June 11, 2025
The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors from last week.
👉TLDR
- Staking Rewards Update
- 170M SNX staked in the 420 pool: two-thirds of the total supply!
- Yields currently: 78.24% APY for SNX and 48% APY for sUSD (earned in SNX).
- Over $7M in sUSD staked, and staking support coming soon for Infinex users.
- Debt Jubilee Reminder: To continue receiving benefits, participants must stake 20% of original debt in sUSD in the 420 pool.
- sUSD Peg Improvement
- sUSD peg has risen to $0.98, with ongoing efforts to stabilize it.
- $50K in Curve rewards available for LPs in the sUSD/sUSDe pool.
- Infinex users: Deposit campaign runs through the end of June, with 12,000 OP distributed weekly to sUSD holders.
- Synthetix V4 (Perps on Ethereum Mainnet)
- Perps network is migrating to Ethereum Mainnet for improved scalability and reduced gas costs.
- Off-chain matching engine with on-chain settlement will serve large traders without bridge risks.
- New points program rewards participants with SNX for activities like trading and referring.
- Exclusive rewards: 500 invite codes up for grabs, unlocking access to gated competitions with SNX and other prizes.
- Market Shifts
- Arbitrum trading has ended, and Base markets will soon shift to “close only” mode. Full closure expected by month’s end.
- Focus shift: All efforts are now on Ethereum Mainnet as the core for future Perps trading and protocol growth.
Spartan Council and SIP updates
It’s been an exciting week in the Synthetix ecosystem, with significant updates across staking, the sUSD peg, and a major pivot towards Ethereum Mainnet for the upcoming Perps network. Here’s everything you need to know.
Staking continues to be a standout feature for the protocol. As of now, a massive 170 million SNX is staked in the 420 pool, representing roughly two-thirds of the total outstanding supply. Yields started out extremely high but have now leveled off to a still attractive 78.24% APY for SNX, and 48% APY for sUSD (earned in SNX tokens).
The staking pool has also seen over $7 million in sUSD deposited, and with yields fluctuating based on the price of SNX and pool deposits, the outlook remains positive for stakers. For those with SNX or sUSD in Infinex, staking support is expected to be enabled soon in the coming weeks.
If you’re a debt jubilee participant, a quick reminder: to continue receiving benefits, you must deposit 20% of your original debt position in sUSD into the 420 pool from the same wallet. Not only will this help maintain your position, but it will also earn rewards in the sUSD staking pool.
Moving on to the sUSD peg, things are looking better as it recently climbed to $0.98. If you’re interested in providing liquidity, the sUSD/sUSDe Curve pool continues to be incentivized with another $50,000 in Curve rewards. This effort is designed to help stabilize the peg, and if you’re a holder on Infinex, don’t forget that the deposit campaign runs through the end of June, with 12,000 OP distributed weekly to sUSD holders.
The major news this week, however, is all about Synthetix V4! Or as the Spartan Council is currently calling it, the Perps network on Ethereum Mainnet. The name “V4” may not be the right fit, since this product isn’t just an incremental update, but a completely reimagined version of Perps that will run natively on Ethereum Mainnet.
The new system uses an off-chain matching engine while still settling transactions on-chain in batches, helping reduce gas costs. This is a major shift towards scalability, designed to serve large traders who have been wary of the risks associated with bridges and L2 networks.
As Ethereum pivots towards a more scalable L1, this new direction aligns perfectly with the protocol’s strategy, ensuring that large on-chain traders now have a safe, scalable venue to execute their strategies without bridging risk.
To support the launch, the protocol is introducing an exciting new points program, where users can earn SNX rewards for participating in various phases. Phase 0 kicks off soon, where sUSD and sUSDe pre-deposits will earn points. The program will evolve over time, with opportunities to earn points by trading on testnet and Mainnet, referring new users, and engaging in other activities designed to incentivize growth.
And incentives will be significant! 500 exclusive invite codes will be given to early depositors, 420 pool stakers, and key partners. These codes unlock access to gated competitions with juicy prizes in SNX, stablecoins, and more.
With all the progress, it’s also worth noting that Arbitrum trading has ended, and Base markets will soon shift to “close only” mode (possibly by the end of the month), with full closure expected the week following this shift. Synthetix is honing its focus as it prepares for the Perps Mainnet launch, with all efforts now converging on Ethereum Mainnet as the core of the protocol’s future.
With staking yields holding strong, the upcoming Perps launch on Ethereum Mainnet, and a points program to supercharge early participation, there’s plenty to keep an eye on in the weeks ahead. Stay tuned for updates, and be sure to check out early access invites when they drop — these will be key to unlocking even more ways to earn and participate in the Synthetix ecosystem.
