SNX (SNX)

$0.2038  -5.82%  24H

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  • 2Lambroz 🐑 (🧑‍🍳🥩🤌) DeFi_Expert Trader C
     31.79K  @2lambro
    2Lambroz 🐑 (🧑‍🍳🥩🤌) DeFi_Expert Trader C
     31.79K  @2lambro

    prob best way to retire $sUSD at 0.25 already SIP-423 lets sUSD holders redeem at $1 par value paid in newly minted $SNX tokens (4 SNX per $1 sUSD with some lock up). 46.7M sUSD × 4 = 187M new SNX on a 345M supply. ~52M of those will eventually hit the real float (~29% increase). low perps fees last 7 days, low buyback pressure absorbing the dilution...? Governance vote June 26.

     10  2  2.36K
    Original >
    Trend of SNX after release
     Bullish
    SNX will generate about 187 million new tokens due to sUSD redemption, with limited short‑term dilution, worth watching.
  • The Defiant Media Influencer D
     363.44K  @DefiantNews

    A follow-up to this story earlier today: In a detailed thread, @kaiynne takes the full blame for the "mismanagement" that led to the sUSD depeg. More here: https://t.co/8f0hmwUQBE

    The Defiant Media Influencer D
     363.44K  @DefiantNews

    Synthetix governance votes to retire sUSD stablecoin entirely under SIP-423, converting all holdings to vested SNX at a 4:1 ratio. Technical implementation SIP-424 pending. Read more here: https://t.co/xJmMJwlTNM

     19  2  5.77K
    Original >
    Trend of SNX after release
     Bullish
    SNX will receive a 4:1 conversion from sUSD, boosting holding value
  • Cilinix Technical_Analysis B
     5.46K  @cilinixcrypto

    No way this is true right? $SNX will die 100%

    Markets Alpha D
     2.17K  @MarketsAlpha

    Kain (@kaiynne), the founder of Synthetix $SNX, a project that reached an ATH market cap of roughly $3B a few years ago, just announced the approval of a proposal to deprecate sUSD, Synthetix’s stablecoin. https://t.co/yiF4ZN354o This comes after a sustained depeg that began in March 2025, and only months after Synthetix said sUSD would remain its foundational stablecoin and targeted restored peg stability by the end of Q2 2026. sUSD holders will be compensated with 4 $SNX for each sUSD, which is around $0.94 at current prices, without taking into account SNX liquidity. Since sUSD circulating supply is 69.8M units, this proposal could mint up to an additional 279.4M new $SNX ($65.4M at current prices), with a 1-year lockup + 1-year vesting. For context, the current $SNX market cap is $81M and this proposal could increase total SNX supply by more than 80%.

     1  0  1.53K
    Original >
    Trend of SNX after release
     Extremely Bearish
    Synthetix proposes to issue additional SNX to compensate sUSD holders, which could increase SNX supply by about 80% and spark fears of the token price collapsing to zero.
  • VietnamPenguin Derivatives_Expert OnChain_Analyst S
     3.82K  @VietnamPenguin

    BTW, Synthetix raised ~$65M across 7 rounds. Infinex sold ~63% of its token supply for ~$72M through direct sales, vouchers, patron rounds and whatever other packaging was needed. Today, almost every investor is underwater (including $INX + $SNX secondary market buyers). Maybe the real product was fundraising all along.

    Markets Alpha D
     2.17K  @MarketsAlpha

    Kain (@kaiynne), the founder of Synthetix $SNX, a project that reached an ATH market cap of roughly $3B a few years ago, just announced the approval of a proposal to deprecate sUSD, Synthetix’s stablecoin. https://t.co/yiF4ZN354o This comes after a sustained depeg that began in March 2025, and only months after Synthetix said sUSD would remain its foundational stablecoin and targeted restored peg stability by the end of Q2 2026. sUSD holders will be compensated with 4 $SNX for each sUSD, which is around $0.94 at current prices, without taking into account SNX liquidity. Since sUSD circulating supply is 69.8M units, this proposal could mint up to an additional 279.4M new $SNX ($65.4M at current prices), with a 1-year lockup + 1-year vesting. For context, the current $SNX market cap is $81M and this proposal could increase total SNX supply by more than 80%.

     50  3  9.04K
    Original >
    Trend of SNX after release
     Extremely Bearish
    The deprecation of sUSD by Synthetix will mint more than 80% additional SNX, creating massive dilution pressure on SNX price and sharply reducing project revenue.
  • Ericonomic OnChain_Analyst Trader B
     73.00K  @ericonomic
    Markets Alpha D
     2.17K  @MarketsAlpha

    Kain (@kaiynne), the founder of Synthetix $SNX, a project that reached an ATH market cap of roughly $3B a few years ago, just announced the approval of a proposal to deprecate sUSD, Synthetix’s stablecoin. https://t.co/yiF4ZN354o This comes after a sustained depeg that began in March 2025, and only months after Synthetix said sUSD would remain its foundational stablecoin and targeted restored peg stability by the end of Q2 2026. sUSD holders will be compensated with 4 $SNX for each sUSD, which is around $0.94 at current prices, without taking into account SNX liquidity. Since sUSD circulating supply is 69.8M units, this proposal could mint up to an additional 279.4M new $SNX ($65.4M at current prices), with a 1-year lockup + 1-year vesting. For context, the current $SNX market cap is $81M and this proposal could increase total SNX supply by more than 80%.

