From 27314ef6111d2ca3f62aea11c82b164602c95f58 Mon Sep 17 00:00:00 2001 From: Fenway-snx <181822346+Fenway-snx@users.noreply.github.com> Date: Wed, 19 Aug 2026 22:18:07 +1000 Subject: [PATCH 1/3] Create sip-424.md --- content/sips/sip-424.md | 67 +++++++++++++++++++++++++++++++++++++++++ 1 file changed, 67 insertions(+) create mode 100644 content/sips/sip-424.md diff --git a/content/sips/sip-424.md b/content/sips/sip-424.md new file mode 100644 index 000000000..ce80f5570 --- /dev/null +++ b/content/sips/sip-424.md @@ -0,0 +1,67 @@ +--- +sip: 424 +title: Unstaked SNX voting for governance elections +network: Ethereum + Optimism +status: Draft +proposal: +type: Governance +author: Kaleb and Benjamin Celermajer +created: 2026-08-19 +--- + +## Simple Summary + +This SIP updates Spartan Council election voting so that all SNX holders can vote, not only SNX stakers. Unclaimed SIP-423 sUSD conversion entitlements count as SNX voting power at the 4:1 conversion ratio. + +SIP-423 retired the 420 staking system and deferred the replacement staking contract. Until that contract is live, staking is not a usable basis for election voting power. This SIP replaces staker-only election voting with holder voting for all subsequent council elections, or until a later SIP restores a staking-weighted model. + +## Abstract + +Spartan Council elections currently restrict voting to SNX staked in the 420 pool. SIP-423 closed that pool, returned unencumbered SNX to wallets, and left SNX with remaining debt in pDAO custody pending Phase 4 staking reform, which remains unbuilt. + +This SIP proposes that election voting power be derived from SNX economic ownership rather than from a staking-contract balance. Specifically: +1. **Eligibility** — any wallet that holds SNX, or that has an unclaimed SIP-423 sUSD conversion entitlement, at the election snapshot may vote. +2. **Voting power** — linear, `1 SNX = 1 vote`. Each 1 sUSD of unclaimed SIP-423 entitlement counts as 4 SNX. +3. **Balance sources** — Ethereum mainnet SNX, Optimism SNX, SNX still held by the pDAO on behalf of former 420 participants with outstanding debt, and unclaimed sUSD conversion entitlements from the published SIP-423 holder snapshot. + +## Specification + +### Overview + +Update the Snapshot strategy used for Spartan Council elections so that voting power is the voter’s SNX ownership at the snapshot block. Economic ownership includes liquid SNX, 420 SNX, and unclaimed SIP-423 sUSD conversion entitlements. + +This change applies to elections for the four elected seats; three advisory seats and one treasury seat as defined in SR-2. It does not change SIP, SCCP, or STP voting by sitting council members. It does not change SIP-408 referendum rules, which already use holder voting. + +### Eligibility and voting power + +For each election: +- The Snapshot block is the block at which voting opens, or an earlier block published with the election. +- A wallet’s voting power is the sum of: + - SNX `balanceOf` on Ethereum mainnet (`0xC011a73ee8576Fb46F5E1c5751cA3B9Fe0af2a6F`). + - SNX `balanceOf` on Optimism (`0x8700daec35af8ff88c16bdf0418774cb3d7599b4`). + - SNX still custodied by the pDAO from the 420 wind-down and attributed to that wallet in the published 420 snapshot (SNX that had remaining debt and was not returned). + - Unclaimed SIP-423 sUSD conversion entitlement for that wallet, converted at 4 SNX per 1 sUSD from the published Phase 2 snapshot (Ethereum block 25473065, Optimism block 153868527). Maximum entitlement across all holders is 236,464,356 SNX. +- Voting is linear: `1 SNX = 1 vote`. +- A wallet may vote in each election contest for which it has non-zero voting power (Advisory and Treasury remain separate votes, as in recent elections). +- Anyone may self-nominate. Nomination does not require a minimum SNX holding. + +### Election process + +Unchanged except for the voting-power strategy. + +### Technical Specification + +Configure the Synthetix elections Snapshot space as follows. + +**Strategies (summed):** + +1. `erc20-balance-of` — Ethereum, SNX `0xC011a73ee8576Fb46F5E1c5751cA3B9Fe0af2a6F`. +2. `erc20-balance-of` — Optimism, SNX `0x8700daec35af8ff88c16bdf0418774cb3d7599b4`. +3. A Snapshot strategy that applies the published 420 debt-SNX attribution list (address → SNX amount) while those tokens remain in pDAO custody. The list is the 420 wind-down snapshot already published under SIP-423. Protocol-owned addresses are omitted from this list. + +**Why holders, not a frozen 420 snapshot.