Synthetix to Reintegrate Derive Options Protocol in $27 Million Deal

The team behind the DeFi platform for synthetic assets, Synthetix, has proposed the acquisition of a former ecosystem project—the decentralized options protocol Derive (formerly Lyra).

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

According to SIP-415, the transaction is planned through a token swap between DRV and SNX at a ratio of 27:1. The deal is valued at approximately $27 million. 

To facilitate the purchase, Synthetix will issue 29.3 million SNX with a three-month lock-up period followed by a 180-day linear vesting period.

The proposal requires approval from both projects’ communities.

The acquisition aligns with Synthetix’s strategy of vertical reintegration to enhance the platform’s capabilities on the Ethereum mainnet. Previously, the DeFi project reacquired the Kwenta and TLX protocols into its ecosystem through acquisitions.

“Derive was born from the same DNA. Reuniting under one banner simplifies our architecture and governance and opens the next phase. It’s like children who leave to create their own successful startups and return to join the family business,” said Synthetix founder Kain Warwick.

The project noted that integrating Derive’s technology will enable the launch of Synthetix Options Exchange—a competitor to crypto derivatives trading platforms like Hyperliquid, Binance, Deribit, and dYdX.

Earlier, Coinbase agreed to acquire Deribit for $2.9 billion, according to WSJ.