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COINOTAG News reports on April 18th that the performance of Synthetix’s USD stablecoin, sUSD, has significantly deteriorated, experiencing a 13.9% decline within just 24 hours, trading currently at $0.7038 with a market capitalization of $22.96 million. Kain, the founder of Synthetix, has indicated that the sUSD reanchoring mechanism is undergoing significant changes, having liquidated 90% of their ETH holdings to bolster SNX assets. Previous analyses suggest that the de-pegging of sUSD is not a result of internal failures or excess bad debt, but rather a consequence of SIP-420. This update has shifted the operation from individual minting of sUSD by SNX stakers to a collective funding approach, which has disrupted the previous self-adjusting mechanisms that supported price stability.
The implications of SIP-420 indicate that debt dynamics have evolved, leading to centralization of debt in a public pool. Consequently, when sUSD trades below its peg, there is diminished incentive for stakers to acquire sUSD to maintain debt levels, leading to a fluctuating stablecoin price. The Synthetix team is actively pursuing new demand avenues, including partnerships with Aave and Ethena, while also enhancing incentives through Curve to stabilize and recover the sUSD peg.
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