Synthetix makes $27M bid to re-acquire crypto options platform Derive

Date: 2025-05-14

Decentralized finance platform Synthetix is planning to venture further into crypto derivatives with plans to re-acquire the crypto options platform Derive.Synthetix said in a May 14 blog post that it plans to acquire Derive in a token exchange deal, pricing 1 SNX token to 27 DRV tokens, which would value Derive at around $27 million. The transaction is subject to approval from both the Synthetix and Derive communities, which will take a vote on the proposal, called SIP-415, next week.If approved, the acquisition will combine Derive’s front-end and real-world asset (RWA) expertise with Synthetix’s derivatives infrastructure.Derive originally launched as Lyra in 2021, having spun out from the Synthetix ecosystem. Synthetix said the acquisiti...

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