SNX (SNX)

prob best way to retire $sUSD at 0.25 already SIP-423 lets sUSD holders redeem at $1 par value paid in newly minted $SNX tokens (4 SNX per $1 sUSD with some lock up). 46.7M sUSD × 4 = 187M new SNX on a 345M supply. ~52M of those will eventually hit the real float (~29% increase). low perps fees last 7 days, low buyback pressure absorbing the dilution...? Governance vote June 26.

Synthetix governance votes to retire sUSD stablecoin entirely under SIP-423, converting all holdings to vested SNX at a 4:1 ratio. Technical implementation SIP-424 pending. Read more here: https://t.co/xJmMJwlTNM

Kain (@kaiynne), the founder of Synthetix $SNX, a project that reached an ATH market cap of roughly $3B a few years ago, just announced the approval of a proposal to deprecate sUSD, Synthetix’s stablecoin. https://t.co/yiF4ZN354o This comes after a sustained depeg that began in March 2025, and only months after Synthetix said sUSD would remain its foundational stablecoin and targeted restored peg stability by the end of Q2 2026. sUSD holders will be compensated with 4 $SNX for each sUSD, which is around $0.94 at current prices, without taking into account SNX liquidity. Since sUSD circulating supply is 69.8M units, this proposal could mint up to an additional 279.4M new $SNX ($65.4M at current prices), with a 1-year lockup + 1-year vesting. For context, the current $SNX market cap is $81M and this proposal could increase total SNX supply by more than 80%.

Kain (@kaiynne), the founder of Synthetix $SNX, a project that reached an ATH market cap of roughly $3B a few years ago, just announced the approval of a proposal to deprecate sUSD, Synthetix’s stablecoin. https://t.co/yiF4ZN354o This comes after a sustained depeg that began in March 2025, and only months after Synthetix said sUSD would remain its foundational stablecoin and targeted restored peg stability by the end of Q2 2026. sUSD holders will be compensated with 4 $SNX for each sUSD, which is around $0.94 at current prices, without taking into account SNX liquidity. Since sUSD circulating supply is 69.8M units, this proposal could mint up to an additional 279.4M new $SNX ($65.4M at current prices), with a 1-year lockup + 1-year vesting. For context, the current $SNX market cap is $81M and this proposal could increase total SNX supply by more than 80%.

Kain (@kaiynne), the founder of Synthetix $SNX, a project that reached an ATH market cap of roughly $3B a few years ago, just announced the approval of a proposal to deprecate sUSD, Synthetix’s stablecoin. https://t.co/yiF4ZN354o This comes after a sustained depeg that began in March 2025, and only months after Synthetix said sUSD would remain its foundational stablecoin and targeted restored peg stability by the end of Q2 2026. sUSD holders will be compensated with 4 $SNX for each sUSD, which is around $0.94 at current prices, without taking into account SNX liquidity. Since sUSD circulating supply is 69.8M units, this proposal could mint up to an additional 279.4M new $SNX ($65.4M at current prices), with a 1-year lockup + 1-year vesting. For context, the current $SNX market cap is $81M and this proposal could increase total SNX supply by more than 80%.

There is no good news here, the implementation of the 420-pool very likely saved the protocol from a death spiral at the cost of the sUSD peg. But sUSD is the responsibility of SNX holders so sUSD holders will be made whole with SNX.