Synthetix proposes to acquire the options protocol Derive for $27 million through a token swap

According to The Block, Synthetix contributors proposed to acquire Derive (formerly Lyra) through the exchange of SNX and DRV tokens.

The valuation of this acquisition proposal is $27 million, with an exchange ratio of 27 DRV for 1 SNX.

Synthetix contributors proposed to acquire Derive (formerly Lyra), a decentralized options protocol, through the exchange of SNX and DRV tokens.

If this proposal is approved, Synthetix will acquire Derive's treasury, technology, and product portfolio, while DRV holders will receive SNX under a clear vesting plan.

According to the Synthetix Improvement Proposal (SIP-415), the acquisition is valued at $27 million. This proposal must be approved by the community through on-chain voting.

This move by Synthetix is consistent with its strategy of 'vertical integration' aimed at enhancing its protocol capabilities on the Ethereum mainnet, especially on Synthetix v4.

The Synthetix team stated in the blog: "This acquisition will accelerate Synthetix's pace to become the leading perpetual contract engine on the Ethereum mainnet by integrating Derive's technology and team into the core protocol."

The token exchange ratio set by the proposal is 27:1, meaning that 27 DRV tokens can be exchanged for 1 SNX. The SNX obtained by DRV holders will follow vesting terms, including a 3-month lock-up period and a 9-month linear release period.

To complete this acquisition, Synthetix plans to issue 29.3 million new SNX tokens (total value of $27 million). This proposal is part of Synthetix's broader ecosystem integration strategy, as Synthetix has previously acquired Kwenta (a perpetual contract platform) and TLX (a leveraged token platform).

Derive's technology supports a CLOB perpetual contract system with on-chain settlement acceleration. This acquisition may drive Synthetix to launch a dedicated derivatives exchange, leveraging Derive's CLOB infrastructure. Synthetix stated that this infrastructure "can be integrated with the Synthetix protocol, potentially competing with platforms like Hyperliquid, Binance, Deribit, and dYdX."