Synthetix scuttles $27M Derive deal after community concerns

May 22, 2025

, By Cointelegraph

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Decentralized finance platform Synthetix has axed its $27 million plan to acquire crypto options platform Derive after negative community feedback.

A Synthetix spokesperson told Cointelegraph on May 22 that its acquisition proposal, pitched to its data-ct-non-breakable=”null” href=”https://sips.synthetix.io/sips/sip-415/?ref=blog.synthetix.io” title=”null”>community and to data-ct-non-breakable=”null” href=”https://forums.derive.xyz/t/dip-synthetix-acquires-derive/277?ref=blog.synthetix.io” title=”null”>Derive’s, “did not resonate,” and both projects agreed to “step back from the proposed acquisition.”

Synthetix said data-ct-non-breakable=”null” href=”https://cointelegraph.com/news/synthetix-27-million-bid-reacquire-derive” title=”null”>on May 14 that it would acquire Derive in a token exchange deal, pricing 1 SNX token to 27 DRV tokens, which would value Derive at around $27 million, pending approval…

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Synthetix scuttles $27M Derive deal after community concerns

May 22, 2025

, Published By Cointelegraph

Decentralized finance platform Synthetix has axed its $27 million plan to acquire crypto options platform Derive after negative community feedback.

A Synthetix spokesperson told Cointelegraph on May 22 that its acquisition proposal, pitched to its data-ct-non-breakable=”null” href=”https://sips.synthetix.io/sips/sip-415/?ref=blog.synthetix.io” title=”null”>community and to data-ct-non-breakable=”null” href=”https://forums.derive.xyz/t/dip-synthetix-acquires-derive/277?ref=blog.synthetix.io” title=”null”>Derive’s, “did not resonate,” and both projects agreed to “step back from the proposed acquisition.”

Synthetix said data-ct-non-breakable=”null” href=”https://cointelegraph.com/news/synthetix-27-million-bid-reacquire-derive” title=”null”>on May 14 that it would acquire Derive in a token exchange deal, pricing 1 SNX token to 27 DRV tokens, which would value Derive at around $27 million, pending approval…

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Nike returns to Amazon with direct sales after six years

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