SNXweave Weekly Recap 173
March 19, 2025
The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors from last week.
👉TLDR
- New Telegram channel: Snax Broadcast
- 420 Pool update:
- Full debt relief — MIGRATE NOW! Stakers who don’t will eventually be force migrated and will not receive debt forgiveness
- 85% migration since launch, amounting to 135 million SNX (as of Monday)
- CCs are working on incentive structure for debt free SNX
- Liquidations for non-delegated, staked SNX will resume shortly
- New minting will be disabled for solo stakers
- SC is in talks with Ethena to get the first USDe mint started
- 420 Pool will eventually be migrated to SNAX Chain (by July)
- Base LP update:
- CCs are pushing to get auto compounding vaults live for Base LPs in April
- Once live, all LP positions will be migrated to these vaults & rewards will be in USDC only
- Ongoing rewards for sUSD depositors on Infinex (3 more weeks):
- Deposit 1,000 or more sUSD into your Infinex account
- 10,000 OP distributed weekly
- Weekly raffle prizes: 3 winners (1 entry for each 1,000 sUSD deposited)
- Governance update: Elections are coming up! Stay tuned for more info.
Spartan Council and SIP updates
First up, ICYMI, Synthetix dropped a new Telegram channel! Join Snax Broadcast from Kain to hear alpha straight from our founder’s mouth.
Next, as of Monday, the 420 Pool has seen 85% migration since its launch, amounting to 135 million SNX!! This accounts for over one third of all SNX. The Core Contributors have moved on to working on the incentive structure for the debt free SNX. But in the meantime, there is no reason for current stakers to have not migrated to this pool! The 420 Pool offers FULL debt relief — so don’t miss your chance.
Liquidations for non-delegated, staked SNX will resume shortly, so stay tuned for an announcement on this for the exact date. The liquidation ratio will return to 160% on Optimism and will begin at 105% on Mainnet, eventually increasing to 160% as well. Liquidation rewards will NOT be distributed amongst remaining undelegated stakers — those “rewards” will go directly to the treasury. New minting will also be disabled for solo stakers (so that the protocol is the only minter).
Stakers who don’t migrate now will eventually be force migrated, and anyone force migrated will not receive debt forgiveness. They will, however, be able to enter the pool at any time, repay their debt, and withdraw if they choose (unless you get liquidated during that time).
The Spartan Council is currently in talks with Ethena to get the first USDe mint started for the pool to begin earning yield for the pool members. The 420 Pool will also eventually be migrated to SNAX Chain in the near future, most likely before July.
As a quick Base LP update, the CCs have been pushing to get auto compounding vaults live for Base LPs, and this should hopefully happen in April. Once these are live, all LP positions will be migrated to these vaults and rewards will be distributed in USDC only.
At the launch of V3 on Base, there was a lot of excitement around the idea of earning liquidation rewards in ETH. As the market has cooled, some positions have gone into the red as their rewards, which were earned in ETH, lost value. Providing liquidity on Base remains profitable when assessing the value of the rewards at the time they are distributed (APY is currently ~10%).
Next, don’t forget that sUSD depositors on Infinex can still earn rewards! The program has 3 weeks left, with a total of 10,000 OP tokens up for grabs each week, and all you have to do is be holding a minimum of 1,000 sUSD deposit on the last day of the week. 1 Patron NFT, 1 ETH, and 1,000 SNX are also still being awarded weekly to 3 raffle winners (you get 1 raffle entry for every 1,000 sUSD in your Infinex account).
Lastly, as a quick governance update, elections are coming up! As a reminder, the Spartan Council consists of 4 elected members, who then select the remaining 3 councilors to fill the strategy, operations, and technical council seats. Be on the lookout for more info on this from us.