Synthetix officially launches sUSD 420 Pool to tackle ongoing stablecoin issues

Synthetix launched a new liquidity initiative aimed at stabilizing its Susd algorithmic stablecoin, which has been negotiated well below its ankle at $ 1. The “Susd 420 swimming pool”,

Announced by the founder Kain Warwick on xThe swimming pool will reward participants with 5 million SNX tokens over 12 months to try to limit the effects of current Depeg.

Susd fell to $ 0.8224 in April 18, up more than 7% in 24 hours, according to in Coingecko. It was negotiated as low as $ 0.63.

Decrease was linked Recent protocol changes under the Synthetix 420 improvement proposal, which has introduced a pace swimming pool belonging to a protocol and has lowered the warranty report for the decrease in SUSD from 500% to 200%.

This change has caused a significant increase in SUSD’s supply, going beyond demand and leading to imbalances in decentralized exchange pools such as curve, where SUSD now represents more than 90% of certain pairs of liquidity.

SNX Locked and dotted

The new 420 swimming pool forces SNX stakers to lock their jump For a year to win daily SNX awards. These awards will also be locked and will go at the end of three months after the end of the campaign.

While the official frontal support for the program is launching next week, Early Access is available via Synthetix discord.

Synthetix called The current phase has a “transition period” and plans to support SUSD thanks to additional incentives and new use cases, including the next SNAXCHAIN ​​initiative.