**[Synthetix Releases SIP-423 Proposal to Gradually Phase Out sUSD and Reform SNX Staking Mechanism]** Foresight News reports that decentralized derivatives protocol Synthetix's core contributors Kain Warwick and Benjamin Celermajer have jointly submitted the SIP-423 proposal, which plans to gradually phase out the sUSD stablecoin and implement major reforms to the "Debt Amnesty" program and the SNX staking mechanism. Key points include freezing sUSD on Ethereum mainnet and Optimism, halting transfers, minting, and burning, and taking a snapshot of holders. Eligible holders can exchange newly minted SNX at a ratio of 1 sUSD = 4 SNX (with a 1-year lockup + 1-year linear release). The original sUSD staking ratio requirement will be removed, and the remaining debt will be transferred to a new staking model (4-year lockup + 1-year linear release), allowing participants to exit early by fully repaying their debt. Staking will be decoupled from old sUSD obligations, and stakers will no longer need to hold or stake sUSD. Additionally, if the protocol generates over $10 million in revenue within 2 years, 25% of it will be distributed to old sUSD holders in USDT (specific parameters adjustable via SCCP).
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