sUSD Depeg Deepens as Price Hits $0.69 Amid SIP 420 Transition
sUSD Depeg Deepens as Price Hits $0.69 Amid SIP 420 Transition
🫣 sUSD's Not So Stable
Synthetix's stablecoin sUSD has depegged further, reaching $0.69 and marking a 30%+ deviation from its target $1 peg. The depeg briefly hit an all-time high of 45% at $0.55.
The destabilization stems from SIP 420 implementation which:
- Forgives past debts for long-term SNX locking
- Reduces collateralization ratio from 750% to 200%
These changes removed key stabilization mechanisms, as users no longer have incentives to buy discounted sUSD for debt repayment.
Key Risk: A potential death spiral if SNX price drops, leading to under-collateralization and increased selling pressure.
The situation remains unstable with no immediate resolution in sight.
Price of $sUSD is at $0.69 now, representing the depeg level at 30%+. The ATH depeg level of $sUSD is at 45% (at $0.55) 6 hours ago. The main reason lies in the transition to a new system for issuing and managing sUSD, called "SIP 420." Previously, when the price of sUSD
🚨sUSD Depeg Drama – Why It’s Happening, What’s Next, and Risks for Investors sUSD is shaking! Synthetix’s stablecoin, meant to stick at $1, plummeted to $0.83 on April 10, 2025, a 5-year low, and now hovers around $0.88-$0.89. Let’s unpack how this mess started, where it’s
🚨sUSD Depeg Drama – Why It’s Happening, What’s Next, and Risks for Investors sUSD is shaking! Synthetix’s stablecoin, meant to stick at $1, plummeted to $0.83 on April 10, 2025, a 5-year low, and now hovers around $0.88-$0.89. Let’s unpack how this mess started, where it’s
Weekly Crypto Roundup: DeFi Evolution & Market Shifts
Key developments in the crypto space this week: - **Hyperliquid** introduces new DeFi model where protocols earn directly from trading fees, shifting focus from token speculation to sustainable revenue - Crypto funds pivot to quality assets amid losses, with major players like Maven 11 focusing on Bitcoin, Ethereum, and established DeFi protocols - **DeFi Platforms Evolution**: Protocols like Uniswap v4 and Fluid DEX transform into developer platforms, similar to app stores, enabling new revenue streams - Critical analysis suggests crypto's revolutionary vision may be diluting due to focus on infrastructure over monetary innovation - Business Development in crypto showing signs of maturation, moving toward structured approaches and measurable metrics *Follow the latest developments at [The Block](https://www.theblock.co)*
Impossible Finance ATH Reward Distribution Update
The distribution of ATH rewards is currently pending, with no specific timeline provided. The team acknowledges community inquiries and confirms they will make a new announcement only after the distribution is complete. This follows a previous delay of the 4th $AFT airdrop from October 2024, which was rescheduled to June 2025. - Current status: *Pending distribution* - Next update: *Will be announced post-distribution* - Previous context: *4th $AFT airdrop rescheduled to June 2025*
Impossible Quest Season 1 Concludes with USDT Rewards Distribution
The first season of Impossible Quest on Zealy has successfully concluded. Participants have received their USDT rewards, distributed via the Arbitrum network. - Season 1 rewards have been fully distributed - Transaction verification available on [Arbiscan](https://arbiscan.io/tx/0x36ef76d942121a593bfb0e7175c3e9454ffd7ccb8bf8ba5a4c8ac8e2a555384d) - **Season 2 launches in May** with a full month duration *Check your Arbitrum wallet for your rewards and prepare for the upcoming season.*
CZ Binance Meetup in KL: Key Insights on Regulation, Education, and Crypto Future
At a recent meetup in Kuala Lumpur, Binance CEO CZ shared insights on several key topics: - **Regulatory Approach**: Advocated for balanced crypto regulation, suggesting new specialized agencies like Dubai's IVERA - **Digital Asset Ecosystem**: Emphasized Malaysia's potential due to high internet penetration and young population - **Giggle Academy Initiative**: Announced free education platform using AI for content creation - **Trust Building**: Highlighted Binance's track record of user protection and transparency - **Future Outlook**: Advised focus on long-term utility projects over short-term gains CZ also discussed the relationship between centralized and decentralized exchanges, suggesting collaboration over competition. He addressed concerns about capital controls and emphasized the importance of creating user-friendly blockchain applications.
Hyperliquid ($HYPE) Achieves Top 20 Cryptocurrency Status
Hyperliquid ($HYPE) has secured its position as a top 20 cryptocurrency by market capitalization. This milestone follows a strong performance earlier this year, where the token demonstrated resilience during market downturns. Key highlights: - 13% surge in February while market declined - Reached $24.81 with $8.26B market cap - Generated $1.97M revenue in 24 hours - Monthly revenue exceeded $52M The protocol's success is attributed to: - Fair token launch approach - Strong community engagement - Consistent revenue generation Technical analysts previously projected $30 as a potential target.