SUSD DEPEG，解释：为什么Synthetix的Stablecoin低于$ 0.70

在加密货币领域的一个重大且令人担忧的事件中，Synthetix协议的本机Stablecoin SUSD在2025年4月18日的价值下降到0.68美元。

In a significant development, sUSD, the native stablecoin of the Synthetix protocol, dropped to $0.68 on April 18. This represents a 31% drop from its intended peg of 1:1 with the US dollar, a threshold that is fundamental to the concept of stablecoins.

在一项重大发展中，Synthetix协议的本地稳定股份SUSD在4月18日下降到0.68美元。这比其预期的钉子1：1的价格下降了31％，这是美元的阈值，这对于Stablecoins的概念至关重要。

Stablecoins are designed to maintain a stable price, which is especially important for their role as a reliable store of value within decentralized finance (DeFi) applications.

Stablecoins旨在保持稳定的价格，这对于它们作为分散融资（DEFI）应用程序中可靠的价值存储尤其重要。

This stability is maintained through various technical and economic mechanisms within the blockchain protocol itself and the actions of users. In essence, the protocol's design and the collective behavior of users combine to keep the stablecoin's value close to its target.

通过区块链协议本身和用户的行为中的各种技术和经济机制来维持这种稳定性。从本质上讲，协议的设计和用户的集体行为结合在一起，以使Stablecoin的价值接近其目标。

However, this stability can be affected by several factors, such as:

但是，这种稳定性可能会受到多种因素的影响：

* Changes in the protocol that alter the incentives for users to act as liquidity providers or traders.

*更改协议的更改，以改变用户充当流动性提供者或交易者的激励措施。

* A collective shift in user behavior, such as a mass sell-off or withdrawal of liquidity.

*用户行为的集体转变，例如大规模抛售或撤回流动性。

* External events that impact the broader cryptocurrency market, such as the price of Bitcoin or Ethereum.

*影响更广泛的加密货币市场的外部事件，例如比特币或以太坊的价格。

The drop in sUSD's value is a topic of discussion and concern among members of the cryptocurrency community.

SUSD价值的下降是加密货币社区成员讨论和关注的话题。

Why did sUSD fall below its peg?

为什么Susd落在钉子之下？

sUSD depeg was triggered by a protocol shift (SIP-420) that lowered collateralization and disrupted peg-stabilizing incentives. Combined with Synthetix’s (SNX) price drops and liquidity outflows, confidence in sUSD weakened.

SUSD DEPEG是由协议偏移（SIP-420）触发的，该方案降低了抵押品并破坏了PEG稳定激励措施。结合Synthetix的（SNX）价格下跌和流动性流出，对SUSD的信心减弱。

Understanding SIP-420 and its impact

了解SIP-420及其影响

The protocol-owned debt pool introduced by SIP-420 allows SNX stakers to delegate their debt positions to a shared pool with a lower issuance ratio, shifting the focus from individual collateralization to collective capital efficiency. This move is intended to boost capital utilization, simplify the staking experience, and provide richer yield opportunities to stakers.

SIP-420引入的协议拥有的债务池允许SNX Stakers将其债务头寸委托给发行比率较低的共享池，从而将重点从个人抵押品转变为集体资本效率。此举旨在促进资本利用，简化积分经验，并为Stakers提供更丰富的收益机会。

On the other hand, solo staking is discouraged by raising its collateralization ratio to 1,000%, aiming to encourage participation in the shared debt pool.

另一方面，通过将其抵押率提高到1,000％，旨在鼓励参与共享债务库来劝阻独奏。

Before SIP-420, users who minted sUSD had to over-collateralize with SNX tokens, maintaining a 750% collateral ratio. This high requirement ensured stability but limited capital efficiency.

在SIP-420之前，铸造SUSD的用户不得不过分地与SNX令牌化，并保持750％的抵押比例。这项高要求确保了稳定性，但资本效率有限。

To improve this, SIP-420 aimed to reduce the collateral ratio to 200% and introduce a shared debt pool, distributing the risk across the protocol rather than individual users.

为了改善这一点，SIP-420的目的是将附带比率降低到200％，并引入共享债务库，并在协议中而不是个人用户中分发风险。

While this change made it easier to mint sUSD, it also removed the personal incentive for users to buy back sUSD when its price dropped below $1.

尽管这种更改使MINT SUSD变得更容易，但它也取消了个人动机，当用户的价格下降到1美元以下时，用户回购SUSD。

If a user had a $100,000 SNX position and minted $75,000 sUSD, they would be personally motivated to purchase sUSD at $0.9 to repay their debt early and minimize interest accrual.

如果用户拥有100,000美元的SNX职位并铸造了75,000美元的SUSD，则他们将个人的动力以0.9美元的价格购买SUSD以提早偿还其债务并最大程度地减少利息。

However, with the shared debt model, this self-correcting mechanism weakened. If a user saw sUSD trading at $0.7, they might not feel compelled to buy it back, especially if they weren't personally engaged in lending or borrowing sUSD.

但是，借助共享债务模型，这种自我校正机制削弱了。如果用户看到Susd的交易价格为0.7美元，他们可能不会被迫购买，尤其是如果他们个人不从事贷款或借贷SUSD。

This lack of personal incentive was crucial in the events leading up to sUSD's depeg.

缺乏个人激励措施对于导致SUSD DEPEG的事件至关重要。

What happened to sUSD?

Susd怎么了？

The combination of increased sUSD supply and reduced individual incentives led to a surplus of sUSD in the market. At times, sUSD comprised over 75% of major liquidity pools, indicating that many users were offloading it at a loss.

SUSD供应增加和个人激励措施的结合导致了SUSD的盈余。有时，SUSD占主要流动性池的75％以上，这表明许多用户正在亏本卸载它。

This oversupply, coupled with declining SNX prices, further destabilized sUSD's value.

这过度供应，再加上SNX价格下降，进一步破坏了SUSD的价值。

At one point, SNX dropped to lows of $1.5, having started the year above $3. This price decline weakened the perceived backing of sUSD, as SNX was used to collateralize the stablecoin.

有一次，SNX跌至1.5美元的低点，已经开始了3美元以上的年份。这种价格下跌削弱了SUSD的感知支持，因为SNX被用来抵押稳定。

Moreover, the market reacted negatively to the prospect of a "dump" of sUSD to repay the shared debt pool, which would decrease the value of the stablecoin further.

此外，市场对SUS的“垃圾场”的前景产生负面反应，以偿还共享债务库，这将进一步降低Stablecoin的价值。

Ultimately, sUSD fell below the $0.7 level, a move that was largely attributed to a lack of liquidity on offers above $0.7, according to data from Bitswap.

最终，根据BITSWAP的数据，SUSD低于0.7美元的水平，这一举动主要归因于要约以上$ 0.7的流动性。

This lack of liquidity, combined with the factors mentioned earlier, facilitated the rapid fall of sUSD's price.

缺乏流动性，再加上前面提到的因素，促进了SUSD价格的迅速下跌。

The implications of sUSD losing its peg

Susd失去钉子的含义

The events unfolding with sUSD highlight the complexities of maintaining stablecoins, especially in the volatile cryptocurrency market.

随着SUSD的发展，这些事件突出了维持稳定币的复杂性，尤其是在挥发性的加密货币市场中。

While sUSD is recovering slowly, the incident had several implications:

尽管SUSD恢复缓慢，但事件有几个含义：

* Loss of confidence in Synthetix and its ecosystem.

*对Synthetix及其生态系统的信心丧失。

* Potential outflows from liquidity providers and lenders seeing negative returns.

*潜在的流动性提供商和贷方的流出看到了负面的回报。

* A broader narrative of stability being challenged in the cryptocurrency realm.

*对稳定性的更广泛的叙述在加密货币领域受到挑战。

This isn't the first time Synthetix has experienced volatility. The protocol, known for its decentralized synthetic asset platform, has seen fluctuations during past market cycles. For instance, Synthetix

这不是Synthetix首次经历波动。该协议以其分散的合成资产平台而闻名，在过去的市场周期中发生了波动。例如，Synthetix