{"id":24274,"date":"2025-05-26T12:52:25","date_gmt":"2025-05-26T09:52:25","guid":{"rendered":"https:\/\/forklog.com\/en\/synthetix-and-derive-call-off-27-million-merger\/"},"modified":"2025-05-26T12:52:25","modified_gmt":"2025-05-26T09:52:25","slug":"synthetix-and-derive-call-off-27-million-merger","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/synthetix-and-derive-call-off-27-million-merger\/","title":{"rendered":"Synthetix and Derive Call Off $27 Million Merger"},"content":{"rendered":"<p>The DeFi platform for synthetic assets, Synthetix, and the decentralized options protocol, Derive (formerly Lyra), have abandoned their $27 million merger deal.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The SIP-415 and DIP proposals to merge Synthetix and Derive have been mutually withdrawn following thoughtful discussion and community feedback.<\/p>\n<p>This moment reaffirms our independent path and the community&#8217;s belief in it.<\/p>\n<p>Derive operations remain uninterrupted. Trading is live,\u2026 <a href=\"https:\/\/t.co\/Uf5DmZNME5\">https:\/\/t.co\/Uf5DmZNME5<\/a><\/p>\n<p>\u2014 Derive (@derivexyz) <a href=\"https:\/\/twitter.com\/derivexyz\/status\/1925330013756563679?ref_src=twsrc%5Etfw\">May 21, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The decision was made after discussions and community feedback,&#8221; explained Derive.<\/em><\/p>\n<\/blockquote>\n<p>According to <a href=\"https:\/\/forklog.com\/en\/news\/synthetix-to-reintegrate-derive-options-protocol-in-27-million-deal\">the initial plan<\/a>, Synthetix intended to reintegrate Derive through a token swap of DRV for SNX at a ratio of 27:1.\u00a0<\/p>\n<p>The deal required the issuance of 29.3 million SNX, raising concerns about the potential devaluation of existing tokens.\u00a0\u00a0<\/p>\n<p>Both parties had formalized respective protocol improvement proposals.<\/p>\n<p>Critics noted that Derive, whose revenue in recent weeks surpassed that of Synthetix, was undervalued in the deal. With the first project valued at $27 million, the market capitalization of the second stands at $1.1 billion. Participants also described the exchange terms as &#8220;unfair&#8221; to DRV holders.\u00a0\u00a0<\/p>\n<p>Synthetix had planned to integrate Derive&#8217;s developments into its Perps V4 derivatives platform but will now seek alternatives. The partner, in turn, announced the continuation of its independent development.\u00a0\u00a0<\/p>\n<p>In May, online broker Robinhood <a href=\"https:\/\/forklog.com\/en\/news\/robinhood-to-acquire-crypto-platform-wonderfi-for-179-million\">finalized<\/a> an agreement to acquire the Canadian crypto company WonderFi, with assets under management of $1.5 billion.<\/p>\n<p>Currently, the largest acquisition in the industry for 2025 is the purchase of the crypto derivatives platform Deribit <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-strikes-2-9-billion-deal-to-acquire-deribit\">for $2.9 billion<\/a> by the exchange Coinbase.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The DeFi platform for synthetic assets, Synthetix, and the decentralized options protocol, Derive (formerly Lyra), have abandoned their $27 million merger deal. The SIP-415 and DIP proposals to merge Synthetix and Derive have been mutually withdrawn following thoughtful discussion and community feedback. This moment reaffirms our independent path and the community&#8217;s belief in it. Derive [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,1093,1322],"class_list":["post-24274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-defi","tag-synthetix"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/24274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=24274"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/24274\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/24273"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=24274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=24274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=24274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}