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
Category: Governance and protocol change
Subtype: Governance Change Proposed
Status effect: Restricted or impaired
Recovery: Not applicableNot yet recorded
Evidence: 5 source records5 relations

Identity and classification

Overview

Date, taxonomy, impact, recovery, mechanism, confidence, and evidence remain separate.

Date	2026-06-12
Public event category	Governance and protocol change
Canonical event subtype	Governance Change Proposed
Structured detail kind	Governance Change
Stablecoin subjects	Synthetix USD
Organization subjects	Synthetix
Impact	Critical
Effect on stablecoin lifecycle	Restricted or impaired
Canonical status-effect value	Impaired Context
Recovery or reversal	Not applicable
Recovery date	Not Applicable
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 coverage	Structured fields available below
Record confidence	High

Date: 2026-06-12
Public category: Governance and protocol change
Canonical subtype: Governance Change Proposed
Structured detail kind: Governance Change
Impact: Critical
Status effect: Restricted or impaired
Recovery: 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.
Record confidence: High

Affected records

Subjects

Stablecoin and organization subjects remain separate record groups.

Stablecoin subject

Synthetix USD

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Organization subject

Synthetix

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Typed record

Structured detail

Event-type-specific facts remain visible with explicit value states.

Structured event detail

Governance-change detail — 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.
Governance-change detail — Status	Vote Pending Not Approved or Implemented
Governance-change detail — Resolution date	Not yet recorded
Governance-change detail — Affected deployments	sog_dep_susd_ethereum_seed, sog_dep_susd_optimism_legacy
Governance-change detail — Related organizations	sog_issuer_synthetix

Governance-change detail — 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.
Governance-change detail — Status: Vote Pending Not Approved or Implemented
Governance-change detail — Resolution date: Not yet recorded
Governance-change detail — Affected deployments: sog_dep_susd_ethereum_seed, sog_dep_susd_optimism_legacy
Governance-change detail — Related organizations: sog_issuer_synthetix

Provenance

Evidence

Source identity, publisher, publication date, reliability, archive, and relation count remain separate.

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

SIP-423: sUSD Retirement & Staking Reform

Publisher: Synthetix Improvement Proposals
Published: 2026-06-12
Reliability: High
Relations: 1

Synthetix Improvement Proposal status definitions

Publisher: Synthetix Improvement Proposals
Published: Not recorded
Reliability: High
Relations: 1

SIP-420: SNX Staking 420 Pool

Publisher: Synthetix Improvement Proposals
Published: 2024-12-18
Reliability: High
Relations: 1

Rebuilding sUSD

Publisher: Synthetix
Published: 2026-02-12
Reliability: High
Relations: 1

Synthetix 2026 Roadmap

Publisher: Synthetix
Published: 2026-03-13
Reliability: High
Relations: 1

Maintenance

Corrections and further reading

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