Decentralized finance platform Synthetix is planning to enterprise additional into crypto derivatives with plans to re-acquire the crypto choices platform Derive.
Synthetix stated in a Could 14 weblog put up that it plans to accumulate Derive in a token trade deal, pricing 1 SNX token to 27 DRV tokens, which might worth Derive at round $27 million.
The transaction is topic to approval from each the Synthetix and Derive communities, which is able to take a vote on the proposal, known as SIP-415, subsequent week.
If accredited, the acquisition will mix Derive’s front-end and real-world asset (RWA) experience with Synthetix’s derivatives infrastructure.
Derive initially launched as Lyra in 2021, having spun out from the Synthetix ecosystem. Synthetix stated the acquisition is a part of a broader technique that features latest acquisitions of Kwenta and TLX, reflecting ecosystem consolidation.
“Reuniting beneath one banner simplifies our structure and governance and unlocks the following section,” Synthetix founder Kain Warwick stated. “That is the youngsters going out to construct their very own profitable startups, and coming again to affix the household enterprise.”
“This re-acquisition marks the following chapter of vertical reintegration with direct protocol possession of perps, choices, and app chains: all of which have already got SNX of their DNA,” Synthetix added on X.
The announcement names Hyperliquid, Binance, dYdX, and Deribit, which will likely be acquired by Coinbase, as rivals, underlining Synthetix’s ambitions to rival main crypto derivatives platforms.
SNX token mint and lockup
To facilitate the acquisition, Ethereum-based Synthetix will problem as much as 29.3 million of its self-titled Synthetix (SNX) token with a three-month lock-up adopted by a nine-month linear vesting.
SNX has gained 11.5% on the day to achieve $0.94 on the time of writing.
Associated: Upbit and Bithumb droop Synthetix token deposits, citing sUSD dangers
Nevertheless, like most altcoins, it’s massively down from its peak and is down virtually 97% from its all-time excessive of $28.53 in February 2021, in response to CoinGecko.
Synthetix has additionally suffered lately as its native stablecoin, sUSD, depegged and fell to a low of $0.68 on April 18. The dollar-pegged asset stays under its peg at $0.93 on the time of writing.
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