Synthetix Start $1M Every Day sUSD Buyback to Bring Back Dollar Peg and Make DeFi Stronger
Synthetix don start one daily buyback plan for their stablecoin sUSD, wey dem put cap on top, $1 million everyday. This come after sUSD price fall to $0.93 because of some changes dem do for the protocol under SIP-420. Wetin dem want do with this plan na to make sUSD price go back to normal like US dollar and make people trust the market again. Dem go use open market things to make sure e stable. Before before, dem don try to make am stable with Infinex reward palava and the 420 Pool sUSD staking plan, wey sabi give 72% gain for one year and you gats stake at least 10% of your sUSD there. The signs wey we dey see now show say these things dey help stablecoin calm down small small. Synthetix say dem wan make the price stay normal for long time because people need am, not just because of ginger dem dey give. This way dem dey try make am stable still join with other big plans wey Synthetix get, like say dem wan buy Derive and dem wan start perps exchange for Ethereum mainnet. All this na to make their DeFi place bigger and make traders and stakers