IDA

Synthetix: The old SNX staking positions have been liquidated, but most can still be recovered. Users need to migrate as soon as possible

ChainCatcher message, Synthetix stated on its official blog that, according to the SCCP-403 proposal, Synthetix has officially completed the transition to the 420 staking pool, and all old SNX staking positions have been liquidated as planned. However, most positions can still be restored. If users are historical stakers who have not yet migrated to the 420 pool, please make sure to follow the steps below as soon as possible. This upgrade will drive the Synthetix system to fully support future products, including the upcoming Perps v4 perpetual contract platform, automated Vaults, and other core features.Key rule explanation: If a user's staking position has a collateral ratio (C-Ratio) below 160% at the time of liquidation, that staking position has been permanently liquidated and cannot be restored. If the collateral ratio at the time of liquidation is ≥160%, your staking position can be restored, but the migration must be completed within 6 months from the date of liquidation. Important notes after restoration: The migrated staking position will retain the debt size at the time of liquidation, and users can repay the debt at any time to unlock SNX tokens; the new pool allows stakers to gradually reduce their debt within 12 months (subject to certain conditions). Specific rules and the sUSD staking reward program will be announced in the coming weeks. Users can apply to participate in the sUSD staking test.

Loosening cryptocurrency regulations, the Federal Reserve and other institutions have withdrawn relevant guidance for the banking industry

ChainCatcher news, the Federal Reserve announced on Thursday the withdrawal of regulatory guidance regarding banks' cryptocurrency assets and dollar token businesses, and simultaneously updated the relevant business expectation standards. This move aims to ensure that regulatory requirements keep pace with the evolution of risks and further support innovation in the banking system.The announcement shows that the Federal Reserve has officially abolished the regulatory letter issued in 2022, which previously required state member banks to report in advance on proposed or existing cryptocurrency asset businesses. After the withdrawal, the Federal Reserve will no longer require banks to fulfill reporting obligations, instead opting to monitor related activities through regular regulatory procedures. Also abolished is the 2023 guidance document regarding the "no objection" procedure for state member banks participating in dollar token businesses.In addition, the Federal Reserve and the Federal Deposit Insurance Corporation jointly decided to withdraw two policy statements regarding banks' cryptocurrency asset businesses and risk exposures, which were jointly issued by federal banking regulators in 2023. The Office of the Comptroller of the Currency had previously withdrawn from that statement. The Federal Reserve stated that it will collaborate with other regulatory agencies in the future to assess whether new guidance frameworks are needed to support innovation, including cryptocurrency asset businesses.
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