The plan would freeze the sUSD contract and repay holders at par with locked SNX as the stablecoin trades far below $1, while Synthetix sharpens its focus on perpetual futures.
Synthetix governance has voted to gradually retire sUSD under SIP-423, marking a deeper restructuring of the protocol’s stablecoin system as sUSD trades near $0.25. The plan would freeze the sUSD contract and repay holders at par using locked SNX at a rate of 4 SNX per sUSD, based on a holder snapshot. The proposal, put forward by founder Kain Warwick and core contributor Benjamin Celermajer, also includes debt-structure changes under SIP-420 and applies a one-year lockup followed by a one-year linear unlock for the SNX compensation. The move reinforces Synthetix’s strategic shift toward perpetual futures, a core crypto derivatives product, while attempting to resolve prolonged stress around its synthetic dollar.