The Synthetix governance proposal aims to fully retire sUSD, compensating holders at face value with locked SNX

By: rootdata|2026/06/24 04:45:04

On June 12, Kain Warwick, the founder of Synthetix, and core contributors proposed SIP-423, which aims to freeze and deprecate the sUSD contract. This is the first time Synthetix has proposed to retire rather than fix sUSD. The current price of sUSD is approximately $0.25, deviating about 75% from the $1 target, having dropped about 61% in the past 30 days.

According to the proposal, each sUSD will be compensated to holders at a face value of $1 with 4 SNX (valued at $0.25), with SNX having a one-year lock-up period and one year of linear vesting. The proposal also includes a conditional USDT pathway: if the protocol generates over $10 million in revenue during the two-year lock-up period, 25% can be distributed as USDT to sUSD holders who prefer cash.

SIP-423 also aims to close the 420 Pool under SIP-420 and cancel the sUSD staking ratio requirement. The current status of the proposal is pending vote, and the technical implementation plan SIP-424 has not yet been released. According to DefiLlama data, the circulation of sUSD is approximately $17.5 million, and Synthetix's TVL is $32.5 million.

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