On April 11, according to Parsec's analysis, the recent de-anchoring of the Synthetix stablecoin sUSD is not due to bad debt or protocol failure, but a side effect caused by the adjustment of the SIP-420 mechanism. SIP-420 introduces a shared debt pool mechanism, and SNX pledgers no longer mint sUSD alone and bear personal debts, but entrust funds to the public pool, thus achieving a structure without liquidation and no personal debts. However, when the price of sUSD deviates from the anchor value, the pledger no longer has the incentive to buy back sUSD at a low price to repay the debt, and the original self-adjustment mechanism of the agreement fails. At the same time, over $80 million of SNX flowed into the SIP-420 pool, and Infinex activity led to the growth of holdings, which led to the rapid expansion of sUSD supply, and the lack of corresponding demand in the market further pressured the anchoring mechanism.
At present, sUSD has fallen to $0.87, a drop of more than 13%. The Synthetix team said it is rebuilding sUSD demand through integration with Aave, Ethena, and strengthening Curve incentives.
The de-anchoring of sUSD is caused by the change of SIP-420 mechanism, and it is not a bad debt problem
2025-04-11 08:04:39
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