Synthetix to Acquire Derive (formerly Lyra), a Decentralized Options Protocol, in an SNX-for-DRV Token Swap

Synthetix contributors have proposed acquiring decentralized options protocol Derive (formerly Lyra), through an SNX-for-DRV token swap, according to an announcement on Thursday.

The proposal is subject to community approval through an onchain vote.

If approved, Synthetix would acquire Derive's treasury, technology, and product suite, while DRV holders would receive SNX under a defined vesting schedule. The proposed valuation is $27 million, according to Synthetix Improvement Proposal (SIP-415).

Synthetix's move aligns with its strategy of vertical reintegration to enhance its protocol capabilities on the Ethereum mainnet, particularly for Synthetix v4.

"This acquisition accelerates Synthetix's push towards a leading Ethereum mainnet perps engine by integrating Derive's capabilities and team into the core protocol," the Synthetix team stated in a blog post.

The proposal outlines a DRV-to-SNX token swap at a ratio of 27:1 — meaning 27 DRV tokens would be exchanged for 1 SNX token. DRV holders would receive their allocated SNX subject to vesting terms, including a three-month lock-up and nine-month linear vesting.

To facilitate the acquisition, Synthetix plans to issue 29.3 million new SNX tokens, which at the time of writing would be valued at around $27 million.

The proposed move is part of Synthetix's broader strategy to consolidate and improve its ecosystem, following previous acquisitions such as Kwenta, a perpetual futures platform, and TLX, a leveraged tokens platform.

Derive's technology is focused on enabling CLOB perpetuals with onchain settlement acceleration. The acquisition could potentially open the possibility of launching a dedicated Synthetix derivatives exchange — leveraging Derive's CLOB infrastructure.

According to Synthetix, this infrastructure "can be merged with Synthetix to rival Hyperliquid, Binance, Deribit, and dYdX."