SNXweave Weekly Recap 175
April 2, 2025
The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors from last week.
👉TLDR
- 420 Pool Update:
- Over 1,000 unique depositors
- 138 million SNX has been delegated
- 90% of previously individual stakers have now migrated!
- Coming next for the 420 Pool:
- Last push for staker migration.
- First USDe mint to start earning yield.
- Non-debt SNX staking will be launched and incentivized.
- 420 Pool (OP and ETH) will be migrate to snaxchain.
- Base LP:
- Auto-compounding vaults are on the way, which will convert all rewards to USDC automatically. Expect this in 1–2 weeks.
- Pay attention🚨 There will be a brief migration window for users to switch to the auto-compounding vault without the 24-hour withdrawal cooldown period.
- Early depositors will get incentives!
- Auto-compounding vaults are on the way, which will convert all rewards to USDC automatically. Expect this in 1–2 weeks.
- Alpha Leaks:
- A new feature was demoed during the last alpha call — ping Burt in Discord to be added to the “alpha” role and get in on the early access!
- Governance:
- Spartan Council elections are coming this month.
- SNXweave will be hosting an election panel for the 4 elected Spartan Council seats — stay tuned.
- Other News:
- Ethereum’s Petra upgrade: account abstraction will be possible.
- Synthetix Exchange has big releases in the works.👀
- Spartan Council is considering moving their calls to X in the future.
Spartan Council and SIP updates
First up, as a quick update on how the 420 Pool is doing, the pool overall has seen massive growth with over 1,000 unique depositors. Most are from Optimism, but the largest volume deposits are coming from Ethereum Mainnet.
- 138 million SNX has been delegated to the staking pool, which is a pretty significant amount.
- 90% of previously individual stakers have now migrated their positions to the pool. This is a huge win! But, most of the wallets that haven’t moved yet are actually inactive — many of them haven’t made a move since 2020.
On top of that, liquidations are back on, with the liquidation ratios set at 160% for both Optimism and Mainnet. Due to the overwhelming support for the 420 pool, plans to phase out solo staking have moved forward faster than anticipated.
Here are some changes that we can expect:
- The c-ratio will be increased to 1,000,000% on V3, which means solo stakers won’t be able to mint debt anymore — marking the end of solo staking. It’s time to get with the pool or risk being left behind.
- The liquidation ratio will also be steadily increased over the next two weeks. This is designed to force liquidations on those still holding solo staking debt. Expect the ratios to jump from 200% to 500% to 1,000% and eventually to 3,000,000%.
- Any solo stakers left with debt will be liquidated, but there’s a silver lining: liquidations will go into a treasury-controlled account, and users will have up to six months to recover their SNX by paying off their debt or accepting a spot in the 420 pool.
Over on Base, liquidity providing is still looking pretty profitable! However, Fenway did highlight an important point: profitability is measured when the rewards are distributed, and with volatile assets in a down market, some LPs have been unable to cover their debt.
The good news? An auto-compounding vault is on the way, which will automatically convert all rewards to USDC — this should help mitigate the volatility issue and make it easier to manage those liquidation rewards. This is in audit and we can expect the vault to be released in about a week to two weeks.
There’s also going to be a brief migration window to help users migrate their positions without having to deal with the usual 24-hour cooldown. Keep an eye out for an announcement in the next few days, as comms will go out a few days before the migration window opens.
Additionally, there will be incentives to help bootstrap the pool — so if you’re an early depositor, you’ll get a bigger share of those incentives!
Next, for those of you in the alpha group, a new feature was demoed during the last alpha call with Burt, and it’s set to be released this week. But that’s not all — right after this release, there will be another UI upgrade to look forward to. If you’re not already in the alpha group but want to be, make sure to ping Burt to get involved. The early access is worth it!
Looking ahead, mid-April is when the next Spartan Council election will take place. Expect an announcement soon with more details on how you can get involved and cast your vote. And, as always, SNXweave will be hosting an election panel for the 4 elected Spartan Council seats, so stay tuned for more updates on that.
In other news:
- Ethereum’s Petra upgrade was recently deployed to testnet, and once it hits Mainnet, account abstraction will be possible, which is a game-changer. We could see this as early as next month.
- Next, over at Synthetix Exchange, there are some big releases in the works to improve the user experience and make it easier to deposit and trade. One of the most anticipated improvements will be the elimination of the requirement to sign a series of transactions with every trade. This is huge for making Synthetix more user-friendly and attracting more users from centralized exchanges.
- Lastly, the SC is considering moving their calls to X in the future. Keep an eye out for updates on this from us so you can keep attending calls!