SNXweave Weekly Recap 179
April 30, 2025
The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors from last week.
👉TLDR
- Spartan Council Elections Live
- 4 seats up for grabs: 3 Advisory & 1 Treasury. Voting now open on Snapshot through May 7.
- Only 420 Pool stakers can vote — voting power based on SNX held.
- If you’d like to run, post your nomination in Discord with seat, ETH address, and pitch.
- sUSD Peg & Staking Update
- sUSD added to staking pool with 5M SNX rewards over 12 months (~20% yield, 18M cap).
- New UI coming soon for easy deposits.
- Debt Jubilee now requires 10% of migrated debt in sUSD to qualify for forgiveness & rewards.
- SNX Simple Staking (No Debt)
- Launching soon: stake SNX in the 420 Pool without managing debt.
- Same 5M SNX reward structure as sUSD staking.
- Until launch, earn SNX, ETH & Patron rewards via Infinex bridging.
- Perps Coming to Ethereum Mainnet
- New whale-friendly Perps product launching soon.
- Simultaneous launch on SNAXChain for broader access and longtail assets.
- Exchange & UX Upgrades
- Synthetix Accounts now live on Base — enjoy gasless, one-click trades.
- Modular UI rollout lets you fully customize your trading interface.
Spartan Council and SIP updates
First up, the Synthetix Spartan Council election is here! There are 4 seats up for grabs: 3 Advisory seats and 1 Treasury seat. With V4 on the horizon, the process is getting a slight refresh:
- Nominations are open in the #elections channel. Just post the seat you’re running for, your ETH address, and your pitch. Mods will pin the entries.
- Voting starts TODAY, April 30th, on Snapshot and runs for 7 days.
- Only 420 Pool stakers can vote, and voting power is based on how much SNX you hold in the pool.
- You’ll be able to cast two separate votes: one for Advisory and one for Treasury.
SNXweave will be covering the election closely, so stay tuned!
Next, let’s talk about the sUSD peg situation. sUSD has always been a fully backed stablecoin, but being fully backed doesn’t mean the peg is always perfect. Over the years, we’ve seen it drift slightly above or below peg, even when there were mechanisms in place to incentivize healthy debt management. Now, with the protocol moving away from solo staking, that peg-support mechanism has weakened, leading to a more noticeable depeg.
This wasn’t unexpected, which is why initiatives like the Infinex campaign and Curve rewards were kicked off before the transition began. According to Fenway, broader market liquidity constraints are also playing a role.
But last week, when the peg dipped below $0.70, it was a wake-up call — something had to give. The Spartan Council and Core Contributors remain committed to maintaining the peg stability of sUSD, so here’s what’s changing:
sUSD is being added to the staking pool.
- sUSD depositors will earn a pro rata share of 5 million SNX over a 12-month lock period.
- The pool can handle up to 18 million sUSD in deposits while maintaining a ~20% yield.
- There will be a UI available in the next few days to make depositing easy.
On top of that, the Debt Jubilee rules have been tweaked. If you migrated debt to the 420 pool, you’ll now need to post 10% of that amount in sUSD from the same wallet to qualify for forgiveness. That deposit will also be eligible to earn from the 5 million SNX reward pool.
So for example, if you moved $1,000 in debt, you’ll now need to deposit $100 sUSD to unlock forgiveness and rewards. Skip that step, and you’ll forfeit the benefit until you meet the condition.
Keep in mind: nothing else changes. You can still repay your debt anytime to reclaim your SNX, and being in the pool still shields you from liquidation. All of this was outlined in detail in Kain’s post, so check out our blog for a link to read that.
Next up, SNX Simple Staking is almost here. In the next two weeks, users will be able to stake non-debt SNX in the same 420 pool.
- Rewards are on par with the sUSD pool: 5 million SNX over 12 months.
- Until the program is finalized, SNX holders can still stack weekly SNX, ETH, and Patron rewards via the Infinex bridging campaign.
Now let’s talk Ethereum Mainnet. Yes, really — the next iteration of Perps will launch on Ethereum Mainnet! With rollups and L2s freeing up L1 bandwidth — and all of the Ethereum upgrades since the DeFi Summer days — it’s finally time to give Mainnet another shot. This product is designed more for whales, with a simultaneous Perps launch on SNAXChain for longtail markets and users. Keep an eye out for more comms on this in the coming weeks, and get excited that Synthetix is bringing Perps back to L1!
Lastly, a few exchange upgrades worth mentioning:
- Synthetix Accounts are now live on Base, bringing gasless, one-click trading to everyone.
- Modular UIs are here, letting users fully customize their trading dashboard. Build it your way.