Synthetix Announces Emergency Plan for sUSD Depeg
Synthetix has launched an emergency solution for the depegging of its sUSD stablecoin. This plan involves starting a USD 420 pool and initiating incentive mechanisms within 36 hours. SNX stakers can deposit sUSD to participate and share a total reward of 5 million SNX. The sUSD will be locked for one year, with the rewards unlocking three months after the end of the activity.
Kain, the founder of Synthetix, stated that this is "one of the worst immediate solutions," aimed at quickly creating on-chain demand for sUSD. Previously, the price of sUSD had plummeted to $0.70, experiencing a 24-hour decline of 13.9%, but has now rebounded to $0.83.
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