Synthetix proposed buying Derive, a crypto choices platform previously known as Lyra, by means of a $27 million token swap. The plan, introduced on Could 14, 2025, falls underneath Synthetix Enchancment Proposal 415 (SIP-415) and is pending a neighborhood vote subsequent week.

The deal values Derive at $27 million with a swap ratio of 1 SNX to 27 DRV tokens. To fund it, Synthetix will mint up to 29.3 million SNX tokens. These tokens can be locked for 3 months, adopted by a nine-month linear vesting schedule.

At announcement, SNX traded at $0.89, up 11.5% on the day, in keeping with CoinGecko. Nevertheless, the token stays far beneath its February 2021 peak of $28.53.

Synthetix founder Kain Warwick stated,

“Reuniting under one banner simplifies our architecture and governance and unlocks the next phase.”

Derive to Reinforce Crypto Derivatives Providing

If authorized, Derive’s front-end and choices buying and selling instruments can be built-in into the Synthetix ecosystem. These will be part of present merchandise like perpetuals and app-specific chains, all linked to SNX.

Derive initially launched as a spin-off from Synthetix. This acquisition would reverse that separation and convey its performance again underneath Synthetix governance.

The deal follows earlier acquisitions by Synthetix, together with Kwenta and TLX. The staff has signaled this as a part of a broader effort to consolidate management over key parts of its ecosystem.

Synthetix said on X that the acquisition helps strengthen its place towards rivals similar to Binance, dYdX, Hyperliquid, and Deribit, not too long ago acquired by Coinbase.

SIP-415 Vote to Resolve SNX–DRV Swap

The proposed SNX–DRV token swap will proceed provided that the neighborhood votes in favor. Each Synthetix and Derive token holders are required to approve SIP-415.

Underneath the plan, DRV holders will obtain newly minted SNX tokens on the set change charge. The tokens will comply with a lockup and vesting schedule to handle market impression.

No further particulars got on how the tokens can be distributed. Nevertheless, the proposal confirms that the objective is to unify governance and product oversight inside the ecosystem.

Warwick framed the plan as a solution to restore inside coordination misplaced throughout Derive’s spin-out, aiming for smoother protocol improvement.

sUSD Peg Plan Underneath SIP-420 Nonetheless Ongoing

Synthetix can also be making an attempt to stabilize its stablecoin, sUSD, which not too long ago dropped to $0.68 however has since recovered to $0.77. The hassle is a part of SIP-420.

In April, Warwick launched the sUSD 420 Pool to encourage staking. The pool gives 5 million SNX tokens to customers who lock sUSD for 12 months. The purpose is to scale back circulating provide and restore the $1 peg.

Warwick stated the method is presently “very manual” and lacks a consumer interface. A UI is in improvement. He famous that if staking stays low after the UI launches, further motion might be thought-about.

SIP-420 additionally shifts the debt danger from stakers to the protocol, altering how publicity is managed inside the Synthetix ecosystem.

Warwick stated the SNX neighborhood holds sufficient assets to resolve the peg difficulty by means of participation within the pool.