Synthetix Proposes $27 Million Token-Swap Acquisition of Derive Platform
Synthetix is considering acquiring options trading platform Derive in a token-for-token deal valued at $27 million. The proposal, outlined in SIP-415 and DIP, requires approval from both communities. Key details include:
- Derive’s treasury, codebase, and operational stack would be integrated into Synthetix.
- Derive (DRV) holders would receive 27 SNX tokens for each DRV held, subject to a three-month lockup and nine-month vesting period.
- Synthetix would mint up to 29.3 million SNX, resulting in approximately 8.6% inflation of its current supply.
- Derive has previously distanced itself from Synthetix, ending support for the sUSD stablecoin and launching its own products.
Community feedback from Derive indicated dissatisfaction with the acquisition, citing concerns over the perceived lack of benefits and the valuation offered. In response to market movements, DRV prices have decreased by 20% in the last 24 hours, while SNX increased by 7%.