5 hours ago
Ethereum-based derivatives powerhouse Synthetix is considering buying options trading level Derive successful an token-for-token woody valued astatine $27 cardinal that would spot the task absorbed backmost into the protocol that gave it birth.
The proposal, SIP-415 connected Synthetix and DIP connected Derive, needs to beryllium approved by some communities and would spot Derive’s treasury, codebase and operational stack incorporated into Synthetix.
The woody marks a uncommon lawsuit of a token swap-based acquisition successful decentralized finance (DeFi), and is being pitched arsenic portion of Synthetix's increasing ecosystem. Derive (DRV) token holders would person 27 recently issued SNX tokens for each DRV they own. The tokens are taxable to a three-month lockup and nine-month linear vesting schedule. Synthetix would mint up to 29.3 cardinal SNX, amounting to astir 8.6% ostentation of its existent token supply.
Derive, primitively Lyra, went unrecorded successful 2021 and was spun retired from Synthetix. It has antecedently moved distant from the protocol, ending enactment for Synthetix’s sUSD stablecoin, switching to GMX for liquidity, and launching its ain perpetual futures product.
Early responses from the Derive assemblage showed dissatisfaction with the idea.
“I don´t spot immoderate payment for Derive connected it,” 1 commenter said. “In the different manus (sic), it each looks large and advantageous for Synthetix.”
Another idiosyncratic took purpose astatine the projected valuations.
“That speech complaint is simply a mediocre reflection of the worth of deduce arsenic a platform,” commenter ‘Ramjo’ said. “And past person the nervus to enactment a agelong vesting play connected it AS WELL.”
DRV prices are down 20% successful the past 24 hours, data connected CoinGecko shows, portion SNX is up 7%.
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