Synthetix makes $27M bid to re-acquire crypto options platform Derive
Synthetix plans to acquire the crypto options platform Derive in a token exchange deal, valuing Derive at approximately $27 million. The proposed exchange rate is 1 SNX token for 27 DRV tokens, pending approval from both communities through a vote on proposal SIP-415. The acquisition aims to integrate Derive’s expertise with Synthetix’s derivatives infrastructure, continuing a strategy of ecosystem consolidation that includes recent acquisitions of Kwenta and TLX. Synthetix founder Kain Warwick emphasized the benefits of reunification for governance and architecture. To fund the acquisition, Synthetix will issue up to 29.3 million SNX tokens, which will have a three-month lock-up and nine-month linear vesting. The SNX token has increased by 11.5% to $0.94 but remains significantly down from its all-time high of $28.53 in February 2021. Synthetix's stablecoin, sUSD, has also faced challenges, currently trading below its peg at $0.93.
