Synthetix plans $27M token deal to reacquire Derive.
Derive adds RWA and options depth to Synthetix’s platform.
SNX token rally follows deal news despite sUSD peg concerns.
Decentralized finance (DeFi) pioneer Synthetix has announced a bold plan to re-acquire Derive, a crypto options platform that originally spun off from its ecosystem. The proposed $27 million token exchange deal was unveiled in a blog post on May 14 and is contingent upon approval from both communities via governance vote under SIP-415, set to occur next week.
Synthetix plans to exchange 1 SNX token for 27 DRV tokens, effectively valuing Derive at around $27 million. The move is part of a wider strategy to vertically reintegrate and strengthen the Synthetix ecosystem by bringing its offshoot projects back into the fold.
From Lyra to Derive and Now Full Circle
Derive began its journey as Lyra in 2021, an options trading platform that emerged from within the Synthetix ecosystem. Now, three years later
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