Quick take:
- Synthetix will acquire Derive’s treasury, technology, and product suite, subject to approval via an on-chain community vote.
- The acquisition is part of the derivatives protocol’s strategy of vertical integration to improve its protocol capabilities on the Ethereum mainnet.
- The vesting terms include a three-month lock-up and nine-month linear vesting for DRV holders who receive SNX.
Synthetic, an Ethereum-based derivatives protocol has announced plans to acquire the decentralised options platform and former Synthetix ecosystem project, Derive. The acquisition is structured as a token swap in the ratio of 27 DRV tokens for 1 SNX token, as per the Synthetix Improvement Proposal (SIP-415).
The company will issue 29.3 million new SNX tokens ($27 million) to facilitate the acquisition if approved by the Spartan Council and Derive governance. The vesting terms include a three-month lock-up and nine-month linear vesting for DRV holders who receive SNX.
Upon approval, Synthetix will acquire Derive’s treasury, technology, and product suite. The acquisition is part of the derivatives protocol’s strategy of vertical integration to improve its protocol capabilities on the Ethereum mainnet.
“This acquisition accelerates Synthetix’s push towards a leading Ethereum mainnet perps engine, by integrating Derive’s capabilities and team into the core protocol,” the company wrote in a blog post on Wednesday.
This acquisition expands Synthetix’s product suite, with Derive’s CLOB-based perpetuals exchange, delivering a hybrid decentralised derivatives stack with advanced Options Trading infrastructure on the table which can be merged with Synthetix.
It also benefits from a combined experience from both teams, further complementing Synthetix DNA and roadmap.
“Derive was born from the same DNA,” said Kain Warwick, founder of Synthetix. “Reuniting under one banner simplifies our architecture and governance and unlocks the next phase. This is the kids going out to build their own successful start-ups, and coming back to join the family business.”
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