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

On May 30, according to official news from Synthetix, in order to restore the 1:1 peg of sUSD to the US dollar, from June 2 at 23:59 UTC, 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, some debt collateral providers (SNX stakers) sold off sUSD after receiving debt relief, causing its price to drop to as low as $0.70. Although measures such as implementing a 10% deposit requirement have raised the sUSD price back 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.