Synthetix Aims to Reclaim $27 Million Derivatives Platform

### Synthetix to Reacquire Derive in $27M Token Swap Deal Decentralized finance (DeFi) platform Synthetix is set to reacquire Derive, a digital asset derivatives platform, through a token swap deal valued at approximately $27 million (KRW 38.4 billion). The acquisition, known as SIP-415, will be put to a vote by the respective communities of both platforms. Synthetix publicized the proposal on May 14th through its official blog, detailing a token exchange rate of 27 Derive (DRV) tokens for every 1 Synthetix (SNX) token. This valuation places Derive’s enterprise value at $27 million. Upon approval, Synthetix plans to issue up to 29.3 million SNX tokens to complete the acquisition. The newly issued tokens will be locked up for three months, followed by a nine-month linear vesting schedule to ensure a balanced distribution of rewards over time. ### Acquisition Part of Broader Ecosystem Integration Initially launched in 2021 as Lyra, a spin-off from the Synthetix ecosystem, Derive has focused on developing a specialized front-end and expertise in real-world assets (RWA). Synthetix considers this acquisition part of its broader strategy to unify key projects within its ecosystem, following its recent acquisition of Kwenta, another prominent derivatives platform. This integration aims to merge Derive’s technological advancements and expertise with Synthetix’s robust derivatives infrastructure to improve competitive positioning. Synthetix’s founder, Kain Warwick, noted that the reacquisition simplifies both architecture and governance, paving the way for future innovations within the ecosystem. “It’s like our children building successful startups and coming back to join the family business,” Warwick analogized. ### Market Reaction As of 5:15 p.m. KST on May 14th, the Synthetix Network Token (SNX) was trading at $0.922 on Binance, reflecting a 5.98% increase from the previous day. This reacquisition aligns with broader efforts to advance the platform’s Synthetix V4 initiative on Ethereum, underscoring efforts to solidify its position in the DeFi derivatives market.