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SNX price looks set for a deeper correction as technicals remain bearish for the asset, while its algorithmic stablecoin sUSD fails to maintain its peg to the U.S. dollar. Summary SNX price is down 10% over the past 7 days. Synthetix’s sUSD stablecoin lost its peg to the U.S. dollar. Price action has been confined … Read more
Synthetix contributors have released a proposal to acquire options protocol Derive through a token swap deal involving 29.3 million SNX with a lock-up and vesting period, valued at approximately $27 million. On May 14, the DeFi protocol declared its intention to acquire one of its former ecosystem projects, decentralized options platform Derive. At the moment, … Read more
Synthetix has launched a new liquidity initiative aimed at stabilizing its algorithmic stablecoin sUSD, which has been trading well below its intended $1 peg. The “sUSD 420 Pool,” Announced by founder Kain Warwick on X, the pool will reward participants with 5 million SNX tokens over 12 months in an attempt to curb the effects … Read more
Synthetix’s algorithmic stablecoin sUSD is continuing to drift from its $1 peg, currently trading at $0.90. The depeging began in March, with sUSD briefly slipping below $1, but the situation worsened after the implementation of SIP-420—a governance proposal aimed at improving capital efficiency and simplifying the user experience within the Synthetix (SNX) ecosystem. According to … Read more
Synthetix stablecoin sUSD has fallen 6% in the last day to trade at $0.8597, continuing the recent decline below its $1 peg. At the same time, 24-hour trading volume has jumped nearly 487% to over $2.1 million, as per CoinGecko data. This reflects growing market activity as concerns rise. Synthetix (SNX) is a decentralized finance … Read more
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