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Record SNX mint amount and snapshot blocks in SIP-423 #2256

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kai-reed merged 1 commit into from
Aug 16, 2026
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Record SNX mint amount and snapshot blocks in SIP-423 #2256

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10 changes: 7 additions & 3 deletions content/sips/sip-423.md
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Expand Up @@ -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
Expand Down Expand Up @@ -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]

Expand Down Expand Up @@ -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) |
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