Synthetix: Proposes to realign incentives to restore sUSD anchor and lay the foundation for L1 and Perps V4

On April 23, Kain, the founder of Synthetix, published a blog post titled "sUSD: Restarting the Anchoring Road", which elaborated on the path to readjust incentives, restore sUSD anchoring, and lay the foundation for Perps V4 on L1 and snaxChain. When SNX fell below $1 at the end of 2024, Synthetix launched the "debt forgiveness" plan to concentrate historical sUSD debts in the 420 Pool on the chain. Although it avoided the liquidation crisis, it destroyed the arbitrage anchoring mechanism of sUSD. In order to restore sUSD to $1, incentives need to be reintroduced: positive incentives are to pledge sUSD to 420 Pool to receive SNX inflation rewards; negative incentives require pledgers to deposit a certain proportion of sUSD (initially 5-10% of outstanding debt). If the standard is not met, debt forgiveness will be suspended, and the proportion will be increased when the anchor deviates. At the same time, the pledge model will be optimized, SNX pooled pledge will be implemented, a new 420 Pool will be created to accept new pledge assets, and the supply of sUSD will be expanded without liquidation risk. USDC will be included in the initial stage, and it can be expanded to other DeFi tokens in the future.

With the readjustment of incentives and the restoration of anchoring, four coordinated measures will be implemented: the old v2/v2x system will be eliminated, and debt and liquidity will be integrated into the new pledge-only pool; Perps V4 will be launched on the Ethereum mainnet to support multi-collateral and off-chain order matching; snaxChain will be launched on the dedicated Superchain application chain, hosting options and perpetual contract markets; an additional 170 million SNX will be minted as an incentive pool, bringing the total supply to 500 million, and the new token will be deployed on snaxChain and dedicated to incentives.