Synthetix and Derive canceled the $27 million merger

Synthetix, a platform for creating synthetic assets, and Derive, a decentralized options protocol, have abandoned a $27 million merger deal.

"After discussion and analysis of community feedback, it was decided not to merge," Derive reported.

According to the original plan, Synthetix wanted to reintegrate Derive, exchanging DRV tokens for SNX at a ratio of 27:1. For this, 29.3 million SNX had to be released, which raised concerns about the possible devaluation of existing tokens.

Both sides developed proposals for improving the protocols.

Critics noted that Derive, whose revenue in recent weeks has outpaced Synthetix, was undervalued in the deal. Synthetix's market capitalization is $1.1 billion, while Derive is valued at $27 million. Participants also called the exchange conditions unfair for DRV holders. #BTC# #NADA# #ETFH# #BNBUSDT $BNB # #XRPUSDT $XRP #