Source: Cointelegraph
Original: “Synthetix Bids $27 Million to Reacquire Crypto Options Platform Derive”
Decentralized finance platform Synthetix is planning to further expand its business in the crypto derivatives space by reacquiring the crypto options platform Derive.
Synthetix announced in a blog post on May 14 that it plans to acquire Derive through a token swap, with an exchange rate of 1 SNX token for 27 DRV tokens, which will value Derive at approximately $27 million.
The transaction requires approval from both the Synthetix and Derive communities, and both parties will vote on a proposal named SIP-415 next week.
If approved, this acquisition will integrate Derive's expertise in front-end development and real-world assets (RWA) with Synthetix's robust derivatives infrastructure.
Derive originally launched in 2021 under the name Lyra and is a project that was incubated within the Synthetix ecosystem. Synthetix stated that this acquisition is part of its broader strategy, reflecting the trend of ecosystem integration, similar to its recent acquisitions of Kwenta and TLX.
Synthetix founder Kain Warwick stated, "Reuniting under the same banner simplifies our architecture and governance structure and opens the next phase of development. It's like children going out to create their own successful startups and then coming back to join the family business."
Synthetix further added on the X platform, "This reacquisition marks a new chapter in vertical restructuring, directly owning the protocol for perpetual contracts, options, and application chains: all these elements inherently contain the DNA of SNX."
Source: Synthetix
The announcement lists Hyperliquid, Binance, dYdX, and Deribit, which is set to be acquired by Coinbase, as competitors, highlighting Synthetix's ambition to compete with major crypto derivatives platforms.
To facilitate this acquisition, Ethereum-based Synthetix will issue up to 29.3 million Synthetix tokens, with a three-month lock-up period followed by a nine-month linear unlocking period.
As of the time of writing, SNX had risen 11.5% on the day, reaching $0.94.
However, like most altcoins, its price has significantly declined from its peak, down nearly 97% from the all-time high of $28.53 set in February 2021, according to CoinGecko data.
Synthetix has also recently faced setbacks, with its native stablecoin sUSD losing its peg and dropping to a low of $0.68 on April 18. As of the time of writing, this dollar-pegged asset has yet to regain its peg, remaining at $0.93.
Related: Elliptic: Illegal trading market Xinbi registered in Colorado, involving $8 billion in cryptocurrency.
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