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Synthetix plans to buy back $27 million worth of tokens on the Derive platform.
According to the Gate.io News bot and a report by Cointelegraph, the DeFi platform Synthetix is advancing plans to buy back the encryption options platform Derive. According to the SIP-415 proposal, Synthetix will conduct this transaction by issuing 29.3 million SNX tokens at an exchange rate of 1 SNX for 27 DRV(, valued at approximately $27 million. These tokens will have a lock-up period of 3 months, followed by a linear unlock over 9 months.
Derive originated from the Lyra project within the Synthetix ecosystem and was independently spun off in 2021. After the completion of this repurchase, Synthetix will integrate Derive's front-end technology and RWA professional advantages. Currently, this trading proposal still requires approval through community voting from both parties.