Synthetix Plans $27 Million Acquisition of Derive Through Token Swap
Synthetix plans to acquire Derive, a decentralized options protocol, for $27 million via a token swap of 27 DRV tokens for 1 SNX token. The acquisition will include a three-month lock-up and nine-month linear vesting for DRV token holders receiving SNX. Community approval is needed through an on-chain vote.
Details of Acquisition
- Valuation: $27 million
- Token Swap Ratio: 27 DRV = 1 SNX
- Vesting Terms: Three-month lock-up, nine-month linear vesting
- Focus: Acquiring Derive's treasury, technology, and product suite
- Previous Acquisitions: Kwenta and TLX
Following the announcement, SNX increased by over 4% to $0.9090, showing positive momentum after a bearish period. Analysts suggest a potential bullish reversal if SNX breaks above a falling wedge pattern.
Robinhood's Acquisition of WonderFi
Robinhood Markets Inc has confirmed its acquisition of WonderFi, a Canadian crypto company known for its regulated platforms. This move allows Robinhood to enter the Canadian market and expand its global presence in digital finance.
- Acquisition: WonderFi by Robinhood
- Significance: Entry into Canadian crypto market
- Context: Part of broader M&A trend in crypto