SNXweave Weekly Recap 190
July 23, 2025
The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors from last week.
👉TLDR
- Staking:
- 8.16M sUSD now staked in the 420 Pool earning 5.96%.
- Infinex staking is live for Patrons; rollout to all users coming soon.
- Infinex staking campaign ongoing: 1 raffle entry per $1,000 sUSD deposited.
- sUSD Peg:
- A large $4.5M unwind on OP disrupted the peg, but has since stabilized a bit.
- Synthetix acquired the remaining position; peg support remains a priority.
- sUSD liquidity incentives are now focused on Ethereum Mainnet.
- Bridging:
- sUSD holders on OP are encouraged to bridge to Mainnet.
- Reminder: OP bridge has a 7-day delay & L1 gas requirement to claim.
- Mainnet Phase 0:
- Early sUSD/sUSDe deposits coming by end of the month.
- Perps Mainnet expected by end of year: early deposits = early points.
- L2 Wind-downs:
- All L2s to be deprecated; only Optimism still active for now.
- Base LPs: returns should’ve been automatic - double check yours.
- Arbitrum users: debt repayment needed to claim ETH collateral - open a ticket if needed.
- Governance:
- Governance calls shifting to a monthly cadence.
- Weekly informal office hours hosted in the degen voice channel for Q&A.
Spartan Council and SIP updates
Starting off with some staking updates, new staking participation is still increasing, but has slowed since the early days of the 420 Pool release — Burt is expecting staking interest to accelerate more once Mainnet Perps goes live. There is currently 8.16 million sUSD staked in the 420 Pool earning 5.96%, and Infinex staking is now live for Patrons and will be rolled out for non-Patron holders over the next month. The sUSD staking campaign on Infinex is still live and users are eligible for 1 raffle entry for every $1,000 sUSD they have in deposits!
Speaking of sUSD, you may have noticed recent peg turbulence on Optimism, so let’s briefly discuss what went down.
One large trader unwound a $4.5M sUSD position on Optimism, which was more than local liquidity could absorb. The resulting sell-off briefly knocked the peg off balance, but the situation has since stabilized a bit. Synthetix contributors stepped in and directly acquired the remainder of that position, removing the last major pressure point on OP.
The broader context here is the ongoing migration of Synthetix back to Ethereum Mainnet. Liquidity incentives are now focused on L1, meaning sUSD liquidity on Optimism is thinner than it once was. As a result, even moderate trades can cause outsized price impact on OP.
If you’re holding sUSD on Optimism and looking to LP, stake, or prep for Synthetix Mainnet, now’s the time to bridge to Mainnet here. Heads up, however, bridging via the native OP bridge has a 7-day withdrawal delay, and you’ll need ETH on L1 to claim. There’s no slippage or fee on the sUSD itself when bridging.
Despite the volatility, peg stability remains a core priority. Liquidity incentives are still active for sUSD/sUSDe LPs, sUSD stakers, and sUSD depositors on Infinex — expect more details soon on how sUSD fits into the new system as the protocol transitions to Synthetix Mainnet. In the meantime, join the #susd-war-room channel in Discord if you have any questions.
Moving on to updates on the Mainnet launch, the team is expecting Perps Mainnet to launch by the end of the year and they are dedicated to maintaining this timeline. Early deposits for sUSD and sUSDe will be available by the end of the month, which is the next step in addressing the sUSD peg issue. So, as we mentioned, this will be Phase 0 of the Mainnet launch — the sooner these deposits are in, the sooner users can start earning points. Be on the lookout for additional information coming soon about what you can earn points for!
Next, as previously mentioned, all deployments on L2 will eventually be deprecated in favor of Mainnet. The only one still active right now is Optimism, which does not yet have a clear plan for wind down at the moment and will likely remain until at least Phase 0 is live on Mainnet.
Base LP collateral should have been returned automatically, but Burt asked for everyone to please confirm that you received what was expected. There were a few edge cases that need to be resolved manually (such as safe contract users, multicollateral traders with debt who needed to claim, or post-depreciation depositors). Anyone who did not receive the correct return of funds should put in a ticket in the Discord channel #create-a-ticket.
Arbitrum was a bit different — there was no auto return feature set up because the collateral and debt were different assets. Instead of selling the collateral, the Spartan Council opted to allow users the opportunity to repay debt and claim the collateral (for anyone with ETH margin, the price of ETH has more than doubled since the Arbitrum deprecation so it would be to your advantage to pay the debt and collect the ETH). The process is the same for this — just open a ticket in Discord to resolve.
Lastly, a quick operations update: governance calls are shifting to a monthly cadence, and informal weekly office hours will now be held in the degen voice channel for open community Q&A with the Spartan Council and Core Contributors. So be on the lookout for those sessions — the first one will be this Friday at 04:00 UTC!