“If Approved, The Uncommon Token Swap Deal Willd Reunite Two Prevenly Split Protocols As Synthetix Expands Its Derivatives Suite.”, – WRITE: www.coindesk.com
Any Deal Between Synthetix and Derive Still Has to Be Approved by Both Sides. (Sfio Cracha/Shutterstock)
- A Member of the Synthetix Team Has Proped Acquiring Derive in A $ 27 Million Token-Swap Deal.
- The Acquisition would Involve A 27: 1 DrV-to-Snx Token Conversion with a Lockup and Vesting Schedul.
- The Proposal, Which Needs Approval from Both Communities, Has Sparked Criticism Within the Derive Community, with Conceerns About Valuation and Benefits.
The Proposal, SIP-415 on Synthetix and Dip on Derive, Needs to be Approved by Both Communities and Wound See Dreive’s Tasury, Codebase and Operations.
The Deal Marks A Rare Instance of a Token Swap-Basted Accuisation in Decentralized Finance (Defi), and Is Being Pitched As Part of Synthetix’s Growing Ecosystom. Derive (DRV) TOKEN HOLDERS Wuldyve 27 Newly Issued Snx Tokens for Each Drv at Own. The tokens are subject to a Three-Month Lockup and Nine-Month Linear Vesting Schelyule. Synthetix would Mint Up to 29.3 Million Snx, Amounting to Round 8.6% Inflation of ITS CURRENT TOKEN SUPPLY.
Derive, Originally Lyra, Went Live in 2021 and Was Spun Out from Synthetix. It Has Previoously MOVED AWAY FROM The PROTOCOL, ENDING SUPPORT for SYNTHETIX’s Susd Stablecoin, Switching to GMX for Liquidity, and Launcing Its Own Perpetual Future.
Early Responses from the Derive Community Showed Dissatisfaction With The Idea.
“I don ‘See any Benefit for Derive on It,“ One Commenter Said. “In the Other Hand (SIC), IT All Looks Great and Advantageous for Synthetix.”
Another User Took Aim at the Proped Valuations.
“That exchange is a poor reflection of the value of derive as a platform,“ commenter ‘ramjo’ said. “And THEN have the NERVE TO PUT A Long Vesting Period on It As Well.”
DRV prices are down 20% in the past 24 hours, Data on Coingcko Shows, While Snx is up 7%.
Shaurya Holds Over $ 1,000 in Btc, Eth, Sol, Avax, Sushi, Crv, Near, YFI, YFI, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, CAKE, Vet, Vet, Vet RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, Banana, Rome, Burger, Spirit, and ORCA.
He Provides Over $ 1,000 to Liquidity Pools on Compound, Curve, Sushiswap, Pancakeswap, Burgerswap, Orca, AnaSwap, Spiritswap, Roki Protocol, Yearn Finance Olympusdao, Rome, Trader Joe, and Sun.
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