Community Vote Will Decide Derive Return to Synthetix

Synthetix is preparing to bring Derive back into its fold, in a move that could strengthen its position in the crypto derivatives space. The decentralized finance platform announced plans for a token-based acquisition that would reunite it with Derive—originally launched as Lyra—after years of operating independently.

Good to know

• The deal values Derive at around $27 million.
• Vote on SIP-415 will decide if the merger goes forward.
• Derive began as Lyra, a spinout from Synthetix in 2021.

The proposed acquisition, shared in a May 14 blog post, would see Derive absorbed in exchange for Synthetix’s native token SNX. The terms value each SNX token at 27 DRV tokens. Synthetix said the transaction still needs approval from both communities, with voting set to take place under proposal SIP-415.

If passed, the deal would combine Derive’s front-end and real-world asset expertise with Synthetix’s on-chain derivatives infrastructure. Derive specializes in crypto options, while Synthetix has focused heavily on perpetual futures and decentralized synthetic assets.

Returning to roots

Derive originally launched in 2021 under the name Lyra as a spinoff from the Synthetix ecosystem. Now, the potential return reflects a larger strategy to consolidate core projects. Synthetix has already brought Kwenta and TLX back under its umbrella, and the team sees Derive as a natural next step.

Synthetix founder Kain Warwick shared his thoughts on the move: “Reuniting under one banner simplifies our architecture and governance and unlocks the next phase. This is the kids going out to build their own successful startups, and coming back to join the family business.”

The sentiment was echoed in a post on X, where Synthetix said, “This re-acquisition marks the next chapter of vertical reintegration with direct protocol ownership of perps, options, and app chains: all of which already have SNX in their DNA.”

Synthetix also highlighted the platforms it is looking to compete with more directly. Hyperliquid, Binance, dYdX, and Deribit—soon to be owned by Coinbase—were all named as rivals in the crypto derivatives space.