Synthetix has called off its proposed $27 million acquisition of crypto options platform Derive.
This decision was made after the initiative received strong criticism from both communities involved.
Public Backlash
The proposed acquisition, first announced in a May 14 blog post, involved a token exchange at a rate of 1 SNX to 27 DRV. The plan was designed to combine Synthetix’s established market presence and on-chain expertise with Derive’s off-chain matching engine to build a leading decentralized derivatives platform.
However, the deal was subject to approval from both platforms’ communities, support that failed to materialize.
“Synthetix has withdrawn SIP-415, the proposal to acquire Derive after reviewing community and stakeholder feedback,” said the protocol in an update.
According to the team, the feedback revealed dissatisfaction with the token exchange terms and Derive’s valuation.
On the crypto options platform’s public forum, one user named “Ramjo” said t
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