According to ChainCatcher and Cointelegraph, the decentralized finance platform Synthetix has canceled its planned acquisition of the crypto options platform Derive, worth $27 million, due to negative community feedback. The original acquisition proposal was to exchange SNX and DRV tokens at a ratio of 1:27.
Derive community members expressed concerns about the token exchange rate and the overall benefits of the acquisition for the platform. Some users claimed that Derive's revenue was actually higher than Synthetix's, and that there were no provisions in the protocol 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, which was originally intended to promote cooperation, was terminated due to a lack of expected response.
