX–DRV token swap will proceed only if the community votes in favor. Both Synthetix and Derive token holders are required to approve SIP-415.

Under the plan, DRV holders will receive newly minted SNX tokens at the set exchange rate. The tokens will follow a lockup and vesting schedule to manage market impact.

No additional details were given on how the tokens will be distributed. However, the proposal confirms that the goal is to unify governance and product oversight within the ecosystem.

Warwick described the plan as an effort to restore internal coordination lost during Derive’s spin-out, aiming for smoother protocol development.

sUSD Peg Plan Under SIP-420 Still Ongoing

Synthetix is also trying to stabilize its stablecoin, sUSD, which recently dropped to $0.68 but has since recovered to $0.77. The effort is part of SIP-420.

In April, Warwick launched the sUSD 420 Pool to encourage staking. The pool offers 5 million SNX tokens to users who lock sUSD for 12 months. The aim is to reduce circulating supply and restore the $1 peg.

Warwick said the process is currently “very manual” and lacks a user interface. A UI is in development. If staking remains low after the UI launches, additional action could be considered, he added.

SIP-420 also shifts the debt risk from stakers to the protocol, changing how exposure is managed within the Synthetix ecosystem.

Warwick stated that the SNX community has enough resources to resolve the peg issue through participation in the pool.