PANews reported on May 26 that according to The Block, the merger proposal between the decentralized options platform Derive (formerly Lyra) and Synthetix for the $27 million acquisition has been withdrawn by both parties. In mid-May, Synthetix proposed to integrate Derive's technology and products through token swaps to create an Ethereum mainnet derivatives protocol, and submitted SIP-415 and DIP proposals, but was cancelled by Derive. The Derive team stated that after community feedback and internal discussions, both parties withdrew the proposal.

In the original plan, Derive was valued at $27 million, and the exchange ratio was 27 DRV to 1 SNX, so Synthetix needed to issue 29.3 million SNX. However, the Derive community pointed out that its recent revenue is higher than Synthetix, and believed that the acquisition valuation underestimated its value, and that the additional issuance of SNX may harm the rights and interests of holders. Synthetix originally planned to use this to strengthen its derivatives platform Perps V4, but will now turn to other solutions to optimize the ecosystem. Derive reiterated that it will adhere to the independent development path, and the termination of this cooperation has not affected its strategic autonomy.