Synthetix Acquires Derive for $27M, Aiming to Strengthen DeFi Ecosystem

Synthetix, a prominent decentralized finance (DeFi) platform, has announced the acquisition of Derive, a crypto options platform previously spun off from its ecosystem. The deal involves an exchange of 1 SNX token for 27 DRV tokens, valuing Derive at approximately $27 million. This move is part of Synthetix’s strategic plan to reintegrate former offshoot projects back into the platform and enhance its DeFi capabilities. The acquisition promises enhanced user interfaces, real-world asset (RWA) features, and increased competition in the crypto derivatives market.