Synthetix protocol has completed the liquidation of its legacy SNX staking positions on April 27, 2025, aligning with proposal SCCP-403 directives. This liquidation is crucial for future enhancements to the platform.
Liquidation of Legacy SNX Staking
The liquidation of legacy SNX staking in Synthetix was completed according to the recommendations of proposal SCCP-403. However, market reaction to this move has been mild. The current price of the SNX token is 0.746 USDT, marking a 2.61% decrease post-migration.
Transition to a New Staking Model
Synthetix founder Kain Warwick mentioned that legacy staking positions were liquidated as part of the transition to a new model using the 420 staking pool. Existing stakers were instructed on how to recover their positions.
"As part of Synthetix's transition to the new 420 staking pool, legacy SNX staking positions have now been liquidated, but most positions can be recovered. If you’re a legacy staker who has not yet migrated to the 420 Pool, please follow the steps below as soon as possible," — Kain Warwick, Founder, Synthetix.
Future Enhancements and Market Outlook
This transition could enhance Synthetix’s capital efficiency and pave the way for upgrades like Perps v4 and automated vaults. On-chain data reflects positive DeFi momentum, with Total Value Locked (TVL) exceeding $100 billion, reflecting a 6% rise. This underscores potential long-term advantages dependent on effective execution and community adoption.
The liquidation of legacy SNX staking and the transition to a new model presents opportunities for enhancements in Synthetix. The success of these changes will depend on their implementation and community acceptance.
