The Withdrawal of the Derive Acquisition Proposal

Synthetix -

At Synthetix, we value the voices of our community and stakeholders above all. 

Following the submission of SIP-415 to acquire Derive, Synthetix has decided to withdraw the proposal after carefully reviewing feedback from stakeholders of both protocols and the broader community.

The acquisition aimed to create a synergistic outcome by combining Synthetix’s on-chain expertise, market presence, and brand strength with Derive’s off-chain matching engine capabilities to deliver a leading decentralized derivatives trading platform. 

The intent behind the proposal was based on the expectation of strong community and stakeholder alignment, given the shared objectives of both protocols. However, community concerns regarding the deal’s valuation and terms have led us to reconsider, as the anticipated support did not materialize. 

Synthetix remains committed to building a market leading decentralized derivatives venue on Ethereum mainnet and will continue to explore strategic opportunities to achieve this goal efficiently. 

We extend our best wishes to the Derive team as they pursue their mission to provide an exceptional options trading experience and appreciate the community’s valuable feedback.

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