According to Cointelegraph, Foresight News reports that the synthetic asset protocol Synthetix has canceled its plan to acquire Derive, a crypto options platform valued at $27 million, due to negative community feedback. Community members expressed concerns about the token exchange ratio and the acquisition's overall impact on the platform. Some users claimed that Derive's revenue is actually higher than Synthetix's, and there are no provisions in the protocol to prevent Synthetix from diluting value through token issuance.
In a previous Foresight News report, the Synthetix community proposed acquiring the decentralized options platform Derive at a valuation of $27 million. According to SIP-415, the transaction would involve exchanging DRV and SNX tokens at a 27:1 ratio, with Synthetix issuing 29.3 million SNX tokens (3-month lockup + 9-month linear release) to complete the acquisition.
