Synthetix: To re-adjust incentives to restore sUSD anchorage and lay the foundation for L1 and Perps V4

PANews April 23, Synthetix founder Kain released a blog post "sUSD: The Road to Restart Anchor", explaining the path to readjust incentives, restore sUSD anchorage and laying the foundation for Perps V4 on L1 and snaxChain. When SNX fell below $1 at the end of 2024, Synthetix launched the "Debt Absolution" program, focusing historical sUSD debt on the 420 Pool on the chain. Although it avoided the liquidation crisis, it undermined sUSD's arbitrage anchoring mechanism. In order to restore sUSD to USD 1, incentives need to be reintroduced: the positive incentive is to pledge sUSD to 420 Pool to receive SNX inflation rewards; the negative incentive requires the pledge to deposit a certain proportion of sUSD (initially 5-10% of outstanding debts), and the debt exemption will be suspended if the anchor deviates, and the proportion will be increased. At the same time, we will optimize the staking model, implement SNX pooled staking, create a new 420 Pool to accept new collateral assets, expand the supply of sUSD without liquidation risks, including USDC in the initial stage, and can be expanded to other DeFi tokens in the future.

With the re-adjustment of incentives and the recovery of anchoring, four coordination measures will be implemented: eliminating the old v2/v2x system, integrating debt and liquidity to the new staking pool; launching Perps V4 that supports multi-collateral and post-chain order matching on the Ethereum main network; launching snaxChain, custodial options and perpetual contract markets on the dedicated Superchain application chain; minting an additional 170 million SNX as an incentive pool, bringing the total supply to 500 million, and the new tokens are deployed on snaxChain and dedicated to incentives.