Synthetix Founder Releases sUSD Deprovisioning Update: Mainnet Preload Event Will Ultimately Reanchor it

BlockBeats News, August 9th, Synthetix founder Kain released the latest update on the sUSD de-pegging issue. The current sUSD price is $0.990619, about to re-anchor. Although it has been a tough period, with the launch of the mainnet pre-staking activities, sUSD will eventually return to normal.

Previously, on April 18th, the Synthetix stablecoin sUSD experienced a worsening of its de-pegging issue to $0.7. Synthetix then announced an emergency solution, the USD 420 Pool would be launched with incentives. SNX stakers in the 420 Pool could deposit sUSD to receive a share of the 5 million SNX rewards over 12 months. The deposited sUSD will be locked for one year and can be fully withdrawn after the event ends. Synthetix founder Kain commented on this emergency solution, stating, "This is one of the worst instant solutions ever used to create demand for sUSD from the user base."