Synthetix Proposes $27M Deal to Re-Acquire Derive, SNX Token Jumps 11.5%

Coin WorldWednesday, May 14, 2025 2:47 am ET
1min read

Synthetix, a decentralized finance platform, has proposed a $27 million token exchange deal to re-acquire the crypto options platform Derive. The acquisition, if approved, would see Synthetix issue up to 29.3 million of its native SNX tokens, with a three-month lock-up period followed by a nine-month linear vesting schedule. The deal is subject to approval from both the Synthetix and Derive communities, which will vote on the proposal, known as SIP-415, next week.

The proposed acquisition is part of Synthetix's broader strategy to expand its presence in the crypto derivatives market. Derive, originally launched as Lyra in 2021, spun out from the Synthetix ecosystem and has since developed a front-end and real-world asset (RWA) expertise. By re-acquiring Derive, Synthetix aims to combine Derive’s strengths with its own derivatives infrastructure, simplifying its architecture and governance.

Synthetix founder Kain Warwick described the re-acquisition as a reunification of successful startups returning to the family business. This move follows recent acquisitions of Kwenta and

, reflecting a trend of ecosystem consolidation within the crypto industry. The acquisition would mark the next phase of vertical reintegration for Synthetix, allowing for direct protocol ownership of perpetuals, options, and app chains, all of which already have SNX in their DNA.

The announcement highlights Synthetix's ambitions to compete with major crypto derivatives platforms, naming Hyperliquid, Binance, dYdX, and Deribit as competitors. The re-acquisition of Derive is seen as a strategic move to enhance Synthetix's capabilities and position itself as a leading player in the crypto derivatives market.

The SNX token has seen a gain of 11.5% on the day of the announcement, reaching $0.94. However, it remains significantly down from its all-time high of $28.53 in February 2021. Synthetix has also faced recent challenges with its native stablecoin,

, which depegged and fell to a low of $0.68 on April 18. The stablecoin remains below its peg at $0.93 at the time of writing.