TechFlow, May 14 — According to Cointelegraph, decentralized finance platform Synthetix plans to acquire crypto options platform Derive via a token swap deal valued at approximately $27 million. Under the acquisition proposal, SNX and DRV tokens will be exchanged at a ratio of 1:27.
The proposal (SIP-415) will be submitted for community voting across both projects next week. If approved, the acquisition would integrate Derive's front-end interface and real-world asset (RWA) expertise with Synthetix's derivatives infrastructure. Notably, Derive was formerly known as Lyra and spun out from the Synthetix ecosystem in 2021.
To complete the acquisition, Ethereum-based Synthetix will issue up to 29.3 million SNX tokens, subject to a three-month lock-up period followed by a nine-month linear vesting schedule.
