synthetix Proposes Token Swap to Acquire Derive
Synthetix contributors have unveiled a plan to buy options protocol Derive. The deal involves swapping 29.3 million SNX tokens, valued at about $27 million. This move aims to boost Synthetix’s position in the Ethereum perps market.
On May 14, Synthetix announced its intention to acquire Derive, a decentralized options platform. The proposal is still under review by Synthetix’s governing body, the Spartan Council, and Derive’s governance. The acquisition will integrate Derive’s technology and team into Synthetix’s core protocol. This step is expected to enhance Synthetix’s capabilities.
The acquisition will happen through a token swap. For every 27 DRV tokens, holders will get 1 SNX token.The new SNX tokens will be locked for three months and then vest over nine months. The deal is outlined in SIP-415. It’s a strategic move to strengthen synthetix’s role in the DeFi space. The swap ratio is 27 DRV tokens for 1 SNX. The new SNX tokens will be locked for three months and then vest over nine months. The deal will issue 29.3 million SNX tokens. The goal is to create a leading Ethereum perps engine. The team believes this will help Synthetix’s ecosystem.
SNX tokens have been on a roll,rising over 45% in a week. The token’s price hit $0.96, nearing the $1 mark. Its market cap is now at $316 million. Trading volume has seen a slight increase.
The acquisition of Derive could lead to Synthetix launching its own derivatives exchange.This would put it in competition with platforms like Hyperliquid and Binance. Synthetix founder Kain Warwick sees this as a way to bring projects back under one banner.
Previously, Synthetix acquired Kwenta and TLX, both former projects. Warwick believes this reunion will simplify governance and unlock new phases for the protocol.
