SUSD继续从其1美元的固定钉从Depeg处达到$ 0.70的历史最低点

Synthetix的本地Stablecoin Susd继续从预期的1钉$ 1的钉子越来越多，达到了低于$ 0.70的历史最低水平。

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没有显示出放慢脚步的迹象，在其depegging旅途中，售价低于$ 0.70。由SNX代币支持的加密货币化稳定剂自2025年初以来一直在滑动，最近的价格动作显示出令人垂涎的趋势。

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.

根据CoinMarketCap数据，SUSD目前的交易额约为0.70美元，显示出与美元的目标钉的30％分歧。据报道，稳定的股份触及到$ 0.66，然后显示出轻微的恢复。

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.

这种下降与用户通常对Stablecoin的期望的形成鲜明对比，该稳定性旨在保持相对于其PEG保持稳定的价值，因此该名称。图表显示了SUSD最近的价格行动。近期，加密货币化的稳定稳定性的稳定性已下跌至0.66美元。

Depegging Crisis and Protocol Changes

消除危机和协议更改

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危机的起源可以追溯到2025年3月中旬。到4月9日，Stablecoin的滑坡已下跌至约0.84美元，突出了迅速的向下轨迹。从角度来看，SUSD的市值已从4月初的3000万美元下降到发稿时的2450万美元。

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不稳定的主要原因似乎是最新的协议变化，尤其是Synthetix改进建议420（SIP-420）的实施。该建议旨在提高资本效率，但对稳定的稳定产生了一些意想不到的后果。

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推出了一个名为“ 420池”的新堆积池，并将抵押率从500％降低到200％。尽管这种变化旨在提高效率，但导致SUSD的过度供应超过了市场需求。

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.

该提案还将债务风险从Stakers转移到协议本身，从而创建了Synthetix所说的“结构性转移”。这些更改已消除了SUSD购买的主要驱动力，这导致了当前的波动。

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的创始人Kain Warwick在4月2日解决了这种情况，并解释说，波动性在很大程度上是由于协议机制的过渡。沃里克在X上的一篇文章中说：“正在引入新的机制，但是在这种过渡中，将会有一些波动。”

Relative Strength of SNX Despite sUSD’s Troubles

尽管SUSD遇到了麻烦，SNX的相对力量

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，尽管Susd遇到了麻烦，但SNX令牌表现出了韧性。尽管在更广泛的加密货币市场下滑中，SNX在过去30天中的滑行约为26％，但最近几周它仍然相对稳定。实际上，根据一份报告，SNX在24小时内增长了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.

这种韧性可以归因于几个因素，包括当用户进入420池时对SNX令牌的需求不断增长，以及该协议调整其资本结构的努力。最近，Synthetix透露，它已出售了90％的ETH职位，并使用这些资金来增加其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.

该协议附带组成的这种调整也可能会影响投资者对SUSD稳定性的看法。作为Stablecoin的主要背景资产，用户可能会密切监视协议资本结构的任何重大变化。

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可以从其陷入困境的麻烦中恢复过来还有待观察。 Synthetix计划恢复Stablecoin的钉子并减轻SUSD过度的计划的成功对于确定Synthetix生态系统的长期健康至关重要。