SUSD Stablecoin of Synthex continues to fall after Deg, which has tapped at $ 0.68
The native stablecoin of the Synthetix Protocol, Synthetix USD (SUSD), has moved away from the US dollar peg, reaching the new time lows under $ 0.70.
However, the firm reiterated that this is not the first time the owner is under significant stress, and many risk steps are in the area.
“Synthetix and SUSD have welcomed many bear markets and stablecoin volatility periods; this is not the first test of the elastic,” a spokesman from Synthetix to Cointelegraph said.
Susd down almost 31% from its intended 1: 1 peg
SUSD is a crypto-collateralized stablecoin. Users have locked SNX tokens in Mint Susd, making its stability dependent on the Synthex market value (Snx).
At the time of publication, SUSD (SUSD) traded at $ 0.70, 30% below its 1: 1 peg with the US dollar, According to In CoinMarketCap data.
At the same time, the SNX was held relatively stable, which was only 1.08% last week, the trade at $ 0.63. However, from a broader view of the general crypto market collapse, the SNX has fallen by approximately 26% over the past 30 days.
The speaker explained that short-term SUSD’s volatility was driven by “structures” after the launch of the SIP-420, a proposal that changes the debt risk from the stakers to the protocol itself.
They explained that the firm has short, medium, and long -term plans to reduce risks.
In the short term, Synthetix said it would continue to support liquidity for SUSD through curve pools and deposit campaigns on the Derivatives platform, Infinex.
For mid-term steps, the synthetix introduced the “simple debt-free” SNX staking it says is “encourage individual debt repayment.”
For a long time, the company said it would make changes to capital efficiency by 420 pools, will take the level of the SUSD supply protocol level, and introduce new mechanisms dedicated to adoption “in Synthetix products.
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Synthetix founder Pain Warwick explained on April 2 that volatility was mainly due to the main SUSD purchase driver. “New mechanisms are introduced, but with this move, there will be some volatility,” Warwick Says In an x post.
“It is worth pointing out that SUSD is not an algo that is stable, it is a pure crypto collateralized stabil, the peg can and drift, but there are mechanisms to push it back to the line if it goes above or below the peg,” he added.
On April 10, cointelegraph reported that possession is faced Continued disadvantage from the start of 2025. On January 1, the SUSD dropped to $ 0.96 and bouncing only to $ 0.99 in early February. Prices are constantly changing until February before stabilizing in March.
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