截至2025年4月18日，Susd Stablecoin坠毁至0.68美元

与FIAT支持的Stablecoins不同，SUSD依靠$ SNX的积累和债务库，使其容易受到协议更改的影响。

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.

最近在加密货币社区中，Stablecoin的价格一直是一个热门话题，尤其是因为某些稳定币已开始从目标价格中脱颖而出。 SUSD是一个特别急剧的价格下跌，这是Synthetix协议不可或缺的一部分。

sUSD Price Collapses to $0.68

SUSD价格倒闭至$ 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美元的钉子，截至2025年4月18日，已坠毁至0.68美元。Depegging活动开始于2025年3月20日左右，标志着SUSD历史上最严重的破坏之一。

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，其价格范围显着下降。 Stablecoin的价值持续下降，现在的交易价格为0.68美元，反映了Synthetix生态系统的实质性不稳定。

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协议不可或缺的一部分，旨在持有1美元的PEG，已崩溃至0.68美元。 Depegging活动始于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协议更新是导致SUSD促成的主要因素，它改变了Synthetix生态系统的债务管理和SUSD发行流程。

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单独铸造了Susd并管理了债务，激励他们以折扣价购买SUSD以偿还债务并维护PEG。该更新引入了一个协议拥有的Staging Pool - “ 420池”，Stakers共同存入资金，消除了个人有动力购买折扣SUSD的稳定机制。这种转变削弱了在价格偏差期间历史上恢复钉子的机制。

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.

该更新还导致SUSD供应激增。 $ SNX的Minting Susd的抵押率降至当前的200％，使Mint Susd变得更容易。同时，根据Parsec研究，价值超过8000万美元的$ SNX流入了“ 420池”。结合Infinex竞选驱动的持股，SUSD供应有所扩大，导致过度供应和不足的购买激励措施使价格进一步降低。

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的值足够降低，SUSD将不再完全支持。对不足化的担心可能会促使用户将SUSD换成$ SNX并出售。这样的动作将导致$ SNX的额外向下压力，从而触发去杠杆化周期。自3月以来，SNX的价格下降了，最近可能为SUSD DEPEG活动做出了贡献。

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

但是，尽管SUSD的价格急剧下降，但$ SNX今天仍然具有正增长，这反映了混合市场情绪。

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.

在回应Depeggging活动时，Synthetix的TVL从2025年3月29日至4月17日之间的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所报道的那样，自4月9日以来，PERPS Active帐户和PERP量减少了70％，这反映了SUSD不稳定的参与度减少，如Synthetix Stats所报道。

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团队正在积极解决该问题，将其归因于协议发展的“机制过渡痛苦”。该团队正在增强流动性激励措施，尤其是在曲线池中，以吸引买家并恢复市场平衡。

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

还正在进行更多的合作，以创建新的需求渠道，以将其整合到贷款市场或其他Defi应用程序中。

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创始人通过X上的帖子揭示了他现在拥有3500万美元的SNX，并且是最大的持有人。自2020年以来，他以$ ETH Holdings的销售多达90％来支持Synthetix运营，从而资助了购买。

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.

这场危机凸显了在Defi生态系统方案升级期间强大的后备机制的重要性。随着Synthetix致力于恢复SUSD的钉子，其努力的成功将影响对算法稳定的信心并影响未来的Fefi设计。利益相关者应密切监视发展，以确定SUSD是否可以恢复其稳定性或在竞争性挑战市场中面临持续的挑战。

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

当Depeggging危机命中Synthetix首先出现在Igamers+上时，Susd Plummets跌至0.68美元。