SYNTHETIX PROPOSES RADICAL RESTRUCTURING TO ABANDON SUSD AND PIVOT TO PERP DEX OPERATIONS 🎯
The SIP-423 proposal marks a significant shift in protocol strategy by phasing out the sUSD stablecoin. With sUSD currently trading at 0.25 USD, the compensation plan offers 4 SNX per 1 sUSD, subject to a two-year lock and vest schedule.
This move aims to resolve long-standing debt issues and streamline the ecosystem for future growth. While this refocuses the protocol on its core strengths, the upcoming linear unlock of newly minted SNX introduces a potential supply overhang that market participants must factor into their long-term models.
Do you think removing sUSD was the right decision by Synthetix?
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