Synthetix announces contingency plan for sUSD depegging
On April 18th, Synthetix launched an emergency solution for the sUSD stablecoin to be unpegged. The USD 420 pool will be launched in 36 hours and incentives will be activated. SNX stakers can deposit sUSD to participate and share a total reward of 5 million SNX. The sUSD will be locked for a year, and the rewards will be unlocked within three months after the end of the event.
Synthetix founder Kain stated that this is "one of the worst instant solutions" aimed at quickly creating on-chain demand for sUSD. Previously, the sUSD price dropped to $0.70, with a 24-hour decrease of 13.9%, but has now risen to $0.83.
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