In a strategic consolidation move, Synthetix has proposed acquiring Derive, a decentralized options platform and former spin-off from the Synthetix ecosystem.
The acquisition — detailed in SIP-415 — would unify their tech, teams, and token economies into a single, powerful derivatives protocol on Ethereum mainnet.
Deal Overview: $27M Token Exchange with Vesting Terms
If approved by Synthetix’s Spartan Council and Derive governance, the transaction will involve a 27:1 DRV-to-SNX token exchange, valuing the acquisition at roughly $27 million USD. Synthetix plans to issue up to 29.3 million SNX tokens, subject to a 3-month lock-up and 9-month linear vesting. The goal: merge Derive’s supply and fully absorb it into the SNX ecosystem.
Strategic Goals: One Unified Derivatives Protocol
This proposed acquisition supports Synthetix’s vision of becoming a leading mainnet perps engine, directly challenging centralized giants like Binance, Deribit, and emerging DeFi players like dYdX and Hyperliquid. Core benefits include:
Expanded Product Suite: Integration of Derive’s CLOB-based perpetual futures and options infrastructure.
Accelerated Launch: Derive’s production-ready app-chain stack fast-tracks mainnet deployment.
Unified Governance & Community: The merger would consolidate tokens, roadmaps, and users under SNX.
Value Consolidation: All protocol revenue will now flow through SNX, strengthening the investment case.
Back to Synthetix Roots
Derive was originally born as Lyra, an options protocol incubated by Synthetix before branching out. With recent re-acquisitions of Kwenta and TLX, Synthetix is clearly pivoting back to building directly, vertically integrating its product stack for tighter control and clearer incentives.
Founder Kain Warwick described the move as a family reunion:
“Derive was born from the same DNA. This is the kids going out to build their own successful start-ups and coming back to join the family business.”
What Happens Next?
The SIP-415 proposal will go to a vote by the Spartan Council, while Derive holders will vote via DIP governance. If approved, the full merger will transfer Derive’s treasury, UI stack, IP, and repos into the Synthetix ecosystem. DRV holders will be granted SNX tokens based on the agreed vesting schedule, aligning incentives for future protocol growth.
This merger marks a renewed push for Ethereum-native, on-chain derivatives leadership, built around credible neutrality, composable architecture, and self-custody.
“We’re returning to what made Synthetix powerful: vertical integration and on-chain execution,” said core contributor Ben “Fenway” Celermajer.
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Reporter at Coindoo
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Source: https://coindoo.com/synthetix-moves-to-acquire-derive-in-27m-token-merger-for-ethereum-mainnet-futures-expansion/