Synthetix said the acquisition is part of a broader strategy that includes recent acquisitions of Kwenta and TLX, reflecting ecosystem consolidation.“Reuniting under one banner simplifies our architecture and governance and unlocks the next phase,” Synthetix founder Kain Warwick said.“This is the kids going out to build their own successful startups, and coming back to join the family business.”“This 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,” Synthetix added on X.
Synthetix 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. The 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.
Related: Upbit and Bithumb suspend Synthetix token deposits, citing sUSD risks However, 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. Synthetix has also suffered recently as its native stablecoin, sUSD, depegged and fell to a low of $0.68 on April 18.
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Author / Journalist: Cointelegraph by Martin Young
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