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Synthetix Governance Votes to Retire sUSD, Pay Holders in Vested SNX Synthetix governance has moved to retire sUSD, proposing to pay all holders back at face value in vested $SNX under SIP-423, introd

Synthetix Governance Votes to Retire sUSD, Pay Holders in Vested SNX

Synthetix governance has moved to retire sUSD, proposing to pay all holders back at face value in vested $SNX under SIP-423, introduced June 12. The stablecoin now trades at roughly $0.25 against its $1.00 target, per CoinGecko and DefiLlama.

Synthetix founder Kain Warwick and core contributor Benjamin Celermajer authored the proposal. Under SIP-423, the sUSD contract would be frozen and deprecated. Each eligible sUSD holder would receive four $SNX tokens per sUSD, at a conversion that values $SNX at $0.25 and sUSD at its intended $1.00 face value. The $SNX tokens carry a one-year lock followed by a one-year linear vest from the freeze date. The claim window opens approximately one year after the freeze.

Four Components
SIP-423 has four parts. First, a holder snapshot: an audit of all sUSD balances on Ethereum and Optimism at a governance-defined cutoff block. Second, the sUSD retirement itself. Third, a restructure of the existing Debt Jubilee under SIP-420, which would close the 420 Pool, remove sUSD staking ratio requirements, and give existing debt participants the choice of a four-year lock with a one-year vest, or an early exit by repaying their remaining debt in full. The fourth component, $SNX staking reform, is deferred to a separate build.

A contingent $USDT path is included: if Synthetix generates more than $10 million in protocol revenue within the two-year lock-up period, 25% of that revenue can be distributed as $USDT to legacy sUSD holders who prefer cash over $SNX. Both the $10 million threshold and the 25% share are adjustable by the Spartan Council via SCCP.

Vote Pending
SIP-423 carried a Vote_Pending status as of publication. A companion proposal, SIP-424, covering the technical implementation of the wind-down, has not yet been published.


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Synthetix Governance Votes to Retire sUSD, Pay Hol

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My LUNC Wallet Tour - June 2026: Wallet: terra1...abc Total: 850M LUNC = ₹51,000 Staked: 500M = 12% APY Liquid: 350M = DCA fuel NFTs: 0 - LUNC only 🫡 Biggest Buy: 200M at $0.000058 = ₹9,600 Biggest Se

Spell Finance ( $SPELL ) has recently executed a decisive order block, marking a clear bullish breakout that could propel the price higher. In contrast, BOND ( $BOND ) is in tight consolidation, with 

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World Cup Predictions: 100,000 USDT DailyXRP stabilizes near $1.10 after major 2026 decline, key support levels in focus Following a wave of heavy selling in the cryptocurrency market, $XRP is attempt

XRP stabilizes near $1.10 after major 2026 decline, key support levels in focus
Following a wave of heavy selling in the cryptocurrency market, $XRP is attempting to stabilize near the $1.10 mark, aiming to form a short-term bottom after what is described as one of the major pullbacks of 2026. The asset, having dipped below major support lines and exited a multi-month trading range, continues to face downward pressure despite some signs of recovery.

Key levels to watch in $XRP

$XRP recently lost its $1.28 support level, which had served as a key floor for most of March, April, and May. This breakdown accelerated selling, dragging the price down to recent lows around $1.05. Despite a brief rebound, the recovery was limited, indicating that market participants remain cautious even as the price attempts to rally.

Technical indicators reveal that significant resistance areas remain above the current price. The 50-day moving average stands at $1.20, while the 100- and 200-day averages are positioned at $1.28 and $1.35 respectively, reflecting an ongoing advantage for sellers in the broader trend. For a more meaningful turnaround, analysts note that $XRP would need to reclaim these levels as new support zones.

Trading volume has shown a more balanced signal. There was a notable spike in volume during the initial breakdown, suggesting that much of the selling may have played out during that phase. As panicked selling has eased, volumes have gradually returned to normal, while the Relative Strength Index (RSI) is now attempting an upward move after exiting oversold territory.

While the downward momentum in $XRP has waned compared to the first wave of selling, this alone does not confirm a lasting trend reversal.

In the near term, investors are closely watching the $1.20 level. A sustained move above this threshold could open the door to a broader rebound toward $1.28, while failure to break higher keeps the risk of revisiting

XRP stabilizes near $1.10 after major 2026 decline

$ONT IS SHOWING STRENGTH AS BUYERS DEFEND THE KEY SUPPORT ZONE 📈 Entry: 0.04530 - 0.04545 🔥 Target: 0.04570, 0.04595, 0.04615 🚀 Stop Loss: 0.04505 ⚠️ The price is reacting well after a sharp sell-off,

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Bitmine, Sharplink and Joe Lubin back Ethereum R&D nonprofit HTX Creation Challenge — Post and Win 1,500U 💥World Cup Predictions: 100,000 USDT DailyHTX Invites You to Share 600K USDT in Gift Packs For

Bitmine, Sharplink and Joe Lubin back Ethereum R&D nonprofit



Former Ethereum Foundation contributors and Ether treasury firms Bitmine and Sharplink have backed a new research and development nonprofit that aims to make Ethereum ready for institutional use.

Sharplink said on Monday that the organization, Ethlabs, was formed to “ready Ethereum for the next phase of institutional adoption,” with the company pitching in with Bitmine, Ethereum co-founder Joe Lubin and other Ethereum contributors on its funding effort.

“As stablecoins, tokenized real-world assets, funds and autonomous AI commerce move on-chain, they are converging on Ethereum as the neutral, credibly permissionless settlement layer for the global economy,” Sharplink said. “Ethlabs exists to ensure the network is ready to absorb that demand at scale.”

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On June 23, crypto KOL @Adam_Tehc posted on the X platform that last week, a significant number of dormant wallets returned to Solana DEX, with over 20,000 wallets becoming active for the first time a

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#🚨 The biggest risks in crypto rarely appear during market crashes—they emerge when everything looks perfect. Prices are climbing, optimism is returning, and many traders are expecting the next breako

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