Synthetix Releases SIP-423 Proposal to Gradually Phase Out sUSD and Reform SNX Staking Mechanism
Foresight News reports that Synthetix core contributors Kain Warwick and Benjamin Celermajer have jointly submitted the SIP-423 proposal, which plans to gradually phase out the sUSD stablecoin and introduce significant reforms to the "debt amnesty" plan and the SNX staking mechanism.
The main contents include freezing sUSD on both the Ethereum mainnet and Optimism, halting transfers, minting, and burning, and taking a snapshot of holders. Eligible holders can exchange newly minted SNX at a ratio of 1 sUSD = 4 SNX (with a 1-year lock-up and 1-year linear release); the original sUSD staking ratio requirement will be cancelled, and the remaining debt will be moved into a new staking model (4-year lock-up plus 1-year linear release), with participants able to exit early by fully repaying their debt; staking will be decoupled from old sUSD obligations, and stakers will no longer need to hold or stake sUSD. Additionally, if the protocol generates more than 10 million USD in income within 2 years, 25% of that will be distributed to former sUSD holders in USDT (with specific parameters adjustable via SCCP).
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Nvidia quietly reduces OpenAI data center guarantee from 250 billions to below 120 billions
Nvidia and OpenAI are close to signing a data center financing agreement in Ohio. However, Nvidia's financial guarantee has been reduced from $250 billion to less than $120 billion, covering only about 5 GW of computing power for the project's first phase. This adjustment is a direct response to investor concerns about Nvidia's risk exposure—after the previous $250 billion guarantee plan was revealed, Nvidia's stock price fell 5% in a single day. The agreement could be signed as early as this weekend.
Ivy League’s space gamble: Harvard reveals $2.2 billions SpaceX position, its largest single stock holding
Harvard University Investment Management Company disclosed that it holds $2.2 billion worth of SpaceX shares, making it the largest single stock position in its $4.3 billion US equity portfolio. This holding originated from Harvard’s early investment in SpaceX through venture capital funds, and the position has significantly appreciated after SpaceX’s public listing in June this year. The University of California also disclosed a roughly $1 billion position in SpaceX during the same period. Over the past decade, endowment funds from several universities have made substantial bets on private tech assets.
Crypto prices
More
