[Synthetix Completes SIP-423 Update, Deprecates sUSD and Reforms SNX Staking Mechanism] Synthetix announced via a tweet that the primary objectives of the previously approved SIP-423 proposal have been completed, including the deprecation of the native stablecoin sUSD, restructuring of the Debt Jubilee, and reforming the SNX staking mechanism. The new SNX is minted through a 4:1 exchange ratio with sUSD, with the conversion involving a 1-year lock-up period and a 1-year unlocking period. The original supply was 344,939,867.56 SNX, with an additional 236,464,356 SNX minted, bringing the new total supply to 581,404,223.56 SNX. Synthetix stated that SIP-423 represents a "hard reset," freeing the protocol from internal dependencies and focusing on establishing Synthetix as a perpetual contract trading platform on the Ethereum mainnet.