Synthetix Founder Takes Blame For sUSD Problems As Protocol Eyes Basis-Vault Fix

Synthetix founder Kain Warwick published a detailed thread this morning acknowledging that sUSD has been depegged for over a year, taking personal responsibility for treasury mismanagement, and outlining a basis-vault-backed replacement stablecoin to run on the protocol's new v4 exchange.

The Ethereum Foundation has eliminated 54 positions, about 20% of its workforce, as part of a restructuring tied to its updated spending mandate. Vitalik Buterin announced a 40% annual budget cut targeting a reduction in treasury spend from 15% to 5% by 2030. Arkham Intelligence places EF's ETH

The nonprofit is eliminating 54 roles and reorganizing around five core divisions focused on Ethereum’s protocol, users, community and institutional adoption.

The retirement of sUSD and compensation in SNX may enhance Synthetix's focus on perpetual futures, potentially attracting new investments. The post Synthetix governance votes to retire sUSD, pay holders in SNX tokens appeared first on Crypto Briefing.

Synthetix governance has moved to retire sUSD entirely under SIP-423, introduced June 12. The proposal would freeze the stablecoin contract and pay all holders back at face value in vested SNX at a conversion of four SNX per sUSD. A companion SIP-424 covering technical implementation is pending.

Warbler Labs posted an official governance proposal on June 12 to wind down Goldfinch Prime and move the protocol to maintenance mode. A Snapshot vote is passing 100% in favor. Depositors face a two-or-more-year recovery horizon as GFI trades 99.8% below its January 2022 all-time high.

Ethereum's focus on eliminating toxic MEV and prioritizing privacy could enhance network neutrality, attracting broader institutional adoption. The post Ethereum Foundation’s strategy chief lays out plan to kill MEV and make privacy a protocol default appeared first on Crypto Briefing.

Moneygram has joined Solana’s proof-of- stake network as an active validator, staking SOL and processing transaction blocks on one of the highest-throughput blockchains in operation today. Moneygram Enters Solana’s Validator Set The Dallas-based global payments company announced the move on Monday, marking its first direct participation at the protocol level of any public blockchain network. […]