Synthetix Governance Votes to Retire sUSD, Repaying Holders with Locked SNX at a 1:4 Ratio

CoinFeed, June 23 - According to The Defiant, Synthetix governance has voted to gradually retire sUSD under SIP-423, repaying holders with locked SNX at a rate of 4 SNX per sUSD. The proposal, put forward by Synthetix founder Kain Warwick and core contributor Benjamin Celermajer, will freeze the sUSD contract and repay holders at face value. sUSD is currently trading at around $0.25, significantly depegged from its $1 target. SIP-423 includes four parts: a holder snapshot, sUSD retirement, SIP-420 debt restructuring (closing the 420 pool and giving debt participants the option of a four-year lock-up or early repayment exit), and SNX staking reform (deferred to a separate version).