PANews, May 14 - According to the official blog, the Synthetix community has proposed acquiring the decentralized options platform Derive at a valuation of $27 million. As per the SIP-415 proposal, the transaction will involve a token swap of DRV for SNX at a ratio of 27:1, with Synthetix issuing 29.3 million SNX tokens (3-month lock-up + 9-month linear release) to complete the acquisition. The transaction requires approval from Synthetix's Spartan Council and Derive's governance body. This acquisition will allow Synthetix to integrate Derive's order book perpetual contract trading technology and development team, accelerating the construction of the Ethereum mainnet derivatives protocol.

The Derive team's experience in modular order book design and options mechanisms will directly enhance Synthetix's core competitiveness. Their developed App-chain technology stack can be immediately deployed to the mainnet. Derive, formerly known as Lyra, was once a Synthetix ecosystem project. This acquisition marks Synthetix's third ecosystem integration action in the past six months, following the reacquisition of Kwenta and TLX. Founder Kain Warwick stated that this will simplify protocol architecture and governance, promoting the development of the derivatives platform. If the transaction is approved, Derive's treasury assets, intellectual property, and governance system will be fully integrated into the Synthetix protocol.