SNX stakers are the key to fixing depeg“The collective net worth of SNX stakers is like multiple billions the money to solve this is there we just need to dial in the incentives,” Warwick said.“We will start slow and iterate but I’m confident we will resolve this and get back to building perps on L1.”A Synthetix spokesperson told Cointelegraph on April 18 that sUSD’s short-term volatility was driven by “structural shifts” after the SIP-420 launch, a proposal that shifts debt risk from stakers to the protocol itself. Other stablecoins have depegged in the past and recovered.
Warwick said in an April 21 post to X that it has now implemented a sUSD staking mechanism to address the depeg, but admitted it is currently “very manual” without a proper user interface. However, once the UI goes live, Warwick said, if there isn’t enough momentum, then they may have to “ratchet up the pressure” on the stakers in the sUSD 420 pool.
The sUSD 420 Pool was a new staking mechanism introduced on April 18 by Synthetix that would reward participants with a share of 5 million SNX tokens over 12 months if they locked their sUSD for a year in the pool. “This is very solvable and it is SNX stakers responsibility.
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Author / Journalist: Cointelegraph by Stephen Katte
The story "Synthetix founder threatens SNX stakers with ‘the stick’ to fix SUSD depeg" has 499 words across 17 sentences, which will take approximately 3 - 5 minutes for the average person to read.
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