Synthetix has submitted a proposal to acquire decentralized options protocol Derive (formerly Lyra) through a token swap valued at approximately $270,000. Registered as SIP-415, the acquisition involves issuing 293,000 new SNX tokens to DRV holders under a defined exchange plan.
Key Details of the Acquisition
- Token Swap: SNX tokens will be exchanged for DRV at a ratio of 27:1.
- Lock-in Period: SNX tokens will be locked for 3 months, followed by a 9-month linear vesting period.
- Objective: Integrate Derive’s technology, treasury, and products into the Synthetix ecosystem to enhance Synthetix v4 on Ethereum Mainnet.
Strategic Benefits
The acquisition aligns with Synthetix’s vertical reintegration strategy, aiming to:
- Accelerate development of Ethereum’s leading perpetual engine.
- Leverage Derive’s CLOB infrastructure for on-chain settlement of perpetual derivatives.
- Strengthen competitiveness against platforms like Binance, dYdX, and Deribit.
"This integration fast-tracks Synthetix’s path to becoming the top perpetual derivative protocol on Ethereum."
— Synthetix Team (View Proposal)
Derive’s Technological Edge
Derive specializes in:
- Perpetual derivatives with on-chain settlement.
- Orderbook technology for future Synthetix derivative exchanges.
👉 Explore Synthetix’s Ecosystem Growth
Next Steps
- The proposal requires approval via Synthetix DAO’s on-chain vote.
- If passed, this marks Synthetix’s latest expansion after acquiring Kwenta and TLX.
FAQs
Q: How will DRV holders receive SNX tokens?
A: Tokens will be distributed automatically post-vote, with a 3-month lock and 9-month vesting.
Q: What’s the long-term goal of this acquisition?
A: To consolidate Synthetix’s dominance in decentralized derivatives by merging Derive’s tech and team.
Q: Can DRV still be traded after the swap?
A: No—DRV will be delisted once the SNX exchange is live.
👉 Why Synthetix’s Vertical Integration Matters