Debt Jubilee

The Debt Jubilee is available to eligible SNX stakers on both Ethereum and Optimism. It allows you to have your outstanding debt burned linearly over 12 months if you migrated to the 420 Pool during the Jubilee window (March–April 2025).

How the Debt Jubilee Works

• Your SNX was automatically delegated to the 420 Pool.

• Your debt is burning linearly: 50% after 6 months, 100% after 12 months.

• You cannot be liquidated during the Jubilee period.

• Once 12 months have passed, your debt reaches 0, and your SNX is fully unlocked.

• SNX rewards for Simple Staking are not provided to Debt Jubilee participants. You may repay your debt at any time to transition to Simple Staking.

sUSD Requirement

Debt Jubilee participants must maintain a minimum sUSD balance equal to 20% of their original debt. If you fall below this threshold, your debt forgiveness will be paused. Meeting the 20% requirement will unpause your debt burn and resume forgiveness.

Managing Your Position

• Track your position and debt burn progress at 420.synthetix.io. Be sure to set your network to the same network as your original staking position (Ethereum or Optimism).

• If your position was liquidated during the transition, you can recover your SNX and sUSD for up to 6 months. Join Discord and create a ticket with your wallet address for assistance.

Exiting Early

You can unstake at any time by withdrawing your SNX. However:

• A 7-day cooldown applies before you can claim your SNX.

• If you exit before your debt is fully burned, you must repay the remaining debt after subtracting any burned amount and applying the early exit penalty.

• The early exit penalty applies only to the % of debt reduced. You can never owe more debt than when you entered the pool.

Early Exit Example

• Enter the 420 Pool with $1000 of debt and withdraw after 6 months:

  • Debt forgiven: $500

  • Early withdrawal penalty on debt forgiven: 50% + 25%

  • Debt needed to repay in order to exit: $875

• Enter the 420 Pool with $1000 of debt and withdraw after 9 months:

  • Debt forgiven: $750

  • Early withdrawal penalty on debt forgiven: 50% + 12.5%

  • Debt needed to repay in order to exit: $718.75

Additional Support

If you need help managing your Debt Jubilee position or have questions about legacy staking, please join the Synthetix Discord for support.