Synthetix founder Eat Warwick threatened SNX stakers with “The Stick” if they didn’t take a newly launched staking mechanism to help repair the protocol’s ongoing Susd (SUSD).
Warwick Says In a post on April 21 at X that now has implemented a SUSD staking mechanism to meet the Deg, but admitted that it is currently “very manufacturer” without proper user interface.
However, once the UI survives, Warwick said, if there is not enough momentum, they may need to “Immerse the pressure” on the stakers in the SUSD 420 pool.
SUSD 420 pool is a new staking mechanism introduced On April 18 of Synthetix rewarded participants with part of 5 million SNX tokens for 12 months if they detained their SUSD a year in the pool.
“It was completely resolved and it was the responsibility of the SNX stakers. We didn’t try to work, now we tried carrots and it was kind of worked but I reserved discretion,” he said.
“I think we all know how much I like the stick so if you think you’re going away from eating carrots I have a bad news for you.”
Synthetix susd is a Crypto-collateralized stablecoin. Users have locked SNX tokens in Mint Susd, making its stability dependent on the Synthex market value (Snx).
Synthex’s stablecoin faced with many bouts of Inevitably from the start of 2025. On April 18, it tapped $ 0.68, down nearly 31% out of its 1: 1 peg with the US dollar. Until April 21, it trades around $ 0.77, According to to data from coingecko.
SNX stakers are the key to deg -arranging
“The collective net amount of SNX stakers is like a lot of billions -billions of money to solve it we just have to dial in incentives,” Warwick said.
“We will start slow and repeat but I am confident that we will solve it and return to developing the L1.”
A synthetix Cointelegraph’s spokesman said on April 18 The short-term volatility of that SUSD was driven by “structural structures” after the launch of the SIP-420, a proposal that changes the debt risk from stakers to the protocol itself.
Other stablecoins have avoided the past and recovered. Circle USDC (USDC) that -depegged in March 2023 because of Stablecoin Issuer announces $ 3.3 billion of its reserves is tied to the crumped Silicon Valley Bank.
Related: How and why the stablecoins deg?
In recent times, Justin Sun-Link Stablecoin Trueusd (TUSD) fell below its $ 1 peg in January After reports the holders were washing the road -millions of TUSD worth in exchange for competitive Stablecoin Tether (USDT).
Stablecoin Market Capitalization has grown since mid -2023More than $ 200 billion in early 2025, with a total volume of Stablecoin reaches $ 27.6 trillion, exceeding the combined Visa and MasterCard volumes of 7.7%.
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