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By Shaurya Malwa|Edited by Sheldon Reback
May 14, 2025, 8:36 a.m.
- A member of the Synthetix team has proposed acquiring Derive in a $27 million token-swap deal.
- The acquisition would involve a 27:1 DRV-to-SNX token conversion with a lockup and vesting schedule.
- The proposal, which needs approval from both communities, has sparked criticism within the Derive community, with concerns about valuation and benefits.
Ethereum-based derivatives powerhouse Synthetix is considering buying options trading platform Derive in an token-for-token deal valued at $27 million that would see the project absorbed back into the protocol that gave it birth.
The proposal, SIP-415 on Synthetix and DIP on Derive, needs to be approved by both communities and would see Derive’s treasury, codebase and operational stack incorporated into Synthetix.
STORY CONTINUES BELOW
The deal marks a rare instance of a token swap-based acquisition in decentralized finance (DeFi), and is being pitched as part of Synthetix’s growing ecosystem. Derive (DRV) token holders would receive 27 newly issued SNX tokens for each DRV they own. The tokens are subject to a three-month lockup and nine-month linear vesting schedule. Synthetix would mint up to 29.3 million SNX, amounting to roughly 8.6% inflation of its current token supply.
Derive, originally Lyra, went live in 2021 and was spun out from Synthetix. It has previously moved away from the protocol, ending support for Synthetix’s sUSD stablecoin, switching to GMX for liquidity, and launching its own perpetual futures product.
Early responses from the Derive community showed dissatisfaction with the idea.
“I don´t see any benefit for Derive on it,” one commenter said. “In the other hand (sic), it all looks great and advantageous for Synthetix.”
Another user took aim at the proposed valuations.
“That exchange rate is a poor reflection of the value of derive as a platform,” commenter ‘Ramjo’ said. “And then have the nerve to put a long vesting period on it AS WELL.”
DRV prices are down 20% in the past 24 hours, data on CoinGecko shows, while SNX is up 7%.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
