Synthetix stablecoin sUSD continues de-peg to $0.85

Synthetix Stablecoin Susd fell by 6% on the last day to negotiate $ 0.8597, continuing the recent drop below its ankle to $ 1.

At the same time, the 24 -hour negotiation volume jumped almost 487% over $ 2.1 million, according to Coingecko data. This reflects a growing market activity as concerns increases. Synthetix (SNX) is a decentralized funding protocol that allows users to create and exchange synthetic assets, which follow the value of active world as a chain world.

With the help of Oracle Data, its stablecoin, SUSD, is designed to reflect the price of the US dollar and is supported by the native token of the platform, SNX. The recent drop in the SUSD price occurs after the launch of SIP-420, a new proposal that introduced the “420 pool”.

This swimming pool allows SNX holders to reach more SUSD with less warranty, which reduces the limit to 200% instead of the previous 500%. Analysts say the main reason stable The fall in its ankle is due to the sharp increase in the SUSD supply, caused by the lowered guarantee requirement.

Panterafi, an analyst DEFI, noted in a post of April 2 on X that the tactics of the excess offer and the yield which imply the sale of SUSD put pressure on the price. Although SUSD is still overpriced, its PEG now depends more on market dynamics than methods of direct arbitration or reimbursement of traditional debt.

Synthetix developers have described this as a “transition period”. In his DiscordThe team said it was planning to stimulate incentives to liquidity pools and extend SUSD’s usefulness through initiatives like Snaxchain.

“During this transition, there is an excess of SUSD on the market, causing pressure on the price of SUSD (which is always healthy and over-collatered). We will continue to work on the management (increasing short -term) of incentives for curve pools, supporting the infinex deposit campaign (will extend) and creating additional wells for SUSD which will provide long -term support (Snaxchain arrives) “

– Synthetix discord statement

This is not the first time that Susd has slipped under his ankle. Basic contributors have reassured users of continuous efforts to restore stability as a result of similar incidents in March and May 2024.

While some believe that the problem is manageable, others, like the analyst of Defi Eldar, caution that the current model may not be able to maintain the PEG in the long term without a clearer SNX material value.

However, Kain Warwick, the founder of Synthetixis always full of hope. He recently added more SNX to his participations and said that the current Depeg is a short-term mechanism in the implementation of SIP-420.