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Synthetix offers $ 27 million token swap to buy Derive | The Block

- Synthetix members have put forward a proposal to buy Derive (formerly Lyra) via an exchange of SNX tokens for DRV.

Synthetix members have put forward a proposal to buy Derive (formerly Lyra) via an exchange of #SNX tokens for DRV.

The valuation of the asset is $ 27 million and the exchange rate is 27 DRV per 1 SNX.

#Synthetix investors offered to acquire Derive (formerly Lyra), a decentralized options protocol, by exchanging SNX for DRV.

If approved, Synthetix will receive the treasury, technology and products of Derive, while DRV owners will receive SNX according to the vesting schedule.

The proposed valuation is $ 27 million, according to the Synthetix Improvement Proposal (SIP-415). The community will decide in a vote.

The Synthetix deal is in line with the vertical integration strategy to improve the protocol's capabilities on the #Ethereum network, especially for Synthetix v4.

"This acquisition accelerates Synthetix's progress toward becoming the leading Ethereum mainnet perps engine, integrating Derive's capabilities and team into the core protocol," the Synthetix team said in a blog post.

The offer involves exchanging DRV for SNX at a rate of 27:1, i. e. 27 DRV tokens for 1 SNX. DRV holders will receive SNX with vesting conditions: three-month lockup and nine-month linear schedule.

Synthetix will issue 29.3 million new SNX ($ 27 million) for the acquisition. The move is part of Synthetix's strategy to consolidate and improve its ecosystem, following past acquisitions such as Kwenta (a perpetual futures platform) and TLX (a leveraged tokenization platform).

Derive's technology enables CLOB perpetual futures with accelerated onchain settlement.

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