Synthetix and Derive cancel $27 million merger proposal

This article is machine translated
Show original

According to Foresight News, citing The Block, Synthetix and Derive have jointly canceled a $27 million acquisition proposal. The original plan was for Synthetix to acquire the decentralized options platform Derive (formerly Lyra). The proposal involved a token exchange at a rate of 27 DRV for 1 SNX, which would require Synthetix to mint 29.3 million SNX tokens. In mid-May, both parties formally proposed a merger through the Synthetix Improvement Proposal (SIP-415) and Derive Improvement Proposal (DIP), but the proposal has now been withdrawn due to community feedback and valuation disputes.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments