Synthetix terminates the $27 million Derive acquisition plan

According to a Deep Tide TechFlow report on May 22, Cointelegraph reported that the decentralized finance platform Synthetix canceled its acquisition plan for the encryption options platform Derive, valued at 27 million dollars, due to negative feedback from the community.

Derive community members express concerns about the token exchange rate and the acquisition’s overall impact on the platform’s revenue. Some users claim that Derive’s income is actually higher than Synthetix, and there are no clauses in the protocol limiting Synthetix’s minting of tokens that could dilute value. Synthetix’s strategic director, Ben Celermajer, stated that while some community members believe the transaction is reasonable, both parties have agreed to terminate the acquisition plan originally intended to promote cooperation due to failing to meet the expected response.