最近涉及Synthetix Susd的DEPEG事件强调，该行业仍然充满风险

这种鲜明的差异反映了算法稳定的现实，即算法尚未获得社区的广泛信任。

Recent reports on the depeg of sUSD, an algorithmic stablecoin from Synthetix, have highlighted the enduring risks in this sector despite the immense potential of the technology.

Synthetix的算法Stablecoin的DePeg的最新报告强调了该领域的持久风险，尽管该技术的潜力巨大。

As reported by BeInCrypto on April 21, sUSD, a stablecoin designed to peg its value at 1 USD, has faced significant challenges, remaining at 0.77 USD despite efforts to restore its peg.

正如Beincrypto在4月21日报道的那样，旨在将其价值固定为1美元的稳定的SUSD面临着重大挑战，尽管努力恢复其PEG，但仍面临着0.77美元的挑战。

The primary cause was a major liquidity provider withdrawing from the sBTC/wBTC pool on Curve, which triggered intense selling pressure on sUSD, forcing users to convert other synthetic assets like sETH or sBTC into sUSD, further exacerbating the price decline.

主要原因是一个主要的流动性提供商在曲线上退出SBTC/WBTC池，这引起了SUSD的巨大销售压力，迫使用户将SETH或SBTC等其他合成资产转换为SUSD，从而进一步加剧了价格下降。

This issue has prompted the Synthetix team to implement an sUSD staking mechanism, which is expected to launch in a few days.

这个问题促使Synthetix团队实施了SUSD Staking机制，预计将在几天内发射。

“We have implemented an sUSD staking mechanism but it’s very manual until the UI goes live in a few days. Here was my hot take from discord though.”

“我们已经实施了一种Susd Staking机制，但这是非常手动的，直到UI在几天内才能生存。这是我从Discord的热门看法。”

If the incentive mechanism (carrot) proves ineffective, Synthetix would adopt stricter measures (stick) to compel stakers in the 420 pool to participate more actively.

如果激励机制（胡萝卜）证明无效，Synthetix将采取更严格的措施（棒）来迫使420池中的Stakers更积极地参与。

He added that, with the collective net worth of SNX stakers reaching billions of USD, they have the financial resources to stabilize sUSD and resume development of derivative products on Layer 1.

他补充说，随着SNX Stakers的集体净资产达到数十亿美元，他们拥有稳定SUSD并恢复第1层衍生产品的发展。

However, sUSD is not the first stablecoin to encounter difficulties this year. Earlier, the market witnessed the dramatic collapse of UST/LUNA in 2022.

但是，SUSD并不是今年第一个遇到困难的稳定者。早些时候，市场见证了2022年UST/LUNA的剧烈崩溃。

UST, Terra’s algorithmic stablecoin, suffered a severe depeg, dragging LUNA’s value down from $120 to nearly zero. This event caused billions of USD in losses and significantly eroded trust in the algorithmic stablecoin model.

Terra的算法Stablecoin UST遭受了严重的Depeg，将Luna的价值从120美元拖到了几乎零。这一事件造成了数十亿美元的损失，并对算法稳定模型产生了明显侵蚀的信任。

Moreover, 'the Godfather of DeFi', Andre Cronje, known for Sonic (formerly Fantom), is also shifting directions. Sonic initially developed a USD-based algorithmic stablecoin before pivoting to a stablecoin pegged to the UAE dirham.

此外，“ Defi的教父”，以Sonic（以前为Fantom）闻名的Andre Cronje也在改变方向。 Sonic最初开发了一种基于USD的算法稳定菌，然后旋转到与阿联酋Dirham挂钩的稳定菌。

“Pretty sure our team cracked algo stable coins today, but previous cycle gave me so much PTSD not sure if we should implement,” Cronje stated.

克朗杰说：“很确定我们的团队今天破裂了算力稳定的硬币，但是以前的周期给了我太多的PTSD不确定我们是否应该实施。”

Beyond technical risks, algorithmic stablecoins face mounting regulatory pressures. The EU’s MiCA regulation, which came into effect in June 2024, imposes strict standards on stablecoin issuers to ensure consumer protection and financial stability.

除了技术风险之外，算法稳定的稳定器会面临越来越多的监管压力。欧盟的云母法规于2024年6月生效，对Stablecoin发行人施加了严格的标准，以确保消费者保护和财务稳定。

This regulation classifies algorithmic stablecoins as ART (Asset-Referenced Token) or EMT (E-Money Token), requiring projects to meet complex compliance demands, thereby increasing the pressure on developers.

该法规将算法的稳定菌属分类为ART（资产引用的令牌）或EMT（E-Money Token），要求项目以满足复杂的合规性要求，从而增加对开发商的压力。

These examples demonstrate the vulnerability of algorithmic stablecoins to liquidity shocks and market sentiment, especially due to their lack of direct asset backing. However, despite the challenges, algorithmic stablecoins still hold developmental potential.

这些示例表明，算法稳定菌对流动性冲击和市场情绪的脆弱性，尤其是由于它们缺乏直接资产支持。然而，尽管面临挑战，但算法稳定菌仍然具有发育潜力。

Projects in this space must concentrate on developing more sophisticated price stability mechanisms, combining algorithms with liquidity safeguards to create a truly sustainable model.

该领域的项目必须集中精力开发更复杂的价格稳定机制，将算法与流动性保障相结合以创建真正可持续的模型。

Furthermore, they should prioritize preparing for regulatory requirements, especially in regions with stringent rules like the EU. Transparency in operations, regular audits, and clear communication with users are crucial to rebuilding community trust.

此外，他们应优先考虑为监管要求做准备，尤其是在欧盟等严格规则的地区。操作，定期审核和与用户的清晰沟通的透明度对于重建社区信任至关重要。

By addressing these factors, projects can seize the opportunity to regain confidence and drive innovation in the algorithmic stablecoin sector.

通过解决这些因素，项目可以抓住机会重新获得信心并推动算法稳定行业的创新。