Mars Finance reports that the decentralized finance platform Synthetix has canceled its planned $27 million acquisition of the crypto options platform Derive due to negative community feedback. Derive community members expressed concerns about the token exchange ratio and the overall benefits of the acquisition for the platform. Some users claimed that Derive's revenue is actually higher than Synthetix's, and that the protocol lacks provisions to prevent Synthetix from diluting value through token issuance. Synthetix's Strategy Lead Ben Celermajer stated that while some community members found the transaction reasonable, the acquisition plan, originally intended to promote cooperation, was terminated due to not meeting expected response.
Synthetix terminates $27 million acquisition of Derive
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