Decentralized finance platform Synthetix has halted its plans to acquire the crypto options platform Derive following negative feedback from the community.
Cancellation of the Deal Between Synthetix and Derive
A spokesperson from Synthetix stated that the acquisition proposal did not resonate with the community, leading both parties to step back from the deal. The token exchange rate was proposed at 1 SNX token for 27 DRV tokens, valuing Derive at approximately $27 million.
Community Discussion on Derive
Members of the Derive community raised concerns regarding the token exchange rate and the overall benefits of the deal. One user commented that the exchange rate poorly reflected the value of Derive, while another expressed skepticism about the terms of the agreement.
Future of Synthetix
The Synthetix representative indicated that the platform will continue to explore opportunities for building a decentralized derivatives platform on the Ethereum mainnet. The importance of community feedback in shaping future decisions was emphasized.
The cancellation of the Derive acquisition highlights the significant role of community involvement in the decision-making processes of Synthetix. Moving forward, Synthetix plans to focus on expanding its derivative capabilities.