** A one-off replay of the last 420-pool snapshot would freeze the electorate at June 2026, exclude anyone who acquired SNX afterwards, and include addresses that have since sold. Holder balances at each election snapshot stay current. +**Why include unclaimed sUSD conversion entitlements.** SIP-423 already converted those sUSD balances into a fixed SNX claim at 4:1. The SNX is not transferable until 26 June 2027, but the entitlement is final and was recorded on the Phase 2 snapshot. Excluding it would deny voting power to a large, known SNX claim. + +## Copyright + +Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). From 49dad0914dff282ec85c46ba2e2fb12b5255fe68 Mon Sep 17 00:00:00 2001 From: kaleb <62237347+kaleb-keny@users.noreply.github.com> Date: Wed, 19 Aug 2026 15:56:31 +0200 Subject: [PATCH 2/3] Update SIP-424 frontmatter and wording - Set type to Meta-Governance and status to Vote_Pending - Fix network value to the CI-allowed "Ethereum & Optimism" - Format authors as Name (@handle) - Use "yet to be claimed" instead of "unclaimed" - Refer to the staking model rather than a staking-weighted model - Replace pDAO custody with Treasury custody - Drop the "Why holders" / "Why include" rationale paragraph Co-Authored-By: Claude Opus 5 (1M context) --- content/sips/sip-424.md | 31 ++++++++++++++----------------- 1 file changed, 14 insertions(+), 17 deletions(-) diff --git a/content/sips/sip-424.md b/content/sips/sip-424.md index ce80f5570..1d553d184 100644 --- a/content/sips/sip-424.md +++ b/content/sips/sip-424.md @@ -1,34 +1,34 @@ --- sip: 424 title: Unstaked SNX voting for governance elections -network: Ethereum + Optimism -status: Draft +network: Ethereum & Optimism +status: Vote_Pending proposal: -type: Governance -author: Kaleb and Benjamin Celermajer +type: Meta-Governance +author: Kaleb (@kaleb-keny), Benjamin Celermajer (@Fenway-snx) created: 2026-08-19 --- ## Simple Summary -This SIP updates Spartan Council election voting so that all SNX holders can vote, not only SNX stakers. Unclaimed SIP-423 sUSD conversion entitlements count as SNX voting power at the 4:1 conversion ratio. +This SIP updates Spartan Council election voting so that all SNX holders can vote, not only SNX stakers. SIP-423 sUSD conversion entitlements yet to be claimed count as SNX voting power at the 4:1 conversion ratio. -SIP-423 retired the 420 staking system and deferred the replacement staking contract. Until that contract is live, staking is not a usable basis for election voting power. This SIP replaces staker-only election voting with holder voting for all subsequent council elections, or until a later SIP restores a staking-weighted model. +SIP-423 retired the 420 staking system and deferred the replacement staking contract. Until that contract is live, staking is not a usable basis for election voting power. This SIP replaces staker-only election voting with holder voting for all subsequent council elections, or until a later SIP restores the staking model. ## Abstract -Spartan Council elections currently restrict voting to SNX staked in the 420 pool. SIP-423 closed that pool, returned unencumbered SNX to wallets, and left SNX with remaining debt in pDAO custody pending Phase 4 staking reform, which remains unbuilt. +Spartan Council elections currently restrict voting to SNX staked in the 420 pool. SIP-423 closed that pool, returned unencumbered SNX to wallets, and left SNX with remaining debt in Treasury custody pending Phase 4 staking reform, which remains unbuilt. This SIP proposes that election voting power be derived from SNX economic ownership rather than from a staking-contract balance. Specifically: -1. **Eligibility** — any wallet that holds SNX, or that has an unclaimed SIP-423 sUSD conversion entitlement, at the election snapshot may vote. -2. **Voting power** — linear, `1 SNX = 1 vote`. Each 1 sUSD of unclaimed SIP-423 entitlement counts as 4 SNX. -3. **Balance sources** — Ethereum mainnet SNX, Optimism SNX, SNX still held by the pDAO on behalf of former 420 participants with outstanding debt, and unclaimed sUSD conversion entitlements from the published SIP-423 holder snapshot. +1. **Eligibility** — any wallet that holds SNX, or that has a SIP-423 sUSD conversion entitlement yet to be claimed, at the election snapshot may vote. +2. **Voting power** — linear, `1 SNX = 1 vote`. Each 1 sUSD of SIP-423 entitlement yet to be claimed counts as 4 SNX. +3. **Balance sources** — Ethereum mainnet SNX, Optimism SNX, SNX still held by the Treasury on behalf of former 420 participants with