Jun 23
Synthetix Governance Votes to Retire sUSD, Pay Holders in Vested SNX
Synthetix governance has moved to retire sUSD, proposing to pay all holders back at face value in vested $SNX under SIP-423, introduced June 12. The stablecoin now trades at roughly
➤ Synthetix governance is voting to retire its sUSD stablecoin, proposing to compensate holders with vested SNX tokens at a fixed conversion rate. ➤ The proposal, SIP-423, includes a snapshot of sUSD balances, a restructuring of the Debt Jubilee, and a potential USDT payout if protocol revenue exceeds $10 million. ➤ This marks a shift from previous attempts to stabilize sUSD, indicating a move towards exchange-driven revenue and away from sUSD issuance.
