Source: Cointelegraph
Original: “Synthetix Cancels $27M Derive Acquisition Plan Amid Community Concerns”
The decentralized finance platform Synthetix has canceled its $27 million plan to acquire the crypto options platform Derive due to negative community feedback.
A spokesperson for Synthetix told Cointelegraph on May 22 that the acquisition proposal presented to the community and the Derive community “did not resonate,” and both projects agreed to “pause the proposed acquisition.”
Synthetix announced on May 14 that it would acquire Derive through a token swap, calculating the exchange rate at 1 SNX token for 27 DRV tokens, valuing Derive at approximately $27 million, but it required approval from both communities.
Ben Celermajer, Synthetix's head of strategy, told Cointelegraph that other community concerns included a three-month token lock-up period and the transaction price. Synthetix had attempted to partially address these issues by not imposing a lock-up period on holders of less than 1 million DRV.
“While we understand that the business terms were not agreed upon by all community members, many holders in both communities felt that the deal was fair and acceptable,” he said.
“However, we acknowledge that the feedback did not meet expectations, and we have no intention of pushing forward with a project that was originally intended to be collaborative and constructive.”
Celermajer stated that Synthetix will continue to evaluate opportunities to build a decentralized derivatives platform on the Ethereum mainnet.
Members of the Derive community expressed concerns about the deal on the project forum, particularly regarding the token exchange rate and the overall benefits to the platform.
Derive user “Ramjo” wrote on May 14 that the token exchange rate “fails to accurately reflect the value of Derive as a platform,” equating to “selling at the bottom and locking in the low.”
Another user, “AlvaroHK,” called the deal “difficult to justify,” claiming that Derive generates more revenue than Synthetix, and there are no terms in the agreement preventing Synthetix from “issuing millions of new tokens and continuously diluting our value.”
“I found that Synthetix plans to issue an additional 170 million SNX, increasing its supply from 330 million to 500 million,” AlvaroHK added in a follow-up post.
“Why was this information not disclosed when asked? This would further dilute the value of the offer for Derive by 60%,” they added.
Derive was launched by Synthetix in 2021 under the name Lyra, operating as a decentralized options protocol, but it has always been part of the Synthetix ecosystem.
It was later renamed Derive and took steps to operate independently from Synthetix, such as no longer using Synthetix's sUSD stablecoin and liquidity.
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