{"id":129202,"date":"2025-05-14T06:21:30","date_gmt":"2025-05-14T06:21:30","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129202"},"modified":"2025-05-14T06:21:30","modified_gmt":"2025-05-14T06:21:30","slug":"synthetix-makes-27m-bid-to-re-acquire-crypto-options-platform-derive","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129202","title":{"rendered":"Synthetix makes $27M bid to re-acquire crypto options platform Derive"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsDecentralized finance platform Synthetix is planning to venture further into crypto derivatives with plans to re-acquire the crypto options platform Derive.<br \/>\nSynthetix said in a May 14 blog post that it plans to acquire Derive in a token exchange deal, pricing 1 SNX token to 27 DRV tokens, which would value Derive at around $27 million.\u00a0<br \/>\nThe transaction is subject to approval from both the Synthetix and Derive communities, which will take a vote on the proposal, called SIP-415, next week.<br \/>\nIf approved, the acquisition will combine Derive\u2019s front-end and real-world asset (RWA) expertise with Synthetix\u2019s derivatives infrastructure.<br \/>\nDerive originally launched as Lyra in 2021, having spun out from the Synthetix ecosystem. Synthetix said the acquisition is part of a broader strategy that includes recent acquisitions of Kwenta and TLX, reflecting ecosystem consolidation.<br \/>\n\u201cReuniting under one banner simplifies our architecture and governance and unlocks the next phase,\u201d Synthetix founder Kain Warwick said. \u201cThis is the kids going out to build their own successful startups, and coming back to join the family business.\u201d<br \/>\n\u201cThis re-acquisition marks the next chapter of vertical reintegration with direct protocol ownership of perps, options, and app chains: all of which already have SNX in their DNA,\u201d Synthetix added on X.<br \/>\nSource: SynthetixThe announcement names Hyperliquid, Binance, dYdX, and Deribit, which will be acquired by Coinbase, as competitors, underlining Synthetix\u2019s ambitions to rival major crypto derivatives platforms.<br \/>\nSNX token mint and lockup<br \/>\nTo facilitate the acquisition, Ethereum-based Synthetix will issue up to 29.3 million of its self-titled Synthetix (SNX) token with a three-month lock-up followed by a nine-month linear vesting.<br \/>\nSNX has gained 11.5% on the day to reach $0.94 at the time of writing.<br \/>\nRelated: Upbit and Bithumb suspend Synthetix token deposits, citing sUSD risks\u00a0<br \/>\nHowever, like most altcoins, it is massively down from its peak and is down almost 97% from its all-time high of $28.53 in February 2021, according to CoinGecko.\u00a0<br \/>\nSynthetix has also suffered recently as its native stablecoin, sUSD, depegged and fell to a low of $0.68 on April 18. The dollar-pegged asset remains below its peg at $0.93 at the time of writing.\u00a0\u00a0<br \/>\nMagazine: Metric signals $250K Bitcoin is \u2018best case,\u2019 SOL, HYPE tipped for gains: Trade Secrets<a href=\"https:\/\/cointelegraph.com\/news\/synthetix-27-million-bid-reacquire-derive?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsDecentralized finance platform Synthetix is planning to venture further into crypto derivatives with plans to re-acquire the crypto options platform Derive. Synthetix said in a May 14 blog&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129202"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129202"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129202\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129202"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}