If this proposal passes, it would be the rug pull of the year. Everything is wrong with it:

1) Why would you sell your business to Synthetix - a failed and totally nonsensical protocol to begin with?

2) Especially considering that Derive (ex Lyra) was part of Synthetix and left precisely because it knew, better than anyone, that Synthetix is bad.

3) Derive is generating more revenue than Synthetix itself and actually has a future if execution is solid and the team’s promises are not fake.

4) Synthetix isn’t even buying Derive with real money. They’re minting ~30 million SNX out of thin air to make the purchase. Genius.

5) The funniest part? Synthetix won’t just acquire Derive’s operations and tech, it’ll also take over its treasury, which is currently ~$6 million. If you try selling 30 million SNX on-chain, you’d be lucky to get $1 million USDC. That’s an easy 6x profit for Synthetix from tokens they printed for free.

6) Let’s not forget that Lyra was previously valued at $150M FDV before it launched a new token for Derive, for absolutely no reason other than raising another round from angels and @echodotxyz (btw, -90% ROI probably the worst Echo deal ever?) and rekting token holders (aka lock lyra to get bigger derive airdrop, choose vesting and get more, etc etc).

7) Now, after the rebrand, the valuation is down to ~$25M and things are so bad that a Synthetix acquisition is even being considered.

I have no idea how someone can justify selling Derive to Synthetix for no real money and fkin vested for 1 year (newly printed snx that is worth nothing and there are chances that in 1y snx might not really exist at all). Either your business is so bad that there are no good buyers for it, or this is a crime season.

I understand that Derive is in a bad spot (lost all valuation, lacking adoption, etc etc) but you are very vocal that your product is one of the best, you still have big enough treasury to have a few years of runway.

Keep working and if you really think you need to sell the business to survive, at least find a good buyer. Mountain protocol is a great example. They didn't have much traction but they got acquired by a big tradfi business that is aiming to expand into defi massively and they need defi expertise.

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