Synthetix completes SIP-423 update, abandons sUSD and reforms SNX staking mechanism
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Synthetix has completed the SIP-423 proposal, abandoning the native stablecoin sUSD, restructuring Debt Jubilee, and reforming the SNX staking mechanism. The new SNX is exchanged for casting with sUSD in a 4:1 ratio, which includes a 1-year lock up period and a 1-year unlock period. The original supply was 344939867.56 SNX, with an additional 236464356 SNX cast. The total new supply is 581404223.56 SNX. SIP-423 focuses its protocol on perpetual contract trading on the Ethereum mainnet.