Synthetix plans Derive re-acquisition, giving SNX a price boost
The post Synthetix plans Derive re-acquisition, giving SNX a price boost appeared on BitcoinEthereumNews.com.
Synthetix’s SNX token today jumped 11% amid $27M Derive re-acquisition news. Synthetix plans to merge Derive’s options stack into Synthetix’s mainnet perps. The proposal will involve swapping 27 DRV for 1 SNX, with Synthetix minting new 29.3M SNX tokens. Decentralised finance (DeFi) platform Synthetix has announced a $27 million token swap deal to re-acquire options trading platform Derive, a move that has catalysed a significant uptick in the SNX token’s market performance. The SNX token jumped over 11% to hit an intraday high of $0.9564 following the announcement, lifting the SNX price to a 40% rally over the past week. This boost in SNX price reflects both speculation around the token-swap deal and renewed optimism for the decentralised finance platform’s roadmap. Synthetix’s token-swap deal to acquire Derive Derive originally spun out from Synthetix under the name Lyra in 2021 before charting its own path, making this token-swap reacquisition a rare case of ecosystem re-consolidation in DeFi. The proposed deal, outlined in Synthetix Improvement Proposal SIP-415, would see Derive token holders exchange 27 DRV for every 1 SNX, valuing the transaction at approximately $27 million. To facilitate the acquisition, Synthetix would mint up to 29.3 million new SNX tokens, representing about 8.6% inflation of SNX’s current circulating supply. These newly issued SNX tokens will be subject to a three-month lock-up followed by a nine-month linear vesting schedule to align long-term incentives. Approval by both the Spartan Council and Derive governance is required before the on-chain token swap can proceed. Should SIP-415 secure the necessary votes, Derive’s treasury, codebase, and team will be folded into Synthetix’s governance and operational framework. This unification is intended to streamline governance, simplify architecture, and concentrate revenue flow through the SNX token to strengthen its DAO-driven value proposition. In addition, the fusion of Derive’s CLOB-based derivatives stack…
Filed under: News - @ May 14, 2025 1:25 pm