SIP-423 proposes legacy sUSD retirement and SNX compensation

SIP-423 entered Vote Pending status with a proposal to retire legacy sUSD on Ethereum and Optimism, suspend transfer, mint, and burn functions after a successful vote, snapshot eligible holdings, close the 420 Pool structure, reform staking exits, and offer a proposed entitlement of four newly minted SNX per eligible sUSD. The proposal is not approved or implemented.

Date: 2026-06-12
Affected records: 2 linked records
1 stablecoin · 1 organization
Evidence: 5 sources
5 evidence relations

Connected records

Affected records

Assets and organizations connected to this event.

StablecoinSynthetix USD OrganizationSynthetix

Sources

Evidence

Sources used for this record, with archival copies where available.

5 source identities · 5 evidence relations
Source	Publisher and date	Relevance	Archive
SIP-423: sUSD Retirement & Staking Reform Source details Source category Governance record Provenance Governance primary source Primary or secondary Primary source Reliability High	Synthetix Improvement Proposals Published 2026-06-12	Governance Status, Retirement Proposal, Compensation Proposal, Snapshot Proposal, 420 Pool, Staking Reform, Vote Pending Retirement Compensation and Staking Reform	No archive recorded
Synthetix Improvement Proposal status definitions Source details Source category Governance record Provenance Governance primary source Primary or secondary Primary source Reliability High	Synthetix Improvement Proposals Published Not yet recorded	Vote Pending, Approved, Implemented, Proposal Status Taxonomy	No archive recorded
SIP-420: SNX Staking 420 Pool Source details Source category Governance record Provenance Governance primary source Primary or secondary Primary source Reliability High	Synthetix Improvement Proposals Published 2024-12-18	420 Pool, Debt Jubilee, Staking, Protocol Owned Debt, 420 Pool and Protocol Owned Debt Context	No archive recorded
Rebuilding sUSD Source details Source category Official statement or announcement Provenance Subject-controlled source Primary or secondary Primary source Reliability High	Synthetix Published 2026-02-12	Persistent Depeg, Minting Deprecation, Repeg Plan, 420 Pool, Persistent Depeg and Repeg Measures	No archive recorded
Synthetix 2026 Roadmap Source details Source category Official documentation or product page Provenance Subject-controlled source Primary or secondary Primary source Reliability High	Synthetix Published 2026-03-13	Roadmap, Repeg Plan, Buybacks, Collateral Transition, Repeg Buybacks and Collateral Transition Plan	No archive recorded

Governance record

SIP-423: sUSD Retirement & Staking Reform

High

Publisher: Synthetix Improvement Proposals
Published: 2026-06-12
Provenance: Governance primary source
Primary or secondary: Primary source
Supported claims: Governance Status, Retirement Proposal, Compensation Proposal, Snapshot Proposal, 420 Pool, Staking Reform, Vote Pending Retirement Compensation and Staking Reform
Archive: No archive recorded
Reliability: High

Governance record

Synthetix Improvement Proposal status definitions

High

Publisher: Synthetix Improvement Proposals
Published: Not yet recorded
Provenance: Governance primary source
Primary or secondary: Primary source
Supported claims: Vote Pending, Approved, Implemented, Proposal Status Taxonomy
Archive: No archive recorded
Reliability: High

Governance record

SIP-420: SNX Staking 420 Pool

High

Publisher: Synthetix Improvement Proposals
Published: 2024-12-18
Provenance: Governance primary source
Primary or secondary: Primary source
Supported claims: 420 Pool, Debt Jubilee, Staking, Protocol Owned Debt, 420 Pool and Protocol Owned Debt Context
Archive: No archive recorded
Reliability: High

Official statement or announcement

Rebuilding sUSD

High

Publisher: Synthetix
Published: 2026-02-12
Provenance: Subject-controlled source
Primary or secondary: Primary source
Supported claims: Persistent Depeg, Minting Deprecation, Repeg Plan, 420 Pool, Persistent Depeg and Repeg Measures
Archive: No archive recorded
Reliability: High

Official documentation or product page

Synthetix 2026 Roadmap

High

Publisher: Synthetix
Published: 2026-03-13
Provenance: Subject-controlled source
Primary or secondary: Primary source
Supported claims: Roadmap, Repeg Plan, Buybacks, Collateral Transition, Repeg Buybacks and Collateral Transition Plan
Archive: No archive recorded
Reliability: High

Record details
Classification, review, and event-specific data

Record ID: sog_ev_susd_sip423_proposed_2026
Severity: Critical
Event type: Governance Change Proposed
Public category: Governance and protocol change
Lifecycle effect: Restricted or impaired
Recovery or reversal: Not applicable
Recovery date: Not yet recorded
Cause or mechanism: Vote Pending proposal for Ethereum and Optimism legacy sUSD retirement, a governance-defined holder snapshot, conditional four-SNX entitlement, 420 Pool closure, and staking reform.
Structured detail kind: Governance Change
Record confidence: High
Evidence relations: 5

Event-specific details

Governance change

Summary: Vote Pending proposal for Ethereum and Optimism legacy sUSD retirement, a governance-defined holder snapshot, conditional four-SNX entitlement, 420 Pool closure, and staking reform.
Status: Vote Pending Not Approved or Implemented
Resolution date: Not yet recorded
Affected deployments: sog_dep_susd_ethereum_seed, sog_dep_susd_optimism_legacy
Related organizations: sog_issuer_synthetix

Maintenance

Corrections and further reading

Use the documented correction path and methodology.