c2ba (🎄,🎄)

Understanding the dynamics of ve(3,3) bribe market, my first DeFi thread 🧵 A common idea of ve(3,3) is: - token emissions are expenses - voting rewards are revenue And people want revenue > expenses. I want to show here that this does not help the DEX sustain its flywheel.

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🎉#ポピープレイタイムトリプルパック 発売記念🎉 フォロー＆リポストキャンペーン🙌 #PoppyPlaytime グッズ 2万5千円分相当を抽選で2名様にプレゼント🎁 《応募方法》 ①@happinet_game　をフォロー ②この投稿をリポスト 期間：9/18～9/28 23:59 詳細：poppyplaytime.happinet-games.com/news/869

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The ticker is $ETH The chain is @LineaBuild. The DEX is Etherex.

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If this proposal passes, it would be the rug pull of the year. Everything is wrong with it: 1) Why would you sell your business to Synthetix - a failed and totally nonsensical protocol to begin with? 2) Especially considering that Derive (ex Lyra) was part of Synthetix and left precisely because it knew, better than anyone, that Synthetix is bad. 3) Derive is generating more revenue than Synthetix itself and actually has a future if execution is solid and the team’s promises are not fake. 4) Synthetix isn’t even buying Derive with real money. They’re minting ~30 million SNX out of thin air to make the purchase. Genius. 5) The funniest part? Synthetix won’t just acquire Derive’s operations and tech, it’ll also take over its treasury, which is currently ~$6 million. If you try selling 30 million SNX on-chain, you’d be lucky to get $1 million USDC. That’s an easy 6x profit for Synthetix from tokens they printed for free. 6) Let’s not forget that Lyra was previously valued at $150M FDV before it launched a new token for Derive, for absolutely no reason other than raising another round from angels and @echodotxyz (btw, -90% ROI probably the worst Echo deal ever?) and rekting token holders (aka lock lyra to get bigger derive airdrop, choose vesting and get more, etc etc). 7) Now, after the rebrand, the valuation is down to ~$25M and things are so bad that a Synthetix acquisition is even being considered. I have no idea how someone can justify selling Derive to Synthetix for no real money and fkin vested for 1 year (newly printed snx that is worth nothing and there are chances that in 1y snx might not really exist at all). Either your business is so bad that there are no good buyers for it, or this is a crime season. I understand that Derive is in a bad spot (lost all valuation, lacking adoption, etc etc) but you are very vocal that your product is one of the best, you still have big enough treasury to have a few years of runway. Keep working and if you really think you need to sell the business to survive, at least find a good buyer. Mountain protocol is a great example. They didn't have much traction but they got acquired by a big tradfi business that is aiming to expand into defi massively and they need defi expertise.

ngl as a large $DRV holder im a bit disappointed with this proposal the valuation seems unfairly low and i think the community should pushback and ask for a longer timeperiod to find out if there are other prospective buyers with better offers to be clear, i do see why an acquistion makes sense for Derive the derivatives space is heating up and it is very difficult for projects to stand out and reach scale at the same time m&a activity is sky rocketing as large, well capitalized players with established distribution channels are using the momentum to push into new verticals options are poised to grow significantly over the next few years as tradfi enters crypto - the $2.8b deribit acquisition by coinbase has made this crystal clear although i am doubtful synthethix offers the distribution derive needs to scale, it does have a large brand, a liquid token that is listed on all major CEX's and a fairly big warchest with the derive team and the tech they've built over the last few years, i think synthetix has a 10x better shot at becoming a major player in DeFi again so i do see why the acquisition makes sense from synthetix's pov but the price is too low imo 27m valuation or 21.7m net of treasury asset ( - 4m of stablecoins and ETH, - 1.3m of OP) is very low imo and i say this only because i truly think @itseneff @earthtojake_ et. all are one of the most based and fastest shipping teams in crypto nick was working at one of the largest market makers in tradfi and knows more about options than anyone in crypto and jake is a product beast from whatsapp - at the same time they're crypto native and locked in af yes derive has so far failed to build the traction they need to be long term sustainable but try the product and you'll understand that it kicks ass and in combination with the team around it - is worth much more than $20m especially when you consider this comes in 1y vesting $SNX pretty sure a hyperliquid or other big player could be interested in entering the options arena so my only ask would be not to rush this decision and hear out what other players have to say anyway i am sure we'll hear more from the team in next few days

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