The founder of Synthetix, Kain Warwick, published a severe message to the SNX stakers, urging them to adopt the newly launched the protocol to restore the dollar ankle of its stablecoin, Susd.
In an article on April 21 on X, Warwick clearly indicated that if voluntary participation fails, stronger measures can follow.
The Susd 420 swimming pool, presented on April 18, offers stakers a share of 5 million SNX tokens over a period of 12 months if they lock their SUSD in the swimming pool for a full year.
The new implementation mechanism aims to restore SUSD’s ankle to $ 1 by reducing the offer
The goal is to reduce SUSD in circulation and help restore $ 1 ankle from the token.
However, Warwick admitted that the mechanism was currently “very manual” and has no user -friendly interface – although you are developing.
Once the user interface online, Warwick warned that if the participation remains low, pressure on SNX stakers would increase.
“We haven’t tried anything, which did not work. Now we tried the carrot, and that worked, but I reserve a judgment,” he said. “I think we all know how much I like the stick I like.”
The Susd de Synthetix is a stable Crypto-collateralized stable supported by locked SNX tokens, which means that its price stability depends strongly on the performance and market confidence in SNX.
Since the beginning of 2025, Susd has faced repeated instability. On April 18, it fell to $ 0.68, a drop of 31% compared to its $ 1 ankle. As of April 21, he recovered slightly at $ 0.77, according to Coingecko.
Warwick noted that the solution lies in the community: “The collective net value of SNX Stakers is in the billions. The money to solve this is there – we just need to compose the incentives. ”
The latest synthetix changes arise from SIP-420, a proposal that transfers the risk of debt of individual stakers to the protocol itself.
Stablecoin depends remain a recurring challenge
Depegs in the space of Stablecoin are not uncommon. The USDC briefly lost its ankle in March 2023 after Circle revealed that $ 3.3 billion in reserves were stuck with the Silicon Valley Bank collapsed.
Likewise, Trueusd (Tusd) fell below $ 1 earlier this year in the middle of a wave of buyouts.
Despite the challenges, the Stablescoin sector increased regularly, total market capitalization exceeding $ 200 billion in 2025 and the volume of transactions reaching 27.6 billions of dollars, developing the combined annual volume of visa and mastercard.
In March, the president of the Federal Reserve Jerome Powell confirmed the support of the Central Bank to develop a regulatory framework around Stablecoins during a hearing in the Senate.
Powell said the federal reserve supports the creation of a regulatory framework for stablecoins, noting the importance of protecting consumers and savers.
Earlier this month, the US Chamber of Financial Services Committee approved the progress of a stable bill which aims to establish clearer regulations for the sector.
Known as the transparency and responsibility of the stablecoin for a law on the economy of the great book, or the stable law, the legislation was adopted Wednesday with 32 votes in favor and 17 opposites.
The bill, presented by the chairman of the committee, the representative French Hill (R-Ark.) And the representative Bryan Steil (R-Wis.), Seeks to establish a complete framework for the issuance and monitoring of stablecoins handles in dollars.
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