From 6e544a7f7f0e6cd988a0a4490feb227e8f2cfb50 Mon Sep 17 00:00:00 2001 From: kaleb <62237347+kaleb-keny@users.noreply.github.com> Date: Fri, 14 Aug 2026 11:12:17 +0200 Subject: [PATCH] Record SNX mint amount and snapshot blocks in SIP-423 Phase 2 is complete and the holder snapshot has been taken, so the Phase 3 mint cap is now a known quantity rather than a formula: - Maximum Mint set to 236,464,356 SNX (was "total eligible entitlement from snapshot"), with the 59,116,089 sUSD entitlement it derives from at the 4:1 conversion ratio. - Snapshot/suspension blocks pinned per chain: 25473065 on Ethereum (chain 1), 153868527 on Optimism (chain 10). - Simple Summary and the Configurable Values cutoff-block row updated to match. Co-Authored-By: Claude Opus 5 (1M context) --- content/sips/sip-423.md | 10 +++++++--- 1 file changed, 7 insertions(+), 3 deletions(-) diff --git a/content/sips/sip-423.md b/content/sips/sip-423.md index b7d42410f..90da422be 100644 --- a/content/sips/sip-423.md +++ b/content/sips/sip-423.md @@ -15,7 +15,7 @@ created: 2026-06-12 This SIP proposes retiring legacy sUSD, restructuring the Debt Jubilee, and reforming SNX staking to establish a sustainable long-term foundation for Synthetix. This SIP achieves two primary outcomes: -1. Sunsetting of sUSD on Ethereum mainnet and Optimism. sUSD will be wound down and converted to newly minted SNX on Ethereum Mainnet. +1. Sunsetting of sUSD on Ethereum mainnet and Optimism. sUSD will be wound down and converted to newly minted SNX on Ethereum Mainnet, totalling 236,464,356 SNX per the Phase 2 snapshot. 2. Restructuring of the 420 Pool Debt Jubilee and SNX staking. ## Abstract @@ -95,7 +95,11 @@ The protocol shall mint new SNX to retire sUSD and honour receipt claims. | -------- | -------- | | Conversion Ratio | 4 SNX per 1 sUSD entitlement | | Minting Authority | pDAO via designated issuer | -| Maximum Mint | Total eligible entitlement from snapshot | +| Maximum Mint | 236,464,356 SNX | +| Snapshot block (Ethereum, chain 1) | 25473065 | +| Snapshot block (Optimism, chain 10) | 153868527 | + +The maximum mint of 236,464,356 SNX is the total eligible entitlement recorded by the Phase 2 snapshot, taken at the suspension blocks above, and corresponds to an sUSD entitlement of 59,116,089 at the 4:1 conversion ratio. ### Phase 4: SNX Staking Reform [CONTRACT BUILD DEFERRED] @@ -138,7 +142,7 @@ SNX staking shall no longer require stakers to hold, stake, or acquire sUSD as a | **Parameter** | **Initial Value** | **Description** | | :----------------------------------: | :--------------------------: | :---------------------------------------------------------------------------: | -| Snapshot cutoff block | Suspension block | Pin per chain at activation | +| Snapshot cutoff block | 25473065 (chain 1); 153868527 (chain 10) | Suspension block, pinned per chain | | sUSD:SNX Conversion ratio | 1:4 | New SNX per legacy sUSD entitlement | | Debt lock period | 4 years | Duration debt position remains locked (Phase 3, continue jubilee path) | | Debt vest period | 1 year | Linear vest after lock before debt clearance (Phase 3, continue jubilee path) |