Synthetix Launches Emergency sUSD Stablecoin Solution: Earn 5 Million SNX Rewards in 420 Pool

On April 18th, Synthetix revealed an urgent response to the ongoing “sUSD Stablecoin Off-Peg” dilemma. The initiative, dubbed the USD 420 Pool, is set to roll out in 36 hours, aiming to boost liquidity and restore peg stability. Participants who provide sUSD into this pool will earn a portion of a 5 million SNX rewards pool distributed over the course of 12 months. Notably, the staked sUSD will undergo a lock-up period of one year, while any accrued SNX rewards will also be restricted, unlocking only after three months post-event. Synthetix’s founder Kain has remarked on this emergency strategy, saying it is “one of the worst instant solutions” aimed at generating demand for sUSD among users. In related market movements, the sUSD stablecoin dropped sharply to $0.7—a drop of 13.9% within a 24-hour window—before stabilizing to $0.83, reflecting the volatility inherent in crypto-assets.