At Synthetix, we worth the voices of our neighborhood and stakeholders above all.
Following the submission of SIP-415 to accumulate Derive, Synthetix has determined to withdraw the proposal after rigorously reviewing suggestions from stakeholders of each protocols and the broader neighborhood.
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 neighborhood and stakeholder alignment, given the shared targets of each protocols. Nonetheless, neighborhood issues concerning the deal’s valuation and phrases have led us to rethink, because the anticipated help 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 realize this purpose effectively.
We lengthen our greatest needs to the Derive crew as they pursue their mission to supply an distinctive choices buying and selling expertise and respect the neighborhood’s priceless suggestions.
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