May 14, 2025
The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors from last week.
👉TLDR
- sUSD Staking Live in the 420 Pool
- 5M SNX in rewards being distributed over 12 months
- Deposits are uncapped, but sUSD is locked until April 2026
- Rewards are variable based on deposit size and SNX price
- Stakers who migrated debt must deposit 10% of their debt’s value in sUSD to remain eligible for debt forgiveness
- Infinex Deposit Campaign
- 16,000 OP distributed weekly, plus ETH, SNX, and Patron NFTs via lottery (1k sUSD = 1 entry)
- Likely to be extended an additional 6 weeks
- Curve Votemarket Incentives
- $30k weekly rewards in the sUSD/sUSDe pool
- Current yields are 30%+ (paid in CRV incentives)
- 420 Pool Phases
- Phase 1: Debt Migration complete (156M SNX now staked)
- Phase 2: Over 4M sUSD staked; 10M target over the next 3 months
- Phase 3: SNX Simple Staking coming soon (Mainnet-only, 5M SNX rewards)
- Phase 4: USDC staking coming after simple staking
- Phase 5: Unannounced, but will be a key part of the 420 Pool
- Governance elections are complete:
- Advisory Seat Winners: Kain, Jordan, MasterMojo
- Treasury Seat Winner: cokaiynne
- Spartan Spaces are back!
- Next call: PirateChain (L1 privacy protocol) tomorrow
- Community Calls are moving to Twitter Spaces soon!
Spartan Council and SIP updates
The Spartan Council has had its hands full lately, and last week’s meeting proved that the protocol is charging forward with a renewed focus on stability, accessibility, and innovation. One of the most urgent challenges? The sUSD peg. sUSD remains fully collateralized by SNX, but the team has rolled out several short-term solutions to help absorb demand for the stablecoin leading up to the V4 launch.
The three yield strategies currently live are:
- 420 sUSD Staking
- Deposits are uncapped
- 5 million SNX in rewards being distributed over 12 months
- Yield is variable based on deposit size and SNX price
- sUSD is locked until April 2026
- Important note: stakers who migrated debt must deposit 10% of their debt’s worth in sUSD to remain eligible for debt forgiveness
- Infinex Deposit Campaign
- 16,000 OP is being distributed weekly
- Additional rewards include ETH, SNX, and Patron NFTs via lottery ($1,000 sUSD = 1 entry)
- Likely to be extended six more weeks beyond the current schedule
- Curve Votemarket Incentives
- sUSD/sUSDe pool has $30k weekly in Votemarket rewards
- Current yields are over 30% (paid in CRV incentives)
And this is just the beginning. sUSD’s longer-term role in V4 will be shared soon, aiming to provide a more permanent fix for the demand-side pressure.
Next, the 420 Pool rollout continues in full force across multiple phases:
Phase 1: Debt Migration
- ✅Complete: All legacy staking positions have been migrated
- 156M SNX now staked
- Some migrations occurred via liquidation — anyone impacted can open a ticket to have funds returned as a staked 420 position
Phase 2: sUSD Staking
- Over 4M sUSD has been staked already, and the
- Target is 10M sUSD over the next 3 months
Phase 3: SNX Simple Staking (Non-Debt)
- Coming very soon, possibly this week
- Will be Mainnet-only
- 5M SNX in rewards over 12 months
- Funds won’t be locked, but early exits will reduce rewards to encourage long-term alignment
- Available via Synthetix UI and potentially Infinex UI under “Earn” at launch
Phase 4: USDC Staking
- Coming after simple staking
Phase 5: Unannounced, as of now
- But Fenway did say that there is going to be a lot more to the 420 Pool than just SNX staking — the pool is going to be a product in an of itself.
What’s Next?
- Community calls may soon be moving to Twitter Spaces, starting as early as the next call
- Governance elections are complete & the elected portion of the next Spartan Council will be:
- Advisory Seat Winners: Kain, Jordan, MasterMojo
- Treasury Seat Winner: cokaiynne
- Spartan Spaces are back!
- There have been a few sporadic partner spaces lately, but now the new and improved Spartan Spaces are being rebooted as a regular event to explore a broad range of topics across crypto, and make connections with new communities in the process.
- The next Spartan Space in the series will be tomorrow with PirateChain, a privacy-by-default L1. The call will discuss topics such as how builders can prioritize financial privacy and censorship resistance.