     118  15  33.32K
    Original >
    Trend of SNX after release
     Extremely Bearish
    Synthetix will deprecate sUSD and issue over 80% additional SNX as compensation, constituting a major bearish factor for SNX.
  • Eldar FA_Analyst DeFi_Expert A
     2.17K  @eldarcap

    A least some recognition that there was a death spiral risk with endogenous collateral for $sUSD. But not sure exactly How 420 saved it from it or actually played any good part in anything. The design was even worse for sUSD and don’t know what it really did for ethereum:0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f. While I admire the grit, I think there is a very low chance that @synthetix ever become relevant again in perp Space in the face of @Lighter_xyz and @HyperliquidX. $SNX is still way overvalued at current state of things.

    kain.inx Founder DeFi_Expert C
     144.51K  @kaiynne

    There is no good news here, the implementation of the 420-pool very likely saved the protocol from a death spiral at the cost of the sUSD peg. But sUSD is the responsibility of SNX holders so sUSD holders will be made whole with SNX.

     1  0  621
    Original >
    Trend of SNX after release
     Bearish
    SNX is overvalued, outlook bleak, sUSD risk remains.
  • katexbt.hl Trader Influencer B
     30.01K  @katexbt

    bear markets are great for admitting things that went wrong but not using your the money siphoned out on fixing them classic /ct/ https://t.co/vAhxqxcAmp

     8  4  1.67K
    Original >
    Trend of SNX after release
     Bearish
    Bear market issues are not being solved effectively; sUSD will be deprecated a year after decoupling and redeemed with SNX. While Synthetix regains confidence, the market remains skeptical.
  • kain.inx Founder DeFi_Expert C
     144.51K  @kaiynne

    What is happening with sUSD? SIP-423 thread. It has been depegged for over a year. The only solution is deprecating it. The original SNX backed sUSD will be wound down, and sUSD will be redeemed for SNX 4:1 (a slight premium to par) with a lock up.

    kain.inx Founder DeFi_Expert C
     144.51K  @kaiynne

    There is no good news here, the implementation of the 420-pool very likely saved the protocol from a death spiral at the cost of the sUSD peg. But sUSD is the responsibility of SNX holders so sUSD holders will be made whole with SNX.

    kain.inx Founder DeFi_Expert C
     144.51K  @kaiynne

    what went wrong? A lot of things, the v3 exchange was a dumpster fire, and v4 has taken much longer to scale than expected. Yield generation on sUSD balances also failed to materialise for a number of reasons.

    kain.inx Founder DeFi_Expert C
     144.51K  @kaiynne

    sUSD the debt instrument backed by SNX will be wound down and replaced by a basis vault backed stablecoin that is powered by the new v4 exchange on mainnet.

    kain.inx Founder DeFi_Expert C
     144.51K  @kaiynne

    At one point sUSD and other synths supply was over $1b. It managed to wind down to around $50m in a fairly orderly fashion, but the long tail of the debt is functionality insolvent and without revenue from the exchange there is no buyer of last resort.

    kain.inx Founder DeFi_Expert C
     144.51K  @kaiynne

    The treasury has accumulated almost 30% of the sUSD over the last year, but the treasury is not infinite and selling SNX to buyback the remaining sUSD is not viable at these prices.

    kain.inx Founder DeFi_Expert C
     144.51K  @kaiynne

    While it would have been preferable to repeg that would require demand for locked SNX, and at 25c locked SNX is reflecting a 75% discount against the liquid token. Which given the state of the token market is probably accurate.

    kain.inx Founder DeFi_Expert C
     144.51K  @kaiynne

    Again none of this is ideal, I'm a holder of both SNX and sUSD and both have been max pain since 2022. But we are still building and the new exchange is the first time we have focussed solely on the experience for traders with no constraints.

    kain.inx Founder DeFi_Expert C
     144.51K  @kaiynne

    As the founder the responsibility for this mismanagement is mine. It would be easy to make excuses and blame the market, but the reality is that Synthetix was positioned almost perfectly to take advantage of the Perp Dex meta, but we fumbled hard.

    kain.inx Founder DeFi_Expert C
     144.51K  @kaiynne

    There are a bunch of reasons, but ultimately none of them matter, what matters is figuring out a path forward. Which is what we have been focussed on for the last 18 months.

    kain.inx Founder DeFi_Expert C
     144.51K  @kaiynne

    I am confident we pull this off, and restore Synthetix to its former glory. But i can understand why the market is not buying it. Time will tell.

     117  27  45.01K
    Original >
    Trend of SNX after release
     Bullish
    sUSD will be swapped for SNX at a 4:1 ratio upon delisting, holders can redeem at 0.25.
  • 토큰포스트 - TokenPost Korea Media Influencer D
     5.73K  @tokenpostkr

    Synthetix governance passes the phased discontinuation proposal for sUSD https://t.co/4YCqQ2Prqj https://t.co/eerB5AIjHS

     0  0  126
    Original >
    Trend of SNX after release
     Neutral
    Synthetix governance gradually abolishes the proposal via sUSD.
  • 吴说区块链 Media Educator D
     177.62K  @wublockchain12

    According to The Defiant, Synthetix governance has proposed SIP‑423, which aims to fully retire the stablecoin sUSD, freeze and deprecate its contracts, and compensate holders at a rate of 4 SNX per 1 sUSD. The proposal was put forward by Synthetix founder Kain Warwick and core contributor Benjamin Celermajer, with SNX subject to a one‑year lock‑up and then linearly unlocked over the following year. sUSD is currently severely depegged, trading around $0.25, far below its $1 target price. https://t.co/PdqT44xlqn

     1  1  3.73K
    Original >
    Trend of SNX after release
     Bearish
    sUSD depegs to $0.25, SIP‑423 will retire and exchange at a 4:1 rate for SNX