outstanding debt, and sUSD conversion entitlements yet to be claimed from the published SIP-423 holder snapshot. ## Specification ### Overview -Update the Snapshot strategy used for Spartan Council elections so that voting power is the voter’s SNX ownership at the snapshot block. Economic ownership includes liquid SNX, 420 SNX, and unclaimed SIP-423 sUSD conversion entitlements. +Update the Snapshot strategy used for Spartan Council elections so that voting power is the voter’s SNX ownership at the snapshot block. Economic ownership includes liquid SNX, 420 SNX, and SIP-423 sUSD conversion entitlements yet to be claimed. This change applies to elections for the four elected seats; three advisory seats and one treasury seat as defined in SR-2. It does not change SIP, SCCP, or STP voting by sitting council members. It does not change SIP-408 referendum rules, which already use holder voting. @@ -39,8 +39,8 @@ For each election: - A wallet’s voting power is the sum of: - SNX `balanceOf` on Ethereum mainnet (`0xC011a73ee8576Fb46F5E1c5751cA3B9Fe0af2a6F`). - SNX `balanceOf` on Optimism (`0x8700daec35af8ff88c16bdf0418774cb3d7599b4`). - - SNX still custodied by the pDAO from the 420 wind-down and attributed to that wallet in the published 420 snapshot (SNX that had remaining debt and was not returned). - - Unclaimed SIP-423 sUSD conversion entitlement for that wallet, converted at 4 SNX per 1 sUSD from the published Phase 2 snapshot (Ethereum block 25473065, Optimism block 153868527). Maximum entitlement across all holders is 236,464,356 SNX. + - SNX still custodied by the Treasury from the 420 wind-down and attributed to that wallet in the published 420 snapshot (SNX that had remaining debt and was not returned). + - SIP-423 sUSD conversion entitlement yet to be claimed for that wallet, converted at 4 SNX per 1 sUSD from the published Phase 2 snapshot (Ethereum block 25473065, Optimism block 153868527). Maximum entitlement across all holders is 236,464,356 SNX. - Voting is linear: `1 SNX = 1 vote`. - A wallet may vote in each election contest for which it has non-zero voting power (Advisory and Treasury remain separate votes, as in recent elections). - Anyone may self-nominate. Nomination does not require a minimum SNX holding. @@ -57,10 +57,7 @@ Configure the Synthetix elections Snapshot space as follows. 1. `erc20-balance-of` — Ethereum, SNX `0xC011a73ee8576Fb46F5E1c5751cA3B9Fe0af2a6F`. 2. `erc20-balance-of` — Optimism, SNX `0x8700daec35af8ff88c16bdf0418774cb3d7599b4`. -3. A Snapshot strategy that applies the published 420 debt-SNX attribution list (address → SNX amount) while those tokens remain in pDAO custody. The list is the 420 wind-down snapshot already published under SIP-423. Protocol-owned addresses are omitted from this list. - -**Why holders, not a frozen 420 snapshot.** A one-off replay of the last 420-pool snapshot would freeze the electorate at June 2026, exclude anyone who acquired SNX afterwards, and include addresses that have since sold. Holder balances at each election snapshot stay current. -**Why include unclaimed sUSD conversion entitlements.** SIP-423 already converted those sUSD balances into a fixed SNX claim at 4:1. The SNX is not transferable until 26 June 2027, but the entitlement is final and was recorded on the Phase 2 snapshot. Excluding it would deny voting power to a large, known SNX claim. +3. A Snapshot strategy that applies the published 420 debt-SNX attribution list (address → SNX amount) while those tokens remain in Treasury custody. The list is the 420 wind-down snapshot already published under SIP-423. Protocol-owned addresses are omitted from this list. ## Copyright From 44f7ab6d61f015a87e434ecd632c885a5a9c544e Mon Sep 17 00:00:00 2001 From: kaleb <62237347+kaleb-keny@users.noreply.github.com> Date: Wed, 19 Aug 2026 16:06:53 +0200 Subject: [PATCH 3/3] Add Snapshot proposal link to SIP-424 Co-Authored-By: Claude Opus 5 (1M context) --- content/sips/sip-424.md | 3 ++- 1 file changed, 2 insertions(+), 1 deletion(-) diff --git a/content/sips/sip-424.md b/content/sips/sip-424.md index 1d553d184..1e71fb125 100644 --- a/content/sips/sip-424.md +++ b/content/sips/sip-424.md @@ -3,7 +3,8 @@ sip: 424 title: Unstaked SNX voting for governance elections network: Ethereum & Optimism status: Vote_Pending -proposal: +proposal: >- + https://snapshot.org/#/snxgov.eth/proposal/0xc349249843a2818a7d68aabf35ce57d70f2a9ca67344f47a1dda71f2509f430e type: Meta-Governance author: Kaleb (@kaleb-keny), Benjamin Celermajer (@Fenway-snx) created: 2026-08-19