Synthetix terminates the acquisition plan for Derive of 27 million USD.
According to Gate News bot, as reported by Cointelegraph, the Decentralized Finance platform Synthetix has announced the termination of its acquisition plan for the encryption Options platform Derive. The acquisition was originally planned for a transaction amount of $27 million.
The reason for the termination lies in the doubts raised by Derive community members regarding the acquisition plan, including issues related to the token exchange rate and the overall benefits brought by the acquisition. Some users pointed out that Derive’s income is higher than that of Synthetix, while the protocol lacks provisions to limit the issuance of tokens by Synthetix.
Synthetix’s strategic officer Ben Celermajer confirmed that, although some community members supported the deal, both parties have reached a consensus to terminate the acquisition plan due to lack of expected community support.