The post Synthetix wants to acquire Derive through a $27m token swap appeared on BitcoinEthereumNews.com.

Synthetix contributors have released a proposal to acquire options protocol Derive through a token swap deal involving 29.3 million SNX with a lock-up and vesting period, valued at approximately $27 million. On May 14, the DeFi protocol declared its intention to acquire one of its former ecosystem projects, decentralized options platform Derive. At the moment, the proposal is still awaiting review from the Synthetix’s governing DAO, the Spartan Council, and Derive governance before it can be executed. “This acquisition accelerates Synthetix’s push towards a leading Ethereum mainnet perps engine, by integrating Derive’s capabilities and team into the core protocol,” wrote the protocol in its recent blogpost. Outlined within the new SIP-415, the acquisition would take the form of a structured token swap at a ratio of 27:1. This means that for every 27 DRV tokens, holders would receive 1 SNX (SNX) under a three-month lock and a nine-month linear vesting period upon token distribution. As part of the deal, Synthetix will issue 29.3 million new SNX tokens, valued at $27 million. SNX has been experiencing a week-long rally, surging more than 45%, according to data from crypto.news. At press time, the token has gone up $0.84, reaching its highest peak at $0.96. It is inching closer to the $1 mark, especially after soaring by nearly 50% in the past month. Price chart for Synthetix’s native token SNX in the past few hours, May 14, 2025 | Source: crypto.news So far, the token’s market cap stands at $316 million. In the past 24 hours, SNX daily trading volume has jumped only slightly, increasing by 1% compared to the previous day. The acquisition of Derive could potentially lead to the protocol launching its own dedicated derivatives exchange on the ecosystem. This is because the protocol would be acquiring not only members of…

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Filed under: News - @ May 14, 2025 10:28 am