According to The Defiant, Synthetix governance proposed SIP-423, planning to completely retire the stablecoin sUSD, freeze and deprecate its contracts, and compensate holders at a rate of 4 SNX for every 1 sUSD. The plan was put forward by Synthetix founder Kain Warwick and core contributor Benjamin Celermajer, with SNX having a one-year lock-up period and a subsequent one-year linear unlock. sUSD is currently severely depegged, trading at approximately $0.25, well below the $1 target price.

SNX-1.44%
SUSD2.91%
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MempoolMaggie
· 3h ago
Two-year unlocking period + linear release—pretty obvious they’re not letting people slam the market, but with SNX’s sell pressure, who’s actually got the bid to take it?
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PfpArchaeologist
· 3h ago
Kain personally steps in to clean up the mess; sUSD has dropped to 0.25 before he remembers to retire. Why didn't he do it earlier?
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MempoolNomad
· 3h ago
4 SNX for 1 sUSD? This discount is even more aggressive than Double Eleven; locking in for two years, you probably won't even get hot air from the northwest wind.
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