Community opposition causes Synthetix to terminate the $27 million acquisition of Derive.

According to Gate News bot, as reported by Cointelegraph, the Decentralized Finance platform Synthetix announced the cancellation of its acquisition plan for the encryption Options platform Derive. The plan originally involved $27 million, intending to exchange SNX and DRV Tokens at a ratio of 1:27.

Members of the Derive community have questioned the acquisition, with key concerns including the token conversion ratio and the overall benefits of the acquisition. Some users have pointed out that Derive's actual revenue exceeds that of Synthetix, and that the protocol does not limit the dilution value of Synthetix's additional tokens. Ben Celermajer, head of strategy at Synthetix, said that while some community members supported the deal, the two parties had decided to terminate the acquisition to facilitate collaboration due to the lack of expected support.

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