Investment

Features

Fees Safety

Academy

Pluang+

Home/News Feed/Synthetix retires sUSD stablecoin, compensates holders with locked SNX tokens at 4:1 ratio

SNX

Rp4,169

-Rp110 -2.57%

Synthetix retires sUSD stablecoin, compensates holders with locked SNX tokens at 4:1 ratio

Protocol Fundamentals

22 Jun 2026

Crypto Briefing

View Source

Neutral

Synthetix governance has voted to retire its depegged stablecoin sUSD, converting holders' balances into SNX tokens at a 4:1 ratio, effectively valuing SNX at $0.25. The new SNX tokens will be locked for one year and then vest over another year. This move is part of Synthetix's strategic shift away from synthetic assets toward perpetual futures trading. The proposal also revises legacy debt management and aims to restore the peg by the end of Q2 2026. For investors, this means sUSD holders get SNX tokens with a lock-up period, while existing SNX holders face dilution but potentially benefit from a cleaner protocol focus.

More News (SNX)

Upbit lists Derive's DRV token with KRW, BTC, and USDT pairs starting July 14

South Korea's largest crypto exchange, Upbit, will list Derive's DRV token for trading against Korean won (KRW), Bitcoin (BTC), and Tether (USDT) starting July 14 at 17:00 KST. This expands Derive's access to South Korean traders by offering both fia...

Market News

Bullish

1 day ago