sUSD deprecated, Synthetix completes SIP-423 update and reforms SNX staking mechanism

Odaily Planet Daily News: Synthetix announced on X platform that the previously approved SIP-423 proposal has achieved its main objectives, including deprecating the native stablecoin sUSD, restructuring the Debt Jubilee, and reforming the SNX staking mechanism. New SNX will be exchangeable and mintable with sUSD at a 4:1 ratio, with the conversion involving a 1-year lock-up period and a 1-year unlock period. The original supply was 344.93986756 million SNX, with an additional 236.464356 million SNX newly minted, bringing the new total supply to 581.40422356 million SNX. Synthetix stated that SIP-423 represents a "hard reset," as the protocol will move away from internal dependencies and focus on building a venue for perpetual contract trading on the Ethereum mainnet.