sUSD depegging is caused by the change of SIP-420 mechanism, not bad debt problem

Planet News: According to Parsec analysis, the recent depegging of Synthetix stablecoin sUSD is not due to bad debt or protocol failure, but a side effect of the SIP-420 mechanism adjustment. SIP-420 introduced a shared debt pool mechanism where SNX stakers no longer mint sUSD and bear individual debt, but instead delegate funds to a public pool, achieving a structure without liquidation and personal debt. However, when sUSD price deviates from its anchor value, stakers no longer have the motivation to repurchase sUSD at low prices to repay debt, causing the protocol's original self-regulation mechanism to fail. Meanwhile, over $80 million of SNX flowed into the SIP-420 pool, and with Infinex activities driving position growth, sUSD supply rapidly expanded while market demand was lacking, further pressuring the anchoring mechanism. Currently, sUSD has dropped to $0.87, with a depegging extent exceeding 13%. The Synthetix team stated that they are rebuilding sUSD demand through integration with Aave, Ethena, and strengthening Curve incentives.