Synthetix core contributors Kain Warwick and Benjamin Celermajer have jointly submitted proposal SIP-423, outlining a plan to gradually phase out the sUSD stablecoin and implement major changes to the protocol’s “debt amnesty” plan and SNX staking mechanism.
According to Foresight News, the proposal would freeze sUSD on the Ethereum mainnet and Optimism, halting transfers, minting, and burning, and would take a snapshot of holders.
Eligible holders would be able to exchange sUSD for newly minted SNX at a rate of 1 sUSD to 4 SNX, with the received SNX subject to a 1-year lockup followed by 1 year of linear vesting.
The proposal would remove the existing sUSD staking ratio requirement and move remaining debt into a new staking model featuring a 4-year lockup plus 1 year of linear vesting. Participants could exit early by fully repaying their debt.
It would also decouple staking from legacy sUSD obligations, meaning stakers would no longer need to hold or stake sUSD.
In addition, if the protocol generates more than $10 million in revenue within 2 years, the proposal says 25% of that revenue would be distributed in USDT to former sUSD holders, with specific parameters adjustable through SCCP.
Synthetix Proposal SIP-423 Plans to Phase Out sUSD and Revamp Debt Amnesty and SNX Staking
2026-06-23 02:34:11
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