Synthetix Community Proposes Acquisition of Decentralized Options Platform Derive at $27 million

On May 14th, according to the official blog, Synthetix Community, a synthetic asset protocol, proposed to acquire decentralized options platform Derive at a valuation of $27 million. According to the SIP-415 proposal, the transaction will be exchanged for DRV and SNX tokens at a ratio of 27:1. Synthetix will issue 29.30 million SNX tokens (3-month lock position + 9-month linear release) to complete the acquisition. The transaction is subject to approval by Synthetix's Spartan Council and Derive's governing body. The acquisition will enable Synthetix to integrate Derive's orderbook perpetual contract trading technology and development team to accelerate the construction of the Ethereum mainnet derivatives protocol. The Derive team's experience in modular orderbook design and option mechanisms will directly enhance Synthetix's core competitiveness. Its developed App-chain technology stack can be immediately deployed to the mainnet.
Derive, formerly known as Lyra, was formerly a Synthetix ecological project. The acquisition is Synthetix's third ecological integration move in the past six months after taking back Kwenta and TLX. Founder Kain Warwick said it would simplify the protocol structure and governance, and promote the development of the derivatives platform. If the deal is approved, Derive's vault assets, intellectual property and governance systems will all be merged into the Synthetix protocol.