2025-04-21 16:15:48
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Synthetix 创始人敦促质押者在 sUSD 脱钩持续存在的情况下采取行动

Synthetix 创始人敦促质押者在 sUSD 脱钩持续存在的情况下采取行动

由于 sUSD 的交易价格持续低于其预期的 1 美元挂钩水平,Synthetix 创始人 Kain Warwick 敦促利益相关者在实施更严格的措施之前加紧努力,帮助恢复稳定。

脱钩现象持续了数周,起因是近期 sUSD 发行和支持方式的变更。尽管团队已经推出了一项新的流动性计划来解决这个问题,但迄今为止的应对措施还不足以扭转局势。

在 4 月 21 日 X 的一个帖子中,Synthetix 创始人敦促 SNX 质押者通过其新的质押机制采取行动,并警告说,当前以善意为主导的方法可能很快就会让位于更严格的执法。

The new initiative, called the 420 Pool, offers SNX holders a chance to earn a share of 5 million SNX tokens by locking their sUSD for 12 months. Warwick is banking on this long-term commitment to help absorb excess supply and ease the sell pressure that’s been dragging sUSD away from its peg.

Warwick said the current process, which involves sending sUSD directly to a contract, is “extremely not ideal,” but suggested that once the user interface goes live in the coming days, staker participation will be closely watched.

If engagement remains low, he warned, the protocol may shift from incentives to enforcement.

“我们之前尝试过各种方法,但都没什么效果。现在我们尝试了胡萝卜,好像有点效果,但我保留意见。我想大家都知道我有多喜欢大棒,所以如果你觉得不吃胡萝卜就能逃脱惩罚,那我有个坏消息要告诉你,”沃里克说。

sUSD 是通过 Synthetix 协议发行的算法稳定币,由该平台的原生 SNX 代币支持。与法币抵押的稳定币不同,sUSD 使用基于加密货币的抵押品和来自 Chainlink 预言机的价格信息来维持其锚定汇率,这使得它对协议机制的变化更加敏感。

sUSD 去挂钩化可以追溯到一项重大协议更新,即 SIP-420。该更新旨在提高资金效率,将铸造 sUSD 的抵押率从 500% 降至 200%,并转移到一个由协议拥有的共享质押池。

While SIP-420 made it easier to mint sUSD, it also flooded the market faster than demand could catch up, throwing off liquidity balances and pushing the stablecoin well below $1. At press time, it was trading at $0.7714 and was down 4.2% in the past 24 hours.

Warwick believes the solution lies in mobilizing existing capital within the ecosystem.

“The collective net worth of SNX stakers is like multiple billions the money to solve this is there we just need to dial in the incentives. We will start slow and iterate but I’m confident we will resolve this and get back to building perps on L1,” he added.

sUSD isn’t the first stablecoin to lose its peg. In March 2023, Circle’s USDC briefly fell to $0.87 after revealing that $3.3 billion of its reserves were tied up in the collapsed Silicon Valley Bank.

最近,有报道称,TUSD 的发行人未能及时发布抵押品审计报告,TUSD 于 1 月份失去了与美元的挂钩。

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