Decentralized derivative protocols Synthetix and Dreive have withdrawn mutual bids for a merger deal of $ 27 million.
Synthetix and delivery of mutual cancellation of $ 27 million merger offer
The planned deal would acquire Synthetix Regire (formerly LYRA) to combine the two platforms under a uniform derivatives protocol on the Ethereum Meminnet.
The proposal, which was driven in mid -May, derived the transfer of his treasury, technology and products to Synthetix via a tokenswap.
In this context, official proposal documents called Synthetix Improvement Proposal (SIP-415) and the borrowing of improvement proposal (DIP) were published. In the declaration of distraction, however, it was said that “after the feedback from the community and constructive discussions SIP-415 and DIP proposals were withdrawn.”
The valued deal distracts from $ 27 million, with a tokens swap ratio of 27 DRV (distracting tokens) = 1 SNX (Synthetix -token). Synthetix was planning to be 29.3 million new SNX in Mint for the acquisition.
However, this plan has received intense criticism, especially from the distraction community. It has been claimed that distraction has generated more income in recent weeks than Synthetix, and that the valuation of $ 27 million is unfair to distract and that the platform is seriously undervalued. Synthetix’s plan for New SNX to mint has also been criticized for risking value permit for existing token holders.
Synthetix had planned to use Derive’s know -how for his new derivatives product called PERPS V4, which uses a centralized order book about Ethereum. With the deal that is canceled, however, Synthetix is said to look for other strategies to strengthen the ecosystem.
A declaration of distraction stated that the development re -confirmed the independent growth path of the platform.
This development has again demonstrated how feedback from the community and transparent administration can influence the fate of deals in the world of decentralized finances (Defi).
*This is not investment advice.
