Synthetix的Stablecoin Susd最近的Depegggggggggggggggggg腳不是壞賬或協議失敗的結果，而是治理升級SIP-420的直接結果。

該穩定的穩定性目前的交易價格接近0.90美元。

On-chain analytics firm Parsec has argued that the recent depegging of Synthetix’s stablecoin sUSD is not the result of bad debt or protocol failure, but a direct consequence of governance upgrade SIP-420.

鍊鍊分析公司Parsec認為，Synthetix的Stablecoin Susd的最新動態不是壞賬或協議失敗的結果，而是治理升級SIP-420的直接結果。

The stablecoin, which is designed to maintain a $1 price, is currently trading near $0.90.

該穩定的穩定性目前的交易價格接近0.90美元。

This slide began shortly after the implementation of SIP-420, a proposal that aimed to streamline staking and improve capital efficiency across the Synthetix (SNX) protocol, Parsec said.

Parsec說，該幻燈片始於SIP-420實施後不久，該提案旨在簡化整個Synthetix（SNX）協議的資本效率。

The upgrade, which was deployed in late March, introduced a protocol-owned staking pool, replacing the previous system where individual SNX holders minted sUSD and managed their own debt positions.

該升級於3月下旬部署，引入了一個協議擁有的Stage池，取代了先前的SNX持有人鑄造SUSD並管理自己的債務頭寸的系統。

Under the new model, stakers delegate to a shared debt pool, enabling a lower collateralization ratio—down from 500% to 200%—and a more simplified user experience. However, it also removed the individual incentive to defend the peg.

在新模型下，Stakers將共享債務庫委託，從而使抵押率較低（從500％到200％）和更簡單的用戶體驗。但是，它還消除了個人捍衛釘子的動力。

“stakers don’t have skin in the game when sUSD trades off peg,” the report stated. “There’s no incentive to buy it cheap and retire debt — because it’s not your debt anymore.”

報告說：“當Susd交易PEG時，Stakers在遊戲中沒有皮膚。” “沒有動力購買便宜和退休的債務 - 因為這不再是您的債務。”

Influx of funds to the shared pool

資金湧入共享池

Parsec pointed to a surge of over $80 million in SNX entering the shared pool and a promotional campaign by Infinex as catalysts that massively expanded sUSD’s supply. Some Curve pools are now composed of over 90% sUSD, with little demand to absorb the excess. Without organic buying pressure, the stablecoin’s price has continued to slide.

帕爾塞克（Parsec）指出，SNX的浪費超過8000萬美元，進入了共享池，而Infinex的促銷活動則是大規模擴大SUSD供應的催化劑。現在，一些曲線池由超過90％的SUSD組成，幾乎不需要吸收過量。沒有有機購買壓力，Stablecoin的價格繼續下跌。

The Synthetix team has described the depeg as part of a “transition period” and is working on integrations with Aave and Ethena to create new demand sinks.

Synthetix團隊將DEPEG描述為“過渡時期”的一部分，並正在與AAVE和Ethena進行集成，以創建新的需求匯。

They have also pledged to boost Curve incentives in an effort to support price recovery.

他們還承諾增強曲線激勵措施，以支持價格恢復。

Still, the Parsec report highlights a critical tradeoff: while SIP-420 has enhanced scalability and simplified participation, it has also removed a key reflexive stabilizer that once helped keep sUSD close to its intended peg.

儘管如此，帕爾塞克報告仍然強調了一個關鍵的權衡：儘管SIP-420增強了可伸縮性和簡化的參與度，但它還刪除了一項關鍵的反射穩定劑，該穩定劑曾經有助於使SUSD接近其預期的PEG。