Synthetix's stablecoin sUSD has suffered a sharp depegging, dropping to $0.7, a 13.9% decrease in the past 24 hours.

BlockBeats News, April 18th, according to market data, the Synthetix USD stablecoin sUSD's de-pegging has worsened, falling by 13.9% in the past 24 hours, now trading at $0.7038, with a market capitalization of $22.96 million. Previously, Synthetix founder Kain stated that the sUSD reanchoring mechanism is in transition, having sold 90% of ETH and increased SNX holdings.

BlockBeats previously reported that the de-pegging of the Synthetix stablecoin sUSD was not due to bad debt or a mechanism failure, but rather a side effect of SIP-420. The introduction of SIP-420 means that SNX stakers no longer individually mint sUSD and manage their own debt but instead delegate funds to a shared pool to achieve effects such as no liquidation and no personal debt; with debt concentrated in the public pool, when the sUSD trading price deviates from the peg value, stakers do not have a direct incentive to buy sUSD at a low price to repay debt, and the once-existing self-adjusting defense mechanism has now disappeared. The Synthetix team has stated that they are establishing new demand channels, such as integrating with Aave and Ethena and strengthening the Curve incentive mechanism.