Summary
- Synthetix announced that it has withdrawn its acquisition of dYdX.
- The decision to withdraw the acquisition was mainly influenced by the opposition from the dYdX community.
- The dYdX community reportedly opposed the acquisition, claiming that dYdX generates more revenue than Synthetix.
The acquisition of the cryptocurrency options exchange dYdX by the decentralized finance (DeFi) platform Synthetix (SNX) has fallen through.
According to Cointelegraph on the 22nd (local time), Synthetix recently withdrew its intention to acquire dYdX. This comes about 8 days after Synthetix announced on the 14th of this month that it was pursuing the acquisition of dYdX for $27 million (approximately 37 billion KRW).
The opposition from the dYdX community was a major factor in the failure of the acquisition. It is reported that the dYdX community opposed the acquisition on the grounds that "dYdX generates more revenue than Synthetix."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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