From Cointelegraph
May 22, 2025 12:07 am:

Decentralized finance platform Synthetix cancels $27 million acquisition of Derive after negative community feedback. Originally proposed as a token exchange deal valuing Derive at $27 million, concerns included a three-month lock-up period and deal price. Synthetix will explore other opportunities, but will not move forward with the acquisition. Source: Synthetix

Derive community expresses concerns over the benefits of the deal, particularly regarding the token exchange rate and overall platform impact. Users believe Derive generates more revenue than Synthetix and are worried about potential token dilution. The deal is seen as difficult to justify by some members. Source: Derive

One user points out that Synthetix plans to issue an additional 170 million SNX, diluting the value of the offer to Derive by 60%. Derive, originally known as Lyra, operated as a decentralized options protocol within the Synthetix ecosystem before rebranding and aiming to operate independently. Source: Delphi Digital

Read more at Cointelegraph: Synthetix scuttles $27M Derive deal after community concerns