Synthetix Proposes $27 Million Acquisition of Derive to Integrate Derivatives Ecosystem

On May 14, the decentralized finance protocol Synthetix proposed an acquisition of the decentralized options platform Derive (formerly known as Lyra), with a total transaction value of approximately $27 million. According to the SIP-415 proposal, Synthetix will issue up to 29.3 million SNX tokens at a ratio of 27:1 (3-month lock-up, 9-month linear release) in exchange for Derive's DRV tokens.

This acquisition requires approval from Synthetix's Spartan Council and Derive's governance body. If the transaction is completed, Synthetix will integrate Derive's order book perpetual contract trading technology and development team, further accelerating the construction of the Ethereum mainnet derivatives protocol. Derive's modular order book design and options mechanism experience will directly enhance Synthetix's core competitiveness, and its developed App-chain technology stack can be immediately deployed to the mainnet.

This will be Synthetix's third ecosystem integration action in the past six months, following the acquisitions of Kwenta and TLX. Synthetix founder Kain Warwick stated that this integration will simplify protocol architecture and governance, driving the development of the derivatives platform.