SNX rose 3.3% in the past 24 hours! Synthetix’s stablecoin sUSD decoupled and plunged to 0.925

Synthetic asset protocol Synthetix Network allows for the minting of the stablecoin sUSD by staking its native token SNX. However, this morning (17), sUSD once decoupled to around $0.925.

According to data from Coingecko, the price of sUSD dropped significantly on both the 14th and 16th, but recovered after each drop. However, this morning its price dropped again from US$0.97 to around US$0.925, and at the time of writing it temporarily rebounded to US$0.9588.

Block Security Agency Investigation: Liquidity Provider Withdraws sBTC/wBTC

As for the reasons for multiple decouplings, according to a document issued by the blockchain security agency Chaos Labs, Synthetix on April 29 Completely abolishing non-USD spot synthetic assets on Ethereum such as sETH and sBTC, so users will need to exchange these assets for sUSD.

It is understood that one address deposited 87 BTC into Curve’s sBTC/WBTC pool in 2023. However, there are not many liquidity providers in this pool. Only three addresses provide most of the liquidity. Among them This includes the address where 87 BTC were deposited.

The recent decoupling may be due to the fact that the address recently withdrew most of its shares from the sBTC/WBTC pool, exchanged sBTC for 4.48 million sUSD, and then sold sUSD to exchange for other assets, resulting in insufficient liquidity. To.

After the user withdrew from the pool, the sBTC/WBTC pool on Curve still showed serious decoupling. As of the deadline, 1 sBTC can only be exchanged for 0.6327 WBTC.

The price of SNX has increased by 3.3% in the past 24 hours

However, it is worth mentioning that Synthetix does not seem to be affected by decoupling. It was posted on the social platform X today. After announcing that it would transition to Synthetix V3, SNX was still able to buck the trend and rise. According to Coingecko data, SNX is currently trading at $2.7, up 3.3% in the past 24 hours.

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