According to ChainCatcher, the decentralized finance platform Synthetix canceled its acquisition plan for the cryptocurrency options platform Derive valued at $27 million due to negative feedback from the community. The plan was originally set to exchange SNX and DRV tokens at a ratio of 1:27.
The Derive community expressed concerns about the token exchange rate and acquisition profits, stating that Derive's revenue is higher than Synthetix, and that there are no terms in the agreement to limit Synthetix's issuance of tokens. Synthetix's strategic director indicated that although some members believed the transaction was reasonable, it did not meet expectations, and both parties agreed to terminate the acquisition.
