Summary
- Synthetix announced that it has conducted market buying to address the de-pegging issue of its stablecoin sUSD.
- This action formalizes the statement made by founder Kain Warwick, aiming to resolve the price discrepancy.
- It was reported that SNX and sUSD, along with the Ethereum mainnet-based DeFi ecosystem, are in the early stages of a full recovery trend.
Decentralized Finance (DeFi) project Synthetix (SNX) announced that it has taken buying actions to restore the peg of its stablecoin sUSD. Previously, sUSD had experienced a de-pegging event, falling below the $1 price.
On the 15th, Synthetix stated on X (formerly Twitter), "To restore the $1 value of the stablecoin sUSD, our finance team has taken direct market buying actions." This action formalizes the statement made by founder Kain Warwick, aiming to resolve the last price discrepancy.
Synthetix added, "SNX and sUSD, along with the Ethereum mainnet-based DeFi ecosystem, are currently in the early stages of a full recovery trend."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.![[Market] Bitcoin breaks below $68,000 as losses deepen](https://media.bloomingbit.io/PROD/news/3a08fe32-6a33-4a62-bb89-4afb5c5399ca.webp?w=250)
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