Decentralized finance platform Synthetix is planning to venture further into crypto derivatives with plans to re-acquire the crypto options platform Derive.
Synthetix said in a May 14 blog post that it plans to acquire Derive in a token exchange deal, pricing 1 SNX token to 27 DRV tokens, which would value Derive at around $27 million.
The transaction is subject to approval from both the Synthetix and Derive communities, which will take a vote on the proposal, called SIP-415, next week.
If approved, the acquisition will combine Derive’s front-end and real-world asset (RWA) expertise with Synthetix’s derivatives infrastructure.
Derive originally launched as Lyra in 2021, having spun out from the Synthetix ecosystem. Synthetix said the acquisition is part of a broader strategy that includes recent acquisitions of Kwenta and TLX, reflecting ecosystem consolidation.
“Reuniting under one banner simplifies our architecture