截至2025年4月18日，Susd Stablecoin墜毀至0.68美元

與FIAT支持的Stablecoins不同，SUSD依靠$ SNX的積累和債務庫，使其容易受到協議更改的影響。

Stablecoin prices have been a hot topic in the crypto community lately, especially as some stablecoins have begun to depeg from their target prices. One stablecoin that has seen a particularly dramatic price drop is sUSD, the stablecoin integral to the Synthetix protocol.

最近在加密貨幣社區中，Stablecoin的價格一直是一個熱門話題，尤其是因為某些穩定幣已開始從目標價格中脫穎而出。 SUSD是一個特別急劇的價格下跌，這是Synthetix協議不可或缺的一部分。

sUSD Price Collapses to $0.68

SUSD價格倒閉至$ 0.68

Designed to hold a $1 peg, sUSD has crashed to $0.68 as of April 18, 2025. The depegging event began around March 20, 2025, and marks one of the most severe disruptions in sUSD’s history.

SUSD旨在持有1美元的釘子，截至2025年4月18日，已墜毀至0.68美元。 Depegging活動開始於2025年3月20日左右，標誌著SUSD歷史上最嚴重的破壞之一。

For instance, by April 10, 2025, sUSD had fallen to $0.83, a significant decrease from its usual price range. The stablecoin’s value has continued to decline, and it is now trading at $0.68, reflecting substantial instability in the Synthetix ecosystem.

例如，到2025年4月10日，SUSD跌至0.83美元，其價格範圍顯著下降。 Stablecoin的價值持續下降，現在的交易價格為0.68美元，反映了Synthetix生態系統的實質性不穩定。

The sUSD stablecoin, integral to the Synthetix protocol and designed to hold a $1 peg, has crashed to $0.68. The depegging event began around March 20, 2025.

SUSD Stablecoin是Synthetix協議不可或缺的一部分，旨在持有1美元的PEG，已崩潰至0.68美元。 Depegging活動始於2025年3月20日左右。

The primary factor contributing to sUSD’s depegging is the SIP-420 protocol update, which altered the Synthetix ecosystem’s debt management and sUSD issuance processes.

SIP-420協議更新是導致SUSD促成的主要因素，它改變了Synthetix生態系統的債務管理和SUSD發行流程。

Before SIP-420, $SNX stakers individually minted sUSD and managed their debt, incentivizing them to buy sUSD at a discount to repay obligations and maintain the peg. The update introduced a protocol-owned staking pool – ‘420 Pool’, where stakers deposit funds collectively, eliminating the stabilization mechanism in which the individual has an incentive to purchase discounted sUSD. This shift weakened the mechanism that historically restored the peg during price deviations.

在SIP-420之前，$ SNX Stakers單獨鑄造了Susd並管理了債務，激勵他們以折扣價購買SUSD以償還債務並維護PEG。該更新引入了一個協議擁有的Staging Pool - “ 420池”，Stakers共同存入資金，消除了個人有動力購買折扣SUSD的穩定機制。這種轉變削弱了在價格偏差期間歷史上恢復釘子的機制。

The update also led to a surge in sUSD supply. The collateralization ratio for minting sUSD by $SNX has come down to the current 200%, making it easier to mint sUSD. Meanwhile, according to Parsec Research, over 80 million USD worth of $SNX has flowed into the ‘420 Pool’. Combined with Infinex campaign-driven holdings, there has been an expansion in sUSD supply, resulting in oversupply and insufficient buying incentives that have driven the price down further.

該更新還導致SUSD供應激增。 $ SNX的Minting Susd的抵押率降至當前的200％，使Mint Susd變得更容易。同時，根據Parsec研究，價值超過8000萬美元的$ SNX流入了“ 420池”。結合Infinex競選驅動的持股，SUSD供應有所擴大，導致過度供應和不足的購買激勵措施使價格進一步降低。

Moreover, if the value of $SNX drops sufficiently, sUSD is no longer fully backed. Fears of under-collateralization might prompt users to exchange sUSD for $SNX and sell it. Such an action would lead to additional downward pressure on $SNX, triggering a deleveraging cycle. Declines in $SNX’s price since March have likely contributed to the sUSD depeg event recently.

此外，如果$ SNX的值足夠降低，SUSD將不再完全支持。對不足化的擔心可能會促使用戶將SUSD換成$ SNX並出售。這樣的動作將導致$ SNX的額外向下壓力，從而觸發去槓桿化週期。自3月以來，SNX的價格下降了，最近可能為SUSD DEPEG活動做出了貢獻。

However, despite the dramatic price decrease of sUSD, $SNX still has positive growth today, reflecting mixed market sentiment.

但是，儘管SUSD的價格急劇下降，但$ SNX今天仍然具有正增長，這反映了混合市場情緒。

Responding to the depegging event, there has been a 30% drop in Synthetix’s TVL from $100 million to $70 million between March 29 and April 17, 2025.

在回應Depeggging活動時，Synthetix的TVL從2025年3月29日至4月17日之間的TVL下降了30％。

The decrease coincided with a 70% reduction in Perps Active Accounts and Perp Volume since April 9, reflecting reduced engagement due to sUSD’s instability, as reported on Synthetix Stats.

如Synthetix Stats所報導的那樣，自4月9日以來，PERPS Active帳戶和PERP量減少了70％，這反映了SUSD不穩定的參與度減少，如Synthetix Stats所報導。

The Synthetix team is actively addressing the issue, attributing it to ‘mechanism transition pains’ as the protocol evolves. The team is enhancing liquidity incentives, particularly within Curve pools, to attract buyers and restore market balance.

Synthetix團隊正在積極解決該問題，將其歸因於協議發展的“機製過渡痛苦”。該團隊正在增強流動性激勵措施，尤其是在曲線池中，以吸引買家並恢復市場平衡。

More collaborations are also underway to create new demand channels for sUSD, potentially integrating it into lending markets or other DeFi applications.

還正在進行更多的合作，以創建新的需求渠道，以將其整合到貸款市場或其他Defi應用程序中。

Furthermore, the Synthetix founder revealed through a post on X that he now holds 35 million $SNX and is the largest holder. He funded the purchases by selling as much as 90% of his $ETH holdings since 2020 to support Synthetix operations.

此外，Synthetix創始人通過X上的帖子揭示了他現在擁有3500萬美元的SNX，並且是最大的持有人。自2020年以來，他以$ ETH Holdings的銷售多達90％來支持Synthetix運營，從而資助了購買。

This crisis highlights the importance of robust fallback mechanisms during protocol upgrades for the DeFi ecosystem. As Synthetix works to restore sUSD’s peg, the success of its efforts will shape confidence in algorithmic stablecoins and influence future DeFi designs. Stakeholders should closely monitor developments to determine whether sUSD can regain its stability or face ongoing challenges in a competitive DeFi market.

這場危機凸顯了在Defi生態系統方案升級期間強大的後備機制的重要性。隨著Synthetix致力於恢復SUSD的釘子，其努力的成功將影響對算法穩定的信心並影響未來的Fefi設計。利益相關者應密切監視發展，以確定SUSD是否可以恢復其穩定性或在競爭性挑戰市場中面臨持續的挑戰。

The post sUSD Plummets to $0.68 as Depegging Crisis Hits Synthetix appeared first on iGamers+.

當Depeggging危機命中Synthetix首先出現在Igamers+上時，Susd Plummets跌至0.68美元。