INSUBCONTINENT EXCLUSIVE:
Decentralized finance platform Synthetix has axed its $27 million plan to acquire crypto options platform Derive after negative community
in a token exchange deal, pricing 1 SNX token to 27 DRV tokens, which would value Derive at around $27 million, pending approval from both
understand the commercials did not resonate with all community members, a number of holders from both communities believed the deal was fair
opportunities for building a decentralized derivatives platform on the Ethereum mainnet.Source: SynthetixDerive community members expressed
concerns over the deal on the project's forum, particularly around the token exchange rate and the deal's overall benefit to the
Derive generates more revenue than Synthetix, which makes the deal a tall order to justify
decentralized options protocol but remained part of the Synthetix ecosystem.It eventually rebranded to Derive and took steps to operate
