Synthetix and Derive cancel $27 million acquisition agreement

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On May 26, according to The Block, contributors of Synthetix and Derive jointly withdrew a transaction proposal worth $27 million, under which Synthetix would acquire the decentralized options platform Derive (formerly Lyra).

The Derive team noted: "After careful deliberation and community feedback, the SIP-415 and DIP proposals for merging Synthetix and Derive have been mutually withdrawn." Previously, Synthetix proposed to acquire the options protocol Derive through a token exchange worth $27 million.

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