Synthetix Acquires Derive to Strengthen Its Position in Decentralized Derivatives

To strengthen its position in decentralized derivatives, Synthetix is considering the acquisition of a decentralized onchain options AI-powered platform, Derive.

In a move to strengthen its position in decentralized derivatives and rapidly expand its product offerings, Synthetix is exploring the possibility of acquiring Derive, a decentralized onchain options AI-powered platform.

Known for its innovative structured product offerings, Derive has quickly become a recognized name in DeFi for bringing intuitive and institutional-grade financial tools to the blockchain.

Through integrating Derive’s front-end expertise and RWA strategies with Synthetix’s robust derivatives and liquidity infrastructure, the combined entity will be uniquely positioned to accelerate the adoption of decentralized derivatives trading.

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

The acquisition will be executed via a token to token transaction, with an exchange ratio of 27 $DRV <> 1 $SNX, reflecting an approximate $27 million valuation.

Both the Synthetix and Derive community will vote on the transaction next week. The transaction is subject to approval from both communities.

The acquisition is structured as a token-based merger, with members of the Derive 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,” said Mr Nick Forster, founder of Derive.

Mr Benjamin Celermajer of Synthetix added that the acquisition of Derive represents a crucial milestone in their pursuit of developing the most robust decentralized derivatives platform in the crypto ecosystem.

“We are excited to welcome Derive to the Synthetix family and leverage our combined expertise to drive innovation and accelerate the launch of a comprehensive decentralized derivatives platform on Ethereum.”