Synthetix scuttles community concerns 27m of transactions derives transactions
Distributed Finance Platform Synthetix has plans to get $ 27 million to get derivatives of encryption options after negative community feedback.
A spokesman for Synthetix said on May 22 that the acquisition proposal was thrown into the community and “did not resonate.”
Synthetix said it would derive from token exchange transactions on May 14. 1 SNX token said it will set the price with 27 DRV tokens.
Synthetix Strategic Director Ben Celermajer said that the problem of other communities was a three -month token lock period, and the trading price was attempted to solve without a lock for less than 1 million DRV holders.
“We understand that ads have not resonated with all community members, but many of the two local owners believed that this transaction was fair and acceptable.”
“But we admit that the reaction does not meet expectations, and we have no intention of going to something that tried to become a collaborative and constructive effort.”
Celermajer said Synthetix will continue to evaluate the opportunity to build a derivatives platform distributed in Ethereum Mainnet.
Derive a community on the benefits of transactions
Derived community members expressed concern about trading for the overall advantage of the project forum, especially the token exchange rates and the platform.
Judo user “RAMJO” wrote on May 14 that the token exchange rate “reflect derivatives as a platform” and “selling the floor and locking me.”
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Another user, “Alvarohk,” said that it is difficult to justify this deal, and insisted that derivatives generate more profits than Synthetix, and Synthetix said, “There was no provision for interrupting the agreement from printing millions of new tokens and diluting us.”
Alvarohk found a guideline in a subsequent post, “Synthetix plans to increase the supply from 330 million to 500 million by issuing an additional 170 million SNX.
“Why is this information not disclosed when asking questions? This information will further discount the value of derivative proposals,” he added.
DEGRIVE, which Synthetix started with Lyra in 2021, was operated as a distributed option protocol, but remained part of the Synthetix ecosystem.
In the end, we changed the brand to be derived and operated independently with Synthetix, such as the use of Synthetix’s SUSD Stablecoin and liquidity.
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