最近涉及Synthetix Susd的DEPEG事件強調，該行業仍然充滿風險

這種鮮明的差異反映了算法穩定的現實，即算法尚未獲得社區的廣泛信任。

Recent reports on the depeg of sUSD, an algorithmic stablecoin from Synthetix, have highlighted the enduring risks in this sector despite the immense potential of the technology.

Synthetix的算法Stablecoin的DePeg的最新報告強調了該領域的持久風險，儘管該技術的潛力巨大。

As reported by BeInCrypto on April 21, sUSD, a stablecoin designed to peg its value at 1 USD, has faced significant challenges, remaining at 0.77 USD despite efforts to restore its peg.

正如Beincrypto在4月21日報導的那樣，旨在將其價值固定為1美元的穩定的SUSD面臨著重大挑戰，儘管努力恢復其PEG，但仍面臨著巨大的挑戰。

The primary cause was a major liquidity provider withdrawing from the sBTC/wBTC pool on Curve, which triggered intense selling pressure on sUSD, forcing users to convert other synthetic assets like sETH or sBTC into sUSD, further exacerbating the price decline.

主要原因是一個主要的流動性提供商在曲線上退出SBTC/WBTC池，這引起了SUSD的巨大銷售壓力，迫使用戶將SETH或SBTC等其他合成資產轉換為SUSD，從而進一步加劇了價格下降。

This issue has prompted the Synthetix team to implement an sUSD staking mechanism, which is expected to launch in a few days.

這個問題促使Synthetix團隊實施了SUSD Staking機制，預計將在幾天內發射。

“We have implemented an sUSD staking mechanism but it’s very manual until the UI goes live in a few days. Here was my hot take from discord though.”

“我們已經實施了一種Susd Staking機制，但這是非常手動的，直到UI在幾天內才能生存。這是我從Discord的熱門看法。”

If the incentive mechanism (carrot) proves ineffective, Synthetix would adopt stricter measures (stick) to compel stakers in the 420 pool to participate more actively.

如果激勵機制（胡蘿蔔）證明無效，Synthetix將採取更嚴格的措施（棒）來迫使420池中的Stakers更積極地參與。

He added that, with the collective net worth of SNX stakers reaching billions of USD, they have the financial resources to stabilize sUSD and resume development of derivative products on Layer 1.

他補充說，隨著SNX Stakers的集體淨資產達到數十億美元，他們擁有穩定SUSD並恢復第1層衍生產品的發展。

However, sUSD is not the first stablecoin to encounter difficulties this year. Earlier, the market witnessed the dramatic collapse of UST/LUNA in 2022.

但是，SUSD並不是今年第一個遇到困難的穩定者。早些時候，市場見證了2022年UST/LUNA的劇烈崩潰。

UST, Terra’s algorithmic stablecoin, suffered a severe depeg, dragging LUNA’s value down from $120 to nearly zero. This event caused billions of USD in losses and significantly eroded trust in the algorithmic stablecoin model.

Terra的算法Stablecoin UST遭受了嚴重的Depeg，將Luna的價值從120美元拖到了幾乎零。這一事件造成了數十億美元的損失，並對算法穩定模型產生了明顯侵蝕的信任。

Moreover, 'the Godfather of DeFi', Andre Cronje, known for Sonic (formerly Fantom), is also shifting directions. Sonic initially developed a USD-based algorithmic stablecoin before pivoting to a stablecoin pegged to the UAE dirham.

此外，“ Defi的教父”，以Sonic（以前為Fantom）聞名的Andre Cronje也在改變方向。 Sonic最初開發了一種基於USD的算法穩定菌，然後旋轉到與阿聯酋Dirham掛鉤的穩定菌。

“Pretty sure our team cracked algo stable coins today, but previous cycle gave me so much PTSD not sure if we should implement,” Cronje stated.

克朗傑說：“很確定我們的團隊今天破裂了算力穩定的硬幣，但是以前的周期給了我太多的PTSD不確定我們是否應該實施。”

Beyond technical risks, algorithmic stablecoins face mounting regulatory pressures. The EU’s MiCA regulation, which came into effect in June 2024, imposes strict standards on stablecoin issuers to ensure consumer protection and financial stability.

除了技術風險之外，算法穩定的穩定器會面臨越來越多的監管壓力。歐盟的雲母法規於2024年6月生效，對Stablecoin發行人施加了嚴格的標準，以確保消費者保護和財務穩定。

This regulation classifies algorithmic stablecoins as ART (Asset-Referenced Token) or EMT (E-Money Token), requiring projects to meet complex compliance demands, thereby increasing the pressure on developers.

該法規將算法的穩定菌屬分類為ART（資產引用的令牌）或EMT（E-Money Token），要求項目以滿足複雜的合規性要求，從而增加對開發商的壓力。

These examples demonstrate the vulnerability of algorithmic stablecoins to liquidity shocks and market sentiment, especially due to their lack of direct asset backing. However, despite the challenges, algorithmic stablecoins still hold developmental potential.

這些示例表明，算法穩定菌對流動性衝擊和市場情緒的脆弱性，尤其是由於它們缺乏直接資產支持。然而，儘管面臨挑戰，但算法穩定菌仍然具有發育潛力。

Projects in this space must concentrate on developing more sophisticated price stability mechanisms, combining algorithms with liquidity safeguards to create a truly sustainable model.

該領域的項目必須集中精力開發更複雜的價格穩定機制，將算法與流動性保障相結合以創建真正可持續的模型。

Furthermore, they should prioritize preparing for regulatory requirements, especially in regions with stringent rules like the EU. Transparency in operations, regular audits, and clear communication with users are crucial to rebuilding community trust.

此外，他們應優先考慮為監管要求做準備，尤其是在歐盟等嚴格規則的地區。操作，定期審核和與用戶的清晰溝通的透明度對於重建社區信任至關重要。

By addressing these factors, projects can seize the opportunity to regain confidence and drive innovation in the algorithmic stablecoin sector.

通過解決這些因素，項目可以抓住機會重新獲得信心並推動算法穩定行業的創新。