The main dishes to remember:
- Synthetix and mutually drift withdrew a 27 million dollars swap token agreement after the community decline.
- Driving users criticized the proposed assessment and raised concerns about the dilution of tokens for SNX holders.
- The two projects will continue independently, Synthetix exploring alternatives for Perps V4 and focusing on your own roadmap.
Synthetix and Derive officially exceeded an acquisition project of $ 27 million which would have seen the two decentralized decentralized platforms merger under a chip exchange agreement.
Originally introduced in mid-May, the proposal concerned Synthetix acquire the treasure, technology and the rest of complete derive products.
This decision aimed to consolidate efforts in a single protocol on Ethereum.
The plan has been described in the SIP-415 (Synthetix) and DIP (derivier) governance proposals, which were both withdrawn after internal examination and decline in community members.
Derive cites the community of the community to cancel the synthetix agreement
Derive, formerly known as Lyra, confirmed the cancellation, indicating that the decision followed “the thoughtful discussion and the comments of the community”.
Under the terms of the agreement, Synthetix would have struck 29.3 million SNX tokens to complete the acquisition, valuing the drift at 27 million dollars, with an exchange ratio of 27 DRV for 1 SNX.
However, the opposition quickly mounted. The members of the Derive community have challenged the evaluation, highlighting the recent increase in derive income and arguing that it seemed undervalued compared to Synthetix.
Concerns have also been raised regarding the impact of dilution on SNX holders, which caused calls to re -evaluation.
Synthetix had hoped that the acquisition would improve its next version of Perps V4, which includes an architecture of the centralized limit order book on Ethereum.
Without the merger, the team will now examine alternative strategies to stimulate their product suite.
For its part, Derive reaffirmed its commitment to build independently, positioning the decision as a moment to double its own roadmap.
Synthetix pushes a new pace plan to restore Susd Peg
Last month, the founder of Synthetix, Kain Warwick, urged SNX stakers to participate in the new Pool Susd 420, a jealous mechanism introduced to restore the dollar ankle of the Susd Stablecoin.
The swimming pool offers a share of 5 million SNX tokens to users who lock their SUSD for 12 months, aimed at reducing the supply of token and stabilizing its value.
Despite the incentive, Warwick admitted that the process was still “very manual” and does not have an appropriate user interface, which is currently in development.
He warned that if voluntary participation remains low even after the launch of the user interface, more aggressive measures could follow.
SUSD, a crypto-collateralized stablecoin supported by SNX, had trouble maintaining its ankle, recently falling as low as $ 0.68 before going back to $ 0.77.
Warwick stressed that the solution lies in the SNX community, the combined richness of which could solve the problem.
The initiative is part of the SIP-420, which also transfers the risk of debt of stakers to the protocol itself.
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