Decentralized finance platform Synthetix has decided to abandon its $27 million proposal to acquire crypto options platform Derive due to negative feedback from the community. The acquisition deal, which involved exchanging 1 SNX token for 27 DRV tokens, was not well-received by both communities. Concerns were raised about the three-month token lock-up period and the deal's pricing. Despite some community members finding the deal fair, others expressed doubts about its value and potential dilution of tokens. Synthetix will now focus on exploring opportunities to develop a decentralized derivatives platform on the Ethereum mainnet. Derive community members criticized the deal's token exchange rate and questioned its benefits. The platform, originally known as Lyra and part of the Synthetix ecosystem, rebranded to Derive in 2021 and aimed to operate independently. Stay updated on the latest blockchain and crypto business trends by subscribing to our Crypto Biz newsletter. Read more AI-generated news on: https://app.chaingpt.org/news

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