At Synthetix, we worth the voices of our group and stakeholders above all.
Following the submission of SIP-415 to accumulate Derive, Synthetix has determined to withdraw the proposal after fastidiously reviewing suggestions from stakeholders of each protocols and the broader group.
The acquisition aimed to create a synergistic consequence by combining Synthetix’s on-chain experience, market presence, and model power with Derive’s off-chain matching engine capabilities to ship a number one decentralized derivatives buying and selling platform.
The intent behind the proposal was primarily based on the expectation of sturdy group and stakeholder alignment, given the shared targets of each protocols. Nonetheless, group considerations relating to the deal’s valuation and phrases have led us to rethink, because the anticipated assist didn’t materialize.
Synthetix stays dedicated to constructing a market main decentralized derivatives venue on Ethereum mainnet and can proceed to discover strategic alternatives to attain this aim effectively.
We prolong our greatest needs to the Derive staff as they pursue their mission to offer an distinctive choices buying and selling expertise and respect the group’s worthwhile suggestions.
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