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-3.34%
SUSD-15.26%
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