Synthetix said SIP-423 has achieved its main goals by deprecating native stablecoin sUSD, reorganizing Debt Jubilee and overhauling SNX staking (locking tokens to support a protocol and earn rewards). Under the change, new SNX can be minted by converting sUSD at a 4:1 ratio, with a one-year lockup followed by a one-year unlock period. The move increases SNX supply from 344,939,867.56 to 581,404,223.56 after 236,464,356 tokens are issued, and Synthetix described the proposal as a "hard reset" meant to remove internal dependencies and concentrate the protocol on perpetual contracts (crypto derivatives with no expiry) trading on Ethereum mainnet.