On April 11, according to Parsec analysis, the recent unanchoring of Synthetix stablecoin sUSD was not due to bad debt or agreement failure, but was caused by the adjustment of the SIP-420 mechanism. SIP-420 introduces a shared debt pool mechanism. SNX pledgers no longer separately cast sUSD and bear personal debt, but entrust funds to a public pool, thereby achieving a structure without liquidation and no personal debt. However, when the price of sUSD deviates from the anchor value, the pledgor no longer has the incentive to repurchase sUSD at a low price to repay the debt, and the original self-adjustment mechanism of the agreement will expire. At the same time, more than US$80 million of SNX flowed into the SIP-420 pool, and Infinex activity led to the growth of positions, causing sUSD supply to expand rapidly. However, the market lacked corresponding demand, and the anchoring mechanism was further under pressure. At present, sUSD has dropped to US$0.87, and the anchor rate has exceeded 13%. The Synthetix team said it is rebuilding sUSD demand through integration with Aave and Ethena and strengthening Curve incentives.