Decentralized finance platform Synthetix is making moves to re-acquire the crypto options platform Derive in a significant token exchange deal. Valued at around $27 million, the acquisition of Derive exemplifies Synthetix's goal to strengthen its position in the crypto derivatives market.

The proposal, SIP-415, requires approval from both the Synthetix and Derive communities. If successful, this integration will combine Derive’s expertise with Synthetix’s diverse derivatives infrastructure, marking a strategic ecosystem consolidation.

The acquisition is part of a broader strategy, including previous acquisitions of Kwenta and TLX, emphasizing vertical reintegration. This represents a reinforcement of direct protocol ownership of related crypto derivatives services.

Synthetix will issue up to 29.3 million SNX tokens to facilitate the acquisition, with a specific lock-up and vesting period. The price of SNX has shown some volatility but remains a focal point in this acquisition.

Overall, this move highlights Synthetix’s aim to rival other major crypto derivatives platforms, further strengthening its industry position.