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Synthetix governance votes to retire sUSD, pay holders in SNX tokens

Synthetix's SIP-423 proposes retiring sUSD stablecoin and converting holders' balances to SNX tokens at a 4:1 ratio with a two-year lock-up and vesting

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cryptobriefing.comStai leggendo3 g fa

Synthetix governance votes to retire sUSD, pay holders in SNX tokens

Synthetix retires sUSD (~$40M) via 4:1 SNX swap, one-year lock-up plus vesting. The shift from synthetic assets to perpetual futures clears legacy obligations but dilutes SNX holders, signaling DeFi consolidation toward specialization.

originale

thedefiant.io3 g fa

Synthetix Governance Votes to Retire sUSD, Pay Holders in Vested SNX - "The Defiant"

Synthetix retires sUSD (crashed $1→$0.25) via SIP-423, paying holders 4 SNX vested with 1-year lock+vest. This exposes stablecoin structural weakness: protocol-issued unsecured assets cannot maintain pegs, forcing governance restructure and undermining DeFi payment layer trust.

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martedì 23 giugno 2026·thedefiant.io
Synthetix Governance Votes to Retire sUSD, Pay Holders in Vested SNX - "The Defiant"
Synthetix governance is retiring sUSD under SIP-423, paying holders at par in vested SNX. The stablecoin trades at roughly $0.25 against its $1.00 target.
martedì 23 giugno 2026·cryptobriefing.com
Synthetix governance votes to retire sUSD, pay holders in SNX tokens
Synthetix's SIP-423 proposes retiring sUSD stablecoin and converting holders' balances to SNX tokens at a 4:1 ratio with a two-year lock-up and vesting