The developers of Synthetix have proposed to acquire Derive as part of an effort to enhance the decentralized derivatives ecosystem on Ethereum.
Proposal to Acquire Derive
The developers of Synthetix, a leading decentralized derivatives protocol, have proposed to acquire the Derive platform (formerly Lyra) for $27 million through a token swap detailed in the Synthetix Improvement Proposal (SIP-415).
Token Swap Terms
If approved by the Synthetix community, DRV token holders will be able to swap their tokens for SNX at a 27:1 ratio, which will include a three-month lock-up period followed by a nine-month linear vesting.
Outlook for Synthetix
The acquisition will give Synthetix access to Derive’s treasury, core technologies, and product suite, enabling the protocol to expand its presence in on-chain derivatives markets. The Synthetix team noted that "this acquisition will accelerate our progress towards becoming a leading Ethereum mainnet perps engine."
The proposed token swap represents a significant step for Synthetix in its strategy to consolidate key components as it prepares for the launch of Synthetix v4 on the Ethereum mainnet.
