- SNX token of Synthetix today rose by 11% in the midst of $ 27 million, distracting new news.
- Synthetix is planning to stack the Options of Derive in Synthetix’s Mainnet -Persps.
- The proposal includes the exchange of 27 DRV for 1 SNX, with Synthetix new 29.3m SNX -Tokens Mint.
Decentralized Finance (Defi) Platform Synthetix has announced A $ 27 million token-swap deal to re-acquire the trading platform of options, a movement that has catalyzed a significant increase in the market performance of the SNX token.
The SNX token jumped by more than 11% to reach an intraday height of $ 0.9564 after the announcement, which increases the SNX price last week a rally of 40%.
This boost in SNX price reflects both speculation around the token-swap deal and renewed optimism for the route map of the decentralized financial platform.
Synthetix’s token swap deal to distract
Development originally spun from Synthetix under the name Lyra in 2021 before he maps his own path, making it a rare case of ecosystem recovery in Defi.
The proposed deal, explained in Synthetix improvement proposal SIP-415would see distracting token holders exchanging 27 DRV for every 1 SNX, so that the transaction is valued at around $ 27 million.
To facilitate the acquisition, Synthetix Minten to 29.3 million would represent new SNX tokens, which represents around 8.6% inflation of SNX’s current circulating power supply.
This newly issued SNX tokens will be subject to a three-month lock-up, followed by a linear location schedule of nine months to coordinate long-term stimuli.
Approval by both the Spartan Council and the distraction of administration is required before the token swap on the chain can continue.
If SIP-415 secure the necessary voices, the Treasury, Codebase and the Depparive team in Synthetix’s Governance and Operational Framework will be folded.
This unification is intended to streamline the board, simplify the architecture and to concentrate the income through the SNX token to strengthen its DAO-driven value proposition.
In addition, the merger of Derive’s promises to expand the model of the SNX token and cement Synthetix’s status under leading crypto-derivatives platforms with synthetix’s on-chains and incentives.
However, the response of the community has been mixed, whereby some people destroy stakeholders who criticize the valuation and fortified terms, even if SNX tinkers anticipate improved network effects.
Laying the ground for Synthetix V4 implementation
Reintegration of the front-end infrastructure and option expertise in Synthetix is expected to accelerate the implementation of Synthetix V4, including the launch of a centralized limit book (Clob) Herhandat on Ethereum Mainnet.
Synthetix founder Kain Warwick described the move as the reuniting ‘children who built their own successful startups at the family business’, in which the cultural synergy between the two protocols was emphasized.
By consolidating product, talent and token economy under the SNX banner, Synthetix wants to offer a uniform series of crypto options and Perps that can match established platforms such as Deribit, Dydx and Binance.
Analysts are of the opinion that a combined protocol with both advanced options trade and Maving Eternal Futures could mark a turning point for decentralized financial platform innovation.
Investors will keep a close eye on while the Spartan council and distracting token holders occur on voting time lines in the coming week, with a successful approval, a new precedent for Token-Wap-Acquisitions in the sector.
