On May 14, 2025, the DeFi platform Synthetix announced the reintegration of the Derive options protocol through a $27 million deal. According to proposal SIP-415, Synthetix plans to exchange 27 DRV tokens for 1 SNX, issuing 29.3 million new SNX tokens with a three-month lock-up and a nine-month vesting. This move aims to integrate the Derive options into the core Synthetix network, particularly to expand the functionality of perpetual futures on Ethereum.
Derive, which previously separated from Synthetix under the name Lyra, is now returning to the ecosystem, indicating a strategy of vertical integration. This deal triggered an 11% jump in the price of SNX, but the Derive community expressed dissatisfaction with the valuation, considering it undervalued. Analysts note that Synthetix aims to strengthen its position in the cryptocurrency derivatives market, competing with platforms like Hyperliquid and dYdX. Will this mark the beginning of a new era for Synthetix? Stay tuned for updates! Subscribe to #MiningUpdates for the latest updates.
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