Edit (November 11, 2019): the information concerning penalties and fee periods is no longer up-to-date. Please check the blog for more recent information.
Last month, we announced changes to the Synthetix monetary policy. Rather than a fixed supply of 100,000,000 SNX, we will be increasing the supply to approximately 245,000,000 with the additional SNX allocated as staking rewards.
These changes will be implemented on March 13 (PST), exactly one year since the release of the SNX (then HAV) token. This means SNX holders who wish to receive SNX staking rewards from the first week have until March 12 to lock their SNX using Mintr.
SNX allocated for staking will be claimable through Mintr.synthetix.io. The allocation process works like this:
- The system checks SNX balances each week and assigns a percentage of the SNX tokens in proportion to the sUSD supply issued by each wallet.
- When you withdraw SNX from the pool the system checks your C ratio at that time and applies any penalties.
- You can claim SNX for up to six weeks in arrears
As an example, if a wallet has issued 1% of the Synths in a given week that wallet can claim 1% of the additional SNX supply for that week. So, in Week One, it would be able to claim 1% of the additional 1.4m SNX issued that week, or 14k SNX (minus any penalties). The penalty table is below:
• 333% - 500%: 25% reduction
• 250% - 333%: 50% reduction
• <250%: 75% reduction
There will likely be a delay in integrating the claim process into Mintr for the first few weeks, but Mintr will be upgraded within the first six weeks so no SNX will be lost.
In addition to this change we are planning to raise the exchange fee to 0.3% from 0.15%, this is to align the total network fees following the removal of the 0.15% transfer fee for Synths several weeks ago.
The community feedback on this change has been incredibly positive, we look forward to the implementation of the monetary policy changes designed to encourage active contribution from SNX holders. Please join us in Discord if you've got any questions.