Synthetix has proposed to acquire the options protocol Derive in a $27 million token swap deal.

On May 14th, as reported by The Block, Synthetix contributors have put forward a proposal to acquire the decentralized options protocol Derive (formerly known as Lyra) by exchanging SNX for DRV tokens. In the event that the proposal is approved, Synthetix will obtain Derive's treasury, technology, and product suite, and DRV holders will receive SNX tokens according to a predetermined schedule. According to the Synthetix Improvement Proposal (SIP-415), the proposed valuation for this transaction is $27 million. This proposal needs on-chain voting approval from the community. Synthetix's move is in line with its strategic focus on strengthening the protocol's capabilities through vertical integration on the Ethereum mainnet, especially as part of the Synthetix v4 upgrade. The Synthetix team stated in a blog post: "This acquisition will further expedite Synthetix's goal of becoming the leading perpetual contract engine on the Ethereum mainnet by integrating Derive's capabilities and team into the core protocol."