Synthetix raises sUSD staking requirement for debt collateral to 20% to restore the stablecoin peg

On May 30, according to Synthetix's official announcement, to restore the 1:1 peg of sUSD to the US dollar, starting from 23:59 UTC on June 2, SNX debt collateral providers (SNX stakers) will need to increase their sUSD deposit ratio from 10% to 20% to continue enjoying the debt relief (jubilee) policy.

Previously, due to some debt collateral providers (SNX stakers) selling off sUSD after receiving debt relief, its price once fell to $0.70. Although measures such as implementing a 10% deposit requirement have brought the sUSD price back up to $0.96, the final peg restoration still faces challenges. Synthetix stated that after stabilizing the sUSD price, they will continue to advance core plans such as the operation of the 420 pool and perpetual contracts on the Ethereum mainnet.