According to CoinMeta, Synthetix indicates that SIP-423 has basically completed its major adjustments, including the official cessation of the old version of the native stablecoin sUSD, the reorganization of debt and jubilee, and the reform of the SNX staking mechanism. According to the plan, the new SNX will be converted to sUSD at a ratio of 4:1, and the resulting SNX will undergo a 1-year lock-up period followed by a 1-year linear unlocking process. Synthetix states that SIP-423 is equivalent to a “hard reset” of the ecosystem, and in the future, there will be a reduction in reliance on the internal native asset system, with a focus shifting towards sustainable contract services on the Ethereum mainnet.