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Synthetix Proposes SIP-423 to Retire sUSD at Par Value, Compensate Holders With Locked SNX on June 12

Token Events Project Progress

2026-06-23 02:45:58

SNX-4.77%

SUSD-3.88%

According to ChainCatcher, Synthetix founder Kain Warwick and core contributors proposed SIP-423 on June 12 to retire sUSD, marking the protocol's first proposal to sunset rather than fix the stablecoin. sUSD currently trades around $0.25, a 75% deviation from its $1 peg. Under the proposal, each sUSD will be compensated at par value with 4 SNX tokens (valued at $0.25 each), subject to a one-year lock period plus one year linear vesting. The proposal also includes a conditional USDT pathway: if the protocol generates over $10 million in revenue within two years, 25% can be allocated as USDT to sUSD holders preferring cash. According to DefiLlama, sUSD circulation stands at approximately $17.5 million, while Synthetix TVL is $32.5 million.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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