SUSD繼續從其1美元的固定釘從Depeg處達到$ 0.70的歷史最低點

Synthetix的本地Stablecoin Susd繼續從預期的1釘$ 1的釘子越來越多，達到了低於$ 0.70的歷史最低水平。

Synthetix’s (SNX) native stablecoin, sUSD, is showing no signs of slowing down in its depegging journey, hitting new all-time lows below $0.70. The crypto-collateralized stablecoin, which is backed by SNX tokens, has been sliding since the beginning of 2025, with recent price action showing a concerning downward trend.

Synthetix的（SNX）本地Stablecoin Susd沒有顯示出放慢腳步的跡象，在其depegging旅途中，售價低於$ 0.70。由SNX代幣支持的加密貨幣化穩定劑自2025年初以來一直在滑動，最近的價格動作顯示出令人垂涎的趨勢。

According to CoinMarketCap data, sUSD is currently trading around $0.70, showcasing a 30% divergence from its target peg with the US dollar. The stablecoin reportedly touched as low as $0.66 before showing a slight recovery.

根據CoinMarketCap數據，SUSD目前的交易額約為0.70美元，顯示出與美元的目標釘的30％分歧。據報導，穩定的股份觸及到$ 0.66，然後顯示出輕微的恢復。

This decline marks a stark contrast to what users typically expect from a stablecoin, which is designed to maintain a stable value relative to its peg, hence the name. A Chart Showing sUSD’s Recent Price Action. The crypto-collateralized stablecoin has slid to lows of $0.66 in recent times.

這種下降與用戶通常對Stablecoin的期望的形成鮮明對比，該穩定性旨在保持相對於其PEG保持穩定的價值，因此該名稱。圖表顯示了SUSD最近的價格行動。近期，加密貨幣化的穩定穩定性的穩定性已下跌至0.66美元。

Depegging Crisis and Protocol Changes

消除危機和協議更改

The genesis of sUSD’s depegging crisis can be traced back to mid-March 2025. By April 9, the stablecoin had slid to approximately $0.84, highlighting a rapid downward trajectory. To put things in perspective, the market capitalization of sUSD has decreased from $30 million at the start of April to around $24.5 million at press time.

SUSD的Depeggging危機的起源可以追溯到2025年3月中旬。到4月9日，Stablecoin的滑坡已下跌至約0.84美元，突出了迅速的向下軌跡。從角度來看，SUSD的市值已從4月初的3000萬美元下降到發稿時的2450萬美元。

The primary cause of sUSD’s instability appears to be recent protocol changes, particularly the implementation of Synthetix Improvement Proposal 420 (SIP-420). This proposal was designed to enhance capital efficiency but has had some unintended consequences for the stablecoin’s stability.

SUSD不穩定的主要原因似乎是最新的協議變化，尤其是Synthetix改進建議420（SIP-420）的實施。該建議旨在提高資本效率，但對穩定的穩定產生了一些意想不到的後果。

SIP-420 introduced a new staking pool called the “420 Pool” and decreased the collateralization ratio from 500% to 200%. While this change was intended to improve efficiency, it has resulted in an oversupply of sUSD that has outpaced market demand.

SIP-420推出了一個名為“ 420池”的新堆積池，並將抵押率從500％降低到200％。儘管這種變化旨在提高效率，但導致SUSD的過度供應超過了市場需求。

The proposal also shifts debt risk from stakers to the protocol itself, creating what Synthetix describes as “structural shifts” in the ecosystem. These changes have removed the primary driver of sUSD buying, contributing to the current volatility.

該提案還將債務風險從Stakers轉移到協議本身，從而創建了Synthetix所說的“結構性轉移”。這些更改已消除了SUSD購買的主要驅動力，這導致了當前的波動。

Kain Warwick, founder of Synthetix, addressed the situation on April 2, explaining that the volatility is largely due to transitions in the protocol’s mechanisms. “New mechanisms are being introduced, but in this transition, there will be some volatility,” Warwick stated in a post on X.

Synthetix的創始人Kain Warwick在4月2日解決了這種情況，並解釋說，波動性在很大程度上是由於協議機制的過渡。沃里克在X上的一篇文章中說：“正在引入新的機制，但是在這種過渡中，將會有一些波動。”

Relative Strength of SNX Despite sUSD’s Troubles

儘管SUSD遇到了麻煩，SNX的相對力量

It’s worth noting that despite sUSD’s troubles, the SNX token has shown resilience. While SNX has slid approximately 26% over the past 30 days amid the broader crypto market downturn, it has remained relatively stable in recent weeks. In fact, SNX is up 7.5% in a 24-hour period according to one report.

值得注意的是，儘管Susd遇到了麻煩，但SNX令牌表現出了韌性。儘管在更廣泛的加密貨幣市場下滑中，SNX在過去30天中的滑行約為26％，但最近幾週它仍然相對穩定。實際上，根據一份報告，SNX在24小時內增長了7.5％。

This resilience could be attributed to several factors, including the increasing demand for SNX tokens as users enter the 420 Pool and the protocol’s efforts to adjust its capital structure. Recently, Synthetix disclosed that it had sold 90% of its ETH position and used the funds to increase their SNX holdings.

這種韌性可以歸因於幾個因素，包括當用戶進入420池時對SNX令牌的需求不斷增長，以及該協議調整其資本結構的努力。最近，Synthetix透露，它已出售了90％的ETH職位，並使用這些資金來增加其SNX持有量。

This adjustment in the protocol’s collateral composition could also be having an effect on investor perception of sUSD’s stability. As the primary backing asset for the stablecoin, any significant changes in the protocol’s capital structure are likely to be closely monitored by users.

該協議附帶組成的這種調整也可能會影響投資者對SUSD穩定性的看法。作為Stablecoin的主要背景資產，用戶可能會密切監視協議資本結構的任何重大變化。

It remains to be seen how quickly sUSD can recover from its depegging troubles. The success of Synthetix’s plans to restore the stablecoin’s peg and mitigate the oversupply of sUSD will be crucial in determining the long-term health of the Synthetix ecosystem.

Susd可以從其陷入困境的麻煩中恢復過來還有待觀察。 Synthetix計劃恢復Stablecoin的釘子並減輕SUSD過度的計劃的成功對於確定Synthetix生態系統的長期健康至關重要。