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Synthetix proposed to acquire the Derive Options protocol in exchange for $27 million worth of Tokens.
According to The Block, contributors of Synthetix proposed an acquisition of Derive (formerly Lyra) through the exchange of SNX and DRV tokens.
The valuation of this acquisition proposal is 27 million USD, with an exchange ratio of 27 DRV for 1 SNX.
Synthetix contributors proposed an acquisition of Derive (formerly known as Lyra) through a token swap of SNX and DRV, which is a decentralized options protocol.
If the proposal is approved, Synthetix will acquire Derive's treasury, technology, and product portfolio, while DRV holders will receive SNX under a clear vesting plan.
According to the Synthetix Improvement Proposal (SIP-415), the acquisition is valued at 27 million USD. This proposal requires on-chain voting to gain community approval.
Synthetix's move aligns with its strategy of "vertical integration," aimed at enhancing its protocol capabilities on the Ethereum mainnet, especially on Synthetix v4.
The Synthetix team noted in their blog: "This acquisition will accelerate Synthetix's pace to become the leading perpetual contract engine on the Ethereum mainnet by integrating Derive's technology and team into the core protocol."
The token exchange ratio set by this proposal is 27:1, meaning that every 27 DRV tokens can be exchanged for 1 SNX. The SNX obtained by DRV holders will be subject to vesting terms, including a 3-month lock-up period and a 9-month linear release period.
To complete this acquisition, Synthetix plans to issue 29.3 million new SNX Tokens (total value of 27 million USD). This proposal is part of Synthetix's broader ecosystem integration strategy, following Synthetix's acquisition of Kwenta (a perpetual contract platform) and TLX (a leveraged token platform).
Derive's technical support features an on-chain settlement accelerated CLOB perpetual contract system. This acquisition may drive Synthetix to launch a dedicated derivatives exchange, leveraging Derive's CLOB infrastructure. Synthetix stated that this infrastructure "can integrate with the Synthetix protocol, thereby potentially competing with platforms like Hyperliquid, Binance, Deribit, and dYdX."