The Synthetix decentralized financing platform has eliminated its $ 27 million plan to acquire the Cryptographic Options Platform derived after the negative feedback of the community.
A Synthetix spokesman told Cointelegraph on May 22 that his acquisition proposal launched his community already derive, “did not resonate”, and both projects agreed to “take a step back from the proposed acquisition.”
Synthetix said on May 14 that he would acquire derive in a tokens exchange agreement, with a price of 1 token snx at 27 DRV tokens, which would value a derivative of around $ 27 million, waiting for the approval of both communities.
The leader of the Synthetix strategy, Ben Celermajer, told Cointelegraph that other concerns of the community were the three -month tokens blocking period and the price of the agreement, part of which Synthetix tried to address without blocking for holders of less than 1 million drv.
“While we understand that commercials did not resonate with all community members, several holders of both communities believed that the agreement was fair and acceptable,” he said.
“However, we recognize that the answer did not reach expectations, and we have no intention of advancing with something that intended to be a collaborative and constructive effort.”
Celermajer said that Synthetix will continue to evaluate the opportunities to build a decentralized derivatives platform in the Ethereum Mainnet.
The community concerned about Deal’s benefits derives
The members of Derive Community expressed concern about the agreement in the project forum, particularly around the tokens exchange rate and the general benefit of the agreement with the platform.
The Derive User “Ramjo” wrote on May 14 that the tokens exchange rate is “a bad reflection of the derive value as a platform”, and the “equivalent of selling the lower part and blocking in minimums.”
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Another user, “Alvarohk,” called the agreement as “difficult to justify”, since they said that it derives generates more income than Synthetix, and there was no clause in the agreement to prevent Synthetix “to print millions of new tokens and continue diluting.”
“I have found the guide that Synthetix plans to issue additional 170 million SNX to increase your supply to 500 million of 330 million,” Alvarohk added in a follow -up post.
“Why is this information not disclosed when asked about it? It will dilute an additional 60% of the offer of the offer made to derive,” they added.
Derive, which Synthetix began in 2021 as Lyra, worked as a protocol of decentralized options, but remained part of the Synthetix ecosystem.
He finally renamed to derive and took measures to operate independently of Synthetix, such as moving away from using the Synthetix stablecoin and liquidity.
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