BlockBeats News, April 17. According to market data, Synthetix's USD-pegged stablecoin sUSD experienced intensified de-pegging, dropping by 9.9% within a day to now trade at $0.77, with a market cap decreased to $24.6 million. Previously, Synthetix founder Kain mentioned that the sUSD peg restoration mechanism is currently in transition, having sold 90% of ETH and increased SNX holdings.
Earlier BlockBeats reports indicated that the de-pegging of Synthetix's 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 no longer individually mint sUSD and manage their debt but instead delegate funds to a common pool to achieve effects like no liquidation and no individual debt; as debt is concentrated in a public pool, when the sUSD trading price deviates from the peg, stakers lack a direct incentive to buy sUSD at a lower price to repay debt, and the previously existing self-adjusting defense mechanism has disappeared. The Synthetix team stated they are establishing new demand channels, such as integrating with Aave and Ethena and enhancing the Curve incentive mechanism.
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