According to the official blog, PANews reported on May 14th that the synthetic asset protocol Synthetix community proposed to acquire the decentralized options platform Derive at a valuation of $27 million. Based on the SIP-415 proposal, the transaction will involve exchanging DRV and SNX tokens at a ratio of 27:1, with Synthetix issuing 29.3 million SNX tokens (3 months locked + 9 months linear release) to complete the acquisition. The transaction requires approval from Synthetix's Spartan Council and Derive's governance institution. This acquisition will enable Synthetix to integrate Derive's order book perpetual contract trading technology and development team, accelerating the construction of an Ethereum mainnet derivatives protocol. Derive's team's experience in modular order book design and options mechanisms will directly enhance Synthetix's core competitiveness. The App-chain technology stack they have developed can be immediately deployed to the mainnet. Derive was previously known as Lyra and was once a Synthetix ecosystem project. This acquisition is Synthetix's third ecosystem integration action in the past half year, following the reclaiming of Kwenta and TLX. Founder Kain Warwick stated that this will simplify protocol architecture and governance, and promote the development of the derivatives platform. If the transaction is approved, Derive's vault assets, intellectual property, and governance system will be fully incorporated into the Synthetix protocol.
