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2m SNX distribution planned for Betelgeuse release

An update on the distribution of 2m SNX to staking good actors

2m SNX distribution planned for Betelgeuse release

Update (March 9, 2020): due to a quick Betelgeuse that was launched ahead of schedule, this has been rescheduled for the upcoming Hadar release.

In the lead-up to the Achernar release, we communicated that the Synthetix Foundation would be distributing 2,000,000 SNX from its treasury to all SNX stakers who had not exploited the “snapshotting” loophole. This loophole involved individuals receiving rewards without assuming risk, by only staking around the time of the fee period snapshot and immediately unstaking afterwards. The 2,000,000 SNX distribution will go to the good actors to counteract the additional debt they incurred.

We have decided to distribute this SNX with our next release, Betelgeuse, which will feature a fix for this loophole detailed here. This disincentivises anyone from exploiting this loophole until it is closed.