Synthetix stablecoin sUSD has rebounded to $0.8683, with a 9.3% increase in the last 24 hours.

Blockbeats

04-24

BlockBeats News, April 24th, according to market data, Synthetix's USD stablecoin, sUSD, has risen to $0.8683, with a 24-hour increase of 9.3%. sUSD had previously once dropped below $0.7.

On April 18th, Synthetix announced an emergency solution to its "sUSD stablecoin de-pegging." The USD 420 Pool will be launched with incentives. SNX stakers in the 420 Pool can deposit sUSD to receive a share of 5 million SNX rewards over 12 months. The deposited sUSD will be locked for a year but can be fully withdrawn after the event. The received SNX rewards will also be locked and released within 3 months after the event ends. Synthetix founder Kain commented on this emergency solution, saying, "This is one of the worst immediate fixes to drive demand for sUSD from within the user base."

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SNX stakers in the 420 Pool can deposit sUSD to receive a share of 5 million SNX rewards over 12 months. The deposited sUSD will be locked for a year but can be fully withdrawn after the event. The received SNX rewards will also be locked and released within 3 months after the event ends. 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