Synthetix Moves to Reacquire Crypto Option Platform Derive with $27M Bid

Synthetix, a user-friendly decentralized finance (DeFi) protocol, has proposed to acquire Derive, one of the leading decentralized crypto options platforms and a former Synthetix ecosystem project.

According to an official announcement, the $27 million deal represents a strategic initiative to unify product, talent, and token economy into a streamlined derivatives platform on the Ethereum mainnet. With this proposal, Synthetix aims to become a top-performing engine on Ethereum. It aims to achieve this by bringing Derive’s capabilities and team into the core protocol.

Synthetic Allocates 29.3M SNX Tokens

According to the protocol, Synthetix will allocate up to 29.3 million SNX tokens, subject to a 3-month lock-up period and subsequent 9-month linear vesting. This will unify Derive’s token supply and market capitalization with SNX’s.

In addition to the announcement, the proposed deal marks a strategic return to the foundational principles that originally empowered Synthetix. These principles include robust vertical integration, incentive structures aligned with token holders, and premier on-chain products, developed and governed directly by the protocol.

Commenting on the latest development, the founder of Synthetix, Kain Warwick, said:

“Derive was born from the same DNA. 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 start-ups, and coming back to join the family business.”

Synthetix Plans to Merge Derive into Its Ecosystem

Notably, the proposal remains pending as it awaits approval from both the Spartan Council and the Derive token holders, who will vote through the Synthetix SIP and Derive DIP processes.

Furthermore, with community approval, Derive will officially merge into the Synthetix ecosystem. The crypto options platform will bring its treasury, IP, development assets, user interface stack, and governance frameworks into Synthetix. In return, DRV holders will be transitioned to SNX under a mutually agreed-upon vesting schedule, reinforcing unified, long-term alignment across the network.

Meanwhile, the protocol noted that by re-aligning with Ethereum’s credibly neutral infrastructure, modular settlement layers, and secure self-custody mechanisms, Synthetix is optimizing its architecture to reassert itself as a top player in the decentralized derivatives protocol.

Launched in 2017, Synthetic provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. The protocol is built on the Ethereum blockchain, which allows users to issue and trade SNX assets.

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