May 7, 2025
The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors from last week.
👉TLDR
- 420 Pool Open for sUSD Deposits
- 5M SNX available in staking rewards for both new sUSD depositors and Debt Jubilee participants.
- Tokens locked until April 19, 2026; rewards vest linearly over 3 months starting April 2026.
- Up to 18M sUSD in deposits supported with expected ~20% yield for stakers.
- Debt Jubilee Deadline Approaching
- May 12: Last chance to deposit 10% of original debt in sUSD to continue benefiting from debt forgiveness.
- Miss it, and your debt forgiveness will reset and pause until conditions are met.
- Why Stake sUSD NOW?
- Help bring the sUSD peg back in line.
- Early depositors get a larger share of rewards (pool yielding ~100% APY as of May 6).
- Secure your Debt Jubilee status by meeting the 10% deposit requirement before the May 12 deadline.
- Spartan Council Elections Closing
- Voting ends today! Choose 3 Advisory and 1 Treasury seat.
- Only 420 Pool stakers are eligible to vote.
- Partner Spotlight: Mass
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Spartan Council and SIP updates
The 420 Pool is officially open for sUSD deposits, and there’s a lot on the table for those looking to stake their assets. With 5 million SNX up for grabs, a 100% APY on your sUSD (as of yesterday), and a critical re-pegging initiative underway, this is a great opportunity for those involved in the Debt Jubilee or simply interested in staking sUSD for long-term rewards.
Let’s just first go over a few important details you’ll need to keep in mind:
- 5 million SNX in staking rewards is available
- Tokens are locked until April 19, 2026 (but rewards will begin vesting linearly over 3 months starting in April 2026)
- There are two groups of eligible stakers:
- New sUSD depositors
- 420 Debt Jubilee participants
These two types of stakers will share the 5M SNX reward pot, which is roughly 50% of the total SIP-420 rewards. The pool will support deposits up to 18 million sUSD while maintaining a ~20% yield for stakers.
For those of you who are currently participating in the Debt Jubilee, there’s an important deadline fast approaching. To ensure that your debt forgiveness stays active, you need to maintain 10% of your original debt balance in sUSD in the 420 Pool.
The grace period ends on May 12th at midnight UTC, meaning you have less than a week to meet this requirement. If you fail to deposit the necessary sUSD by this deadline, your debt forgiveness will reset and pause until you meet the 10% deposit threshold.
To recap:
- If you moved $1,000 in debt, you’ll now need to deposit $100 sUSD to continue benefiting from debt forgiveness and unlock the 5 million SNX rewards.
- If you miss the deadline, the forgiveness clock resets, and you’ll need to meet the new deposit condition to start earning rewards again.
The good news? Nothing else changes. You can still repay your debt at any time to reclaim your SNX, and your position in the pool will continue to shield you from liquidation.
Now is a crucial moment to stake sUSD in the 420 Pool for a few reasons:
- With market volatility and broader liquidity constraints, the protocol is working hard to bring sUSD back to peg.
- Early depositors will earn a bigger share of the rewards until the expected equilibrium point of ~20% APY (as of May 6th, the pool was yielding 100% APY)
- This is necessary to keep your Debt Jubilee status intact by ensuring you meet the 10% deposit requirement.
Incentives are set to grow, and the 420 Pool is a central part of the broader plan to reduce supply and reward long-term stakers who are helping maintain the sUSD peg.
Next, the Spartan Council election is coming to a close — today is the last day to cast your vote. There are 4 nominees for the Advisory seats and 2 nominees for the Treasury seat.
- Advisory Seats: @MasterMojo, @Pstar, @Jordan, @Kain
- Treasury Seats: @cokaiynne, @cryptocatipal
Voting is still live on Snapshot, and all 420 Pool stakers are eligible to vote. Make sure to head over and cast yours before time runs out! Remember, you have two separate votes: one for the Advisory seats and one for the Treasury seat.
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