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📅 July 3, 7:00 – July 9,
crypto merger proposal failed
Key Points:* Derive and Synthetix cancel $27 million acquisition plan.
The cancellation reflects community pushback on merger valuation and token dilution concerns, prompting Derive and Synthetix to pursue independent paths.
Derive and Synthetix Merger Cancelled After Community Pushback
The merger proposal between decentralized options platform Derive and DeFi entity Synthetix has officially been withdrawn. Originally announced in mid-May, the plan valued Derive at $27 million with a token swap structure involving SIP-415 and DIP proposals as part of the acquisition strategy. Community resistance led to its cancellation. Synthetix‘s intentions were to extend the abilities of its Perps V4 derivatives platform. The Derive community, highlighting recent revenue achievements, voiced concerns over valuation inaccuracies and potential SNX token dilution. The organizations have confirmed a halt to this integration process.
Market implications are significant, with Synthetix‘s plan halting and Derive opting for independence. Synthetix articulates a focus on diversifying its ecosystem rather than diluting governance tokens.
Market Impact and Future Directions for Synthetix
Did you know? This is not the first collaboration tension in DeFi. Similar high-profile mergers often face community valuation concerns, impacting token dynamics and partnership viability.
Synthetix (SNX) currently trades at $0.78 with a market cap of $265.42 million as of May 26, 2025. There is a slight price increase of 1.54% in the last 24 hours, with a circulating supply of 339.47 million SNX. Data from CoinMarketCap reveals that SNX sustained a -14.94% drop over the previous 60 days, reflecting market fluctuations.