Synthetixが発行した分散型Stablecoin $ SUSDは、急速に成長している下垂失の危機を経験しています。

低下の後、トークンは現在0.8030ドルで、過去24時間で5％減少しました。

"DeFi is now a sea of acronyms, tokens, and protocols, which can be overwhelming at times. But every now and then, an acronym emerges that truly captures the essence of a pressing issue in the crypto sphere. Today, we're focusing on sUSD, the decentralized stablecoin issued by Synthetix."

「Defiは現在、頭字語、トークン、プロトコルの海であり、時には圧倒される可能性があります。しかし、時々、暗号領域の差し迫った問題の本質を本当に捉える頭字語が現れます。今日、Susdに焦点を当てています。

"After a concerning drop yesterday, the token has slid further, reaching $0.8030 at the time of writing. This continues the downward trend that began mid-March 2025, when sUSD started to diverge noticeably from its intended $1 value."

「昨日の低下の後、トークンはさらに滑り落ち、執筆時点で0.8030ドルに達しました。これは、SUSDが意図した1ドルの価値から顕著に迂回し始めた2025年3月中旬に始まった下降傾向を継続します。」

"The token is quickly approaching a market capitalization of $25.46 million, which in U.S. dollar terms yesterday was $0.9321. This depegging has traders and investors worried, as stablecoins like sUSD are meant to maintain a 1:1 peg with the U.S. dollar. So what gives? Why is this happening? And, you know, what’s next?"

「トークンはすぐに2億5.46百万ドルの時価総額に近づいています。これは昨日米ドルの条件で0.9321ドルでした。この被告にはトレーダーと投資家が心配しています。

"sUSD is a decentralized stablecoin that is designed to track the value of the U.S. dollar and maintain a stable 1:1 peg with that currency. It is made using the synthetic asset mechanism of the Synthetix platform, where users put up SNX or other assets as collateral in order to mint the stablecoin. Generally, a stablecoin like sUSD should stay quite close to its peg, something which seems to be happening with it as of late."

「SUSDは、米ドルの価値を追跡し、その通貨で安定した1：1ペグを維持するように設計された分散型のスタブコインです。これは、Snythetixプラットフォームの合成資産メカニズムを使用して作成されます。

"However, beginning in mid-March 2025, sUSD started to move noticeably away from its $1 familiar value. On April 9, 2025, the value of the stablecoin had plummeted to approximately $0.8388, signaling a dip of over 16% from where it was theoretically supposed to be. This steep decline was concerning and, after 20 days of dropping and not recovering, seemed to be trending steadily downward."

「しかし、2025年3月中旬から、SUSDは1ドルの馴染みのある価値から著しく離れ始めました。2025年4月9日、スタブコインの価値は約0.8388ドルに急落しました。

"The value of sUSD keeps decreasing and fell as low as $0.8030, which has a lot of people second-guessing the Synthetix protocol and its synthetic asset mechanism’s current state of stability. Unstable stablecoins create a ripple effect across DeFi, and with that, the sUSD’s trustworthiness is being called into question — both as a medium of exchange and a store of value."

「SUSDの価値は減少し続け、0.8030ドルほど低下します。これは、Synthetixプロトコルとその合成資産メカニズムの現在の安定状態を2番目に推測する多くの人々を抱えています。不安定な安定性は、Defi全体で波及効果を生み出します。

"The ongoing depegging crisis for sUSD has many facets to it. Kain Warwick, founder of Synthetix, recently spoke about the situation and said that the adjustment mechanism supporting sUSD is going through growing pains—the kind you would expect from a platform attempting to make a significant change. Stablecoins are supposed to be stable, but Warwick’s comments indicate that Synthetix’s is anything but."

「SUSDの進行中の死後の危機には多くの側面があります。Synthetixの創設者であるKain Warwickは最近、SUSDをサポートする調整メカニズムは成長する痛みを経験していると述べました。

"Specifically, market fluctuations appear to be linked to wider changes in the collateral backing of sUSD. Warwick disclosed that Synthetix had divested 90% of its ETH position and augmented its SNX holdings. This tweak in the protocol’s collateral composition is probably having some unanticipated effects, since it could lead investors to reassess just how stable sUSD now is with so much less Ether backing it."

「具体的には、市場の変動は、SUSDの担保の裏付けにおけるより広範な変化に関連しているように見えます。Warwickは、SynthetixがETHの位置の90％を売却し、SNX株を増やしたことを明らかにしました。プロトコルの担保構成のこの調整は、おそらく投資家が今では安定していないので、投資家には不安定な効果をもたらす可能性があるためです。

"Simultaneously, the wider crypto world has been seen a lot of volatility in recent times, which seems to be adding to the concerns around sUSD. As the value of big-name tokens like Ethereum and Bitcoin swing in their own directions, the assets that back sUSD don’t seem to be having their best day either. And that’s causing sUSD to drift even further from its intended 1:1 peg with the U.S. dollar."

「同時に、より広い暗号の世界は最近では多くのボラティリティが見られています。これは、SUSDの懸念を増しているようです。

"It is interesting to note that, even though sUSD has been losing its peg, its collateral token, SNX, has been gaining in value. In the last 24 hours, SNX shot up 7.5%, which is a significant contrast to the trend that sUSD is on right now. So, what’s happening here? Why is the market so conflicted about these two tokens?"

「SUSDがPEGを失っているにもかかわらず、その担保トークンであるSNXが価値を増していることに注意するのは興味深いことです。過去24時間で、SNXは7.5％上昇しました。

"Clearly, the market is assuming that even if sUSD is going to have problems in the short term, this won’t affect the Synthetix protocol or its governance mechanisms. It is also worth out that the uptick in SNX’s value could be correlated with the latest changes made by the Synthetix team. The change in platform collateral strategy, along with an augmented holding of SNX, could be perceived as a good, positive move for the token."

「明らかに、市場は、SUSDが短期的に問題を抱えていても、Synthetixプロトコルやそのガバナンスメカニズムに影響を与えないと仮定しています。SNXの価値の上昇は、Synthetixチームによる最新の変更と相関する可能性もあります。

"Yet, the lack of stability in sUSD is casting a pall over investor confidence and the outlook for SNX, since the Synthetix ecosystem as a whole and the stablecoin are integral to the working-out of SNX’s success. As problems with sUSD keep escalating, the Synthetix team is under ever-growing pressure to solve the fundamental problems causing it."

「それでも、SUSDの安定性の欠如は、Synthetixエコシステム全体とStablecoinがSNXの成功のワーキングに不可欠であるため、投資家の信頼とSNXの見通しに対するポールを投げかけています。SUSDの問題がエスカレートし続けるにつれて、Synthetixチームは拡大し続ける圧力にさらされています。

"It was recently stated by Warwick

「最近ワーウィックによって述べられました