Synthetix is planning to re-acquire the crypto options platform Derive for $27 million in a token exchange transaction. The proposal, announced in a May 14 blog post, suggests valuing Derive at 1 SNX token to 27 DRV tokens. This acquisition is subject to approval from both the Synthetix and Derive communities, with a vote scheduled for next week. If successful, it aims to integrate Derive's front-end and asset management expertise with Synthetix's offerings. Derive initially emerged as Lyra in 2021, having diverged from the Synthetix ecosystem. Synthetix's acquisition is part of a strategy reflecting market consolidation, which has also included pickups of Kwenta and TLX. Synthetix founder Kain Warwick noted that reuniting these platforms simplifies governance and architecture while boosting capabilities in derivatives. To fund the acquisition, Synthetix will issue up to 29.3 million tokens with a tiered lock-up and vesting schedule. Currently, SNX token prices are up, although significantly lower than their historical peaks, indicating ongoing market volatility and challenges within Synthetix’s ecosystem.

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