TechFlow news, May 22 — According to Cointelegraph, decentralized finance platform Synthetix has canceled its planned $27 million acquisition of crypto options platform Derive due to negative community feedback. The acquisition was originally set to exchange SNX and DRV tokens at a 1:27 ratio.
Members of the Derive community expressed concerns over the token swap ratio and the overall benefits of the acquisition for the platform. Some users pointed out that Derive's actual revenue exceeds that of Synthetix and noted the absence of provisions in the agreement preventing Synthetix from inflating supply and diluting value. Ben Celermajer, Head of Strategy at Synthetix, stated that although some community members viewed the deal as reasonable, both parties have agreed to terminate the acquisition plan—initially intended to foster collaboration—due to insufficient support.
