Synthetix and Derive Cancel $27M Merger Proposal 🚫
Synthetix and Derive have called off a $27 million deal in which Synthetix aimed to acquire Derive, a decentralized options platform. The proposal included merging their technologies and products via a token swap, formalized under Improvement Proposals SIP-415 and DIP. Cancelation followed community criticism, centering on Derive's recent higher revenue and undervaluation concerns. Synthetix intended to use Derive's insights to enhance its Perps V4 product but will now seek alternatives. Derive reaffirms its independence post-cancellation.
FAQ
❓ Why was the merger proposal between Synthetix and Derive canceled?
The proposal was canceled due to community feedback and valuation concerns, particularly highlighted by Derive's recent revenue performance.
❓ What was the proposed token swap ratio?
The deal proposed a token swap ratio of 27 DRV for 1 SNX, valuing Derive at $27 million.