Synthetix Proposes Acquisition of Derive Through Token Swap

Synthetix is proposing a token swap deal to acquire the decentralized options platform Derive. The proposal involves exchanging 29.3 million SNX tokens for a proportionate amount of DRV tokens, valued at approximately $27 million. This acquisition will be subject to review by Synthetix’s governing DAO (Spartan Council) and Derive’s governance before execution. Synthetix believes this integration could accelerate its development as a leading Ethereum mainnet perps engine, combining Derive’s expertise with the core protocol.