Synthetix to Acquire Derive to Strengthen Position in Decentralized Derivatives

Derive, known for its innovative structured product offerings, has quickly gained recognition in the DeFi space for bringing intuitive and institutional-grade financial tools to the blockchain.

By integrating Derive’s front-end expertise and RWA strategies with Synthetix’ robust derivatives and liquidity infrastructure, Synthetix is positioned to accelerate the adoption of decentralized derivatives trading.

The strategic acquisition marks a significant step forward in Synthetix’s mission to launch the most renowned decentralized derivatives exchange on Ethereum Mainnet.

Under the terms of the agreement, Synthetix has proposed to acquire Derive in a token to token transaction.

The exchange ratio will be 27 $DRV <> 1 $SNX, reflecting an approximate $27 million valuation. This transaction is subject to approval from both the Synthetix and Derive community votes, taking place next week.

The acquisition is structured as a token-based merger, with Derive’s community and contributors joining Synthetix governance. The combined team will continue delivering on the Synthetix V4 roadmap and roll out options markets later this year.

“We’re combining the best onchain derivatives stack in DeFi – Derive, with one of the most iconic DeFi projects in its history – Synthetix.

“This deal will get maximum leverage out of Derive’s technical stack, and bring us closer to our shared goal of accelerating the adoption of decentralised derivatives.

“This is just the beginning, and we can’t wait to see the impact of this team up on the market,” the founder of Derive, Mr Nick Forster, stated.

“The acquisition of Derive marks a significant milestone in Synthetix’s pursuit of developing the most robust decentralized derivatives platform in the crypto ecosystem.

“We are delighted to welcome Derive into the Synthetix family, leveraging our combined expertise to drive innovation and accelerate the launch of a comprehensive decentralized derivatives platform on Ethereum,” Mr Benjamin Celermajer of Synthetix stated.