PANews reported on April 23 that Kain, the founder of Synthetix, published a blog post titled "sUSD: Restarting the Anchoring Path", which elaborated on the path to readjust incentives, restore sUSD anchoring, and lay the foundation for Perps V4 on L1 and snaxChain. When SNX fell below $1 at the end of 2024, Synthetix launched the "debt forgiveness" plan to concentrate historical sUSD debts in the 420 Pool on the chain. Although it avoided the liquidation crisis, it destroyed the arbitrage anchoring mechanism of sUSD. In order to restore sUSD to $1, incentives need to be reintroduced: positive incentives are to pledge sUSD to the 420 Pool to receive SNX inflation rewards; negative incentives require pledgers to deposit a certain proportion of sUSD (initially 5-10% of outstanding debt). If the standard is not met, debt forgiveness will be suspended, and the proportion will be increased when the anchor deviates. At the same time, the staking model will be optimized, SNX pooled staking will be implemented, a new 420 Pool will be created to accept new collateral assets, and the supply of sUSD will be expanded without liquidation risk. Initially, USDC will be included, and it can be expanded to other DeFi tokens in the future.
As incentives are realigned and the peg is restored, four coordinated moves will be executed: the old v2/v2x system will be phased out, consolidating debt and liquidity into a new staking-only pool; Perps V4 will be launched on the Ethereum mainnet with support for multi-collateral and off-chain order matching; snaxChain will be launched on a dedicated Superchain application chain, hosting options and perpetual contract markets; an additional 170 million SNX will be minted as an incentive pool, bringing the total supply to 500 million, with the new tokens deployed on snaxChain and dedicated to incentives.
