Synthetix stablecoin sUSD de-pegging intensified to $0.7, down 13.9% in 24 hours

GateUser-6433627c · 2025-04-18T01:02:05+00:00

The de-pegging of Synthetix's US dollar stablecoin sUSD has intensified, attracting market attention. Founder Kain said that he is transitioning the repair mechanism and has changed his strategy. The de-pegging of sUSD stems from the side effects of SIP-420, which makes it impossible for stakers to effectively manage their debts and lacks a self-regulating mechanism. The Synthetix team plans to integrate Aave, Ethena, and strengthen Curve incentives to seek new demand channels.

GateUser-6433627c

2025-04-18 01:02:05

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On April 18, according to market information, the de-pegging of the Synthetix dollar stablecoin sUSD intensified, falling 13.9% in 24 hours, and is now trading at $0.7038, with a market value of $22.96 million. Previously, Kain, the founder of Synthetix, had said that the sUSD anchor repair mechanism is in transition, and has sold 90% of ETH and increased SNX. BlockBeats previously reported that the unpegging of the Synthetix stablecoin sUSD was not due to bad debt or mechanism failure, but rather a side effect of SIP-420. The introduction of SIP-420 means that SNX stakers are no longer individuals minting sUSD and managing their own debt, but instead delegating funds to shared pools to achieve effects such as no liquidation and no personal debt; Since the debt is concentrated in the public pool, there is no direct interest incentive for stakers to buy sUSD at a low price to repay the debt when the sUSD trading price deviates from the anchor value, and the self-regulating defense mechanism that once existed is now gone. The Synthetix team said it is building new demand channels, such as integrating with Aave and Ethena and strengthening Curve incentives.

SNX4,03%

SUSD-0,24%

ETH0,57%

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