The developers of leading decentralized derivatives protocol Synthetix have proposed to acquire Ethereum-based decentralized option platform that is previously (formerly Lyra) for $ 27 million in the Synthetix improvement proposal (SIP-415) via a tokens wap.
Synthetix offers a $ 27 million tokens swap to acquire decentralized option protocol
If approved by the Synthetix community, the Agreement will exchange their tokens for SNX for a 27: 1 ratio, with a lock-up of three months followed by nine months of linear fortress.
The acquisition gives synthetix access to the Treasury, Core Technology and Product Suite of Derive, so that the protocol can expand its dominance on the market for derivatives on chains.
The proposal is in accordance with the vision of Synthetix on vertical re -integration, which is aimed at uniting core components under a single protocol while it is preparing to start Synthetix V4 on the Ethereum Minnet.
The infrastructure of DERIVE, in particular its centralized Limit Order Book (Clob) engine for infinite futures, is largely complementary as the Synthetix roadmap.
“This acquisition will accelerate the progress of Synthetix to become a leading Ethereum MASPERNET -PERPPS -Engine by integrating the possibilities and the Derive team into the core protocol,” the team wrote in a recent blog post.
The proposed Swap would include the issue of 29.3 million new SNX tokens, equal to a rating of $ 27 million. The movement follows the other strategic acquisitions of Synthetix, including Continuous Trading Platform Kwenta and Leveraged Token Protocol TLX.
With Derive’s clob and real-time settlement infrastructure, Synthetix sees the chance to build a special Synthetix derivative exchange that can compete with centralized players such as Binance, Deribit and decentralized competitors such as Dydx and Hyperliquid.
The Synthetix community will determine whether SIP-415 should be approved by votes on chain. If accepted, this is another important milestone in the efforts of the protocol to consolidate and lead the next wave of decentralized financial innovation on Ethereum.
*This is not investment advice.
