Synthetix has completed the SIP-423 update, officially deprecating the native stablecoin sUSD, and performing a hard reset of the SNX staking mechanism. The new SNX is minted in exchange for sUSD at a 4:1 ratio, with a conversion setting of a 1-year lockup period and a 1-year unlocking period.
The supply increased from approximately 344.94 million tokens to 581.40 million tokens, including an additional minting of about 236.46 million tokens. The official statement says that the proposal also completes the reorganization of Debt Jubilee. The protocol will move away from internal dependencies and focus on building a perpetual contracts trading venue on the Ethereum mainnet.
For market observation only and does not constitute investment advice.
#Synthetix #SNX #sUSD
The supply increased from approximately 344.94 million tokens to 581.40 million tokens, including an additional minting of about 236.46 million tokens. The official statement says that the proposal also completes the reorganization of Debt Jubilee. The protocol will move away from internal dependencies and focus on building a perpetual contracts trading venue on the Ethereum mainnet.
For market observation only and does not constitute investment advice.
#Synthetix #SNX #sUSD