Synthetix的Stablecoin Susd最近的Depegggggggggggggggggg脚不是坏账或协议失败的结果，而是治理升级SIP-420的直接结果。

该稳定的稳定性目前的交易价格接近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.

链链分析公司Parsec认为，Synthetix的Stablecoin Susd的最新动态不是坏账或协议失败的结果，而是治理升级SIP-420的直接结果。

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

该稳定的稳定性目前的交易价格接近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说，该幻灯片始于SIP-420实施后不久，该提案旨在简化整个Synthetix（SNX）协议的资本效率。

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.

该升级于3月下旬部署，引入了一个协议拥有的Stage池，取代了先前的SNX持有人铸造SUSD并管理自己的债务头寸的系统。

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将共享债务库委托，从而使抵押率较低（从500％到200％）和更简单的用户体验。但是，它还消除了个人捍卫钉子的动力。

“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.”

报告说：“当Susd交易PEG时，Stakers在游戏中没有皮肤。” “没有动力购买便宜和退休的债务 - 因为这不再是您的债务。”

Influx of funds to the shared pool

资金涌入共享池

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.

帕尔塞克（Parsec）指出，SNX的浪费超过8000万美元，进入了共享池，而Infinex的促销活动则是大规模扩大SUSD供应的催化剂。现在，一些曲线池由超过90％的SUSD组成，几乎不需要吸收过量。没有有机购买压力，Stablecoin的价格继续下跌。

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团队将DEPEG描述为“过渡时期”的一部分，并正在与AAVE和Ethena进行集成，以创建新的需求汇。

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

他们还承诺增强曲线激励措施，以支持价格恢复。

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.

尽管如此，帕尔塞克报告仍然强调了一个关键的权衡：尽管SIP-420增强了可伸缩性和简化的参与度，但它还删除了一项关键的反射稳定剂，该稳定剂曾经有助于使SUSD接近其预期的PEG。