On May 14, according to The Block, Synthetix contributors proposed acquiring the decentralized options protocol Derive (formerly Lyra) through an exchange of SNX and DRV tokens. If the proposal is approved, Synthetix will acquire Derive's treasury, technology, and product suite, and DRV holders will receive SNX tokens according to a predetermined vesting schedule.
According to Synthetix Improvement Proposal (SIP-415), the proposed valuation is $27 million. The proposal requires community approval through an on-chain vote. Synthetix's move is consistent with its strategy of enhancing protocol capabilities through vertical integration on the Ethereum mainnet, particularly in its Synthetix v4 layout.
The Synthetix team stated in their blog: "This acquisition further accelerates Synthetix's goal of becoming the leading perpetual contracts engine on the Ethereum mainnet by integrating Derive's capabilities and team into the core protocol."
