Synthetix completes SIP-423, deprecates sUSD with 4:1 SNX conversion
Synthetix delivered the primary outcomes of SIP-423, which deprecates its native sUSD stablecoin — the founding mission of the original 2017 Havven project. The change, approved on June 19, mints new SNX at a 4:1 ratio with sUSD (236,464,356 SNX minted, bringing supply from 344,939,867.56 to 581,404,223.56 SNX), with a 1-year lock followed by 1-year vesting.
- sUSD holders can check their SNX entitlement on a dedicated dashboard; balances may not appear if held in an LP position or an L2 Safe wallet.
- Synthetix frames the move as a "hard reset" that removes endogenous dependencies, positioning the protocol to scale as a perp venue on Ethereum Mainnet.
Sources
- 5⃣/5⃣ https://t.co/uj0nivLwao Replying to their earlier post: 4⃣/5⃣ SIP-423 was a hard reset for the Synthetix ecosystem. Now we can forge ahead as a protocol with zero endogenous dependencies and a clear, stable path to scaling Synthetix as the ultimate perp…x.com ↗
- 4⃣/5⃣ SIP-423 was a hard reset for the Synthetix ecosystem. Now we can forge ahead as a protocol with zero endogenous dependencies and a clear, stable path to scaling Synthetix as the ultimate perp venue on Ethereum Mainnet. Replying to their earlier post: 3⃣/5⃣ All sUSD holders can view their SNX entitlement on the following dashboard: 🔗 https://t.co/lbsxyXN0va If sUSD does not appear on the dashboard, it is likely because it is, or was previously,…x.com ↗
- 3⃣/5⃣ All sUSD holders can view their SNX entitlement on the following dashboard: 🔗 https://t.co/lbsxyXN0va If sUSD does not appear on the dashboard, it is likely because it is, or was previously, held in an LP position or an L2 Safe wallet. Replying to their earlier post: 2⃣/5⃣ New SNX was minted at a 4:1 ratio with sUSD. The conversion includes a 1-year lock followed by 1-year vesting: 🔹Original supply: 344,939,867.56 SNX 🔹SNX minted tokens: 236,464,356 SNX 🔹New…x.com ↗
- SIP 423 Update: Synthetix Improvement Proposal (SIP)-423 closed a chapter of Synthetix, deprecating our native stablecoin, the founding mission of the original 2017 Havven project. Following its approval on June 19, SIP-423 has now delivered its primary outcomes: 🔹Retiredx.com ↗
- 2⃣/5⃣ New SNX was minted at a 4:1 ratio with sUSD. The conversion includes a 1-year lock followed by 1-year vesting: 🔹Original supply: 344,939,867.56 SNX 🔹SNX minted tokens: 236,464,356 SNX 🔹New supply: 581,404,223.56 SNX Replying to their earlier post: SIP 423 Update: Synthetix Improvement Proposal (SIP)-423 closed a chapter of Synthetix, deprecating our native stablecoin, the founding mission of the original 2017 Havven project. Following its app…x.com ↗
Synthetix
A new financial primitive enabling the creation of synthetic assets, offering unique derivatives and exposure to real-world assets on the blockchain.
