Acquisitions Continue in the Cryptocurrency Market! Decentralized Derivatives Protocol Synthetix Makes a Major Acquisition! Here Are the Details

The developers of leading decentralized derivatives protocol Synthetix have proposed to acquire Ethereum-based decentralized options platform Derive (formerly Lyra) for $27 million via a token swap detailed in the Synthetix Improvement Proposal (SIP-415).

Synthetix Offers $27 Million Token Swap to Acquire Decentralized Options Protocol Derive

If approved by the Synthetix community, the agreement will see DRV token holders swap their tokens for SNX at a 27:1 ratio, with a three-month lock-up followed by nine months of linear vesting.

The acquisition will give Synthetix access to Derive’s treasury, core technology, and product suite, enabling the protocol to expand its dominance in on-chain derivatives markets.

The proposal is in line with Synthetix’s vision of vertical reintegration, which aims to unify core components under a single protocol as it prepares to launch Synthetix v4 on the Ethereum mainnet.

Derive’s infrastructure, particularly its centralized limit order book (CLOB) engine for infinite futures, is seen as largely complementary to Synthetix’s roadmap.

“This acquisition will accelerate Synthetix’s progress towards becoming a leading Ethereum mainnet perps engine by integrating Derive’s capabilities and team into the core protocol,” the team wrote in a recent blog post.

The proposed swap would involve the issuance of 29.3 million new SNX tokens, equivalent to a valuation of $27 million. The move follows Synthetix’s other strategic acquisitions, including continuous trading platform Kwenta and leveraged token protocol TLX.

With Derive’s CLOB and real-time settlement infrastructure, Synthetix sees an opportunity to build a dedicated Synthetix derivatives exchange that can compete with centralized players like Binance, Deribit, and decentralized competitors like dYdX and Hyperliquid.

The Synthetix community will determine whether to approve SIP-415 via on-chain voting. If accepted, this will be another major milestone in the protocol’s efforts to consolidate and lead the next wave of decentralized finance innovation on Ethereum.

*This is not investment advice.