Analysis: sUSD decoupling is not caused by bad debt, the team is seeking to establish new demand channels to restore its anchor

Mars Finance News, on April 11, according to Parsec analysis, the depegging of Synthetix stablecoin sUSD was not due to bad debt or mechanism failure, but a side effect of SIP-420. The introduction of SIP-420 means that SNX stakers no longer individually mint sUSD and manage their own debt, but instead delegate funds to a shared pool to achieve effects like no liquidation and no personal debt; however, because debt is concentrated in the public pool, when sUSD trading price deviates from its anchor value, stakers have no direct financial incentive and no motivation to buy sUSD at a low price to repay debt - because it is no longer their debt, and the previously existing self-regulating defense mechanism has now disappeared. Additionally, over $80 million of SNX flowing into the 420 pool, and position increases driven by Infinex activities, have significantly expanded sUSD supply, but without corresponding demand to offset the supply increase, the market lacks pressure to restore the anchor value. The Synthetix team stated they are establishing new demand channels, such as integration with Aave and Ethena, and strengthening Curve incentive mechanisms. Currently, sUSD has depegged by over 13%, falling to $0.87.