Synthetix Completes SIP-423 Update, Discontinues sUSD and Reforms SNX Staking Mechanism

The decentralized derivatives protocol Synthetix has completed the SIP-423 proposal, which aims to discontinue the native stablecoin sUSD, restructure the Debt Jubilee, and reform the SNX staking mechanism. New SNX will be minted at a 4:1 ratio against sUSD, with the conversion including a 1-year lock-up period and a 1-year unlocking period. The original supply was 344,939,867.56 SNX, with an additional minting of 236,464,356 SNX, bringing the new total supply to 581,404,223.56 SNX. All sUSD holders can check their SNX conversion limits through the corresponding link; if sUSD does not appear on the panel, it may be because it is held in an LP position or an L2 Safe wallet.

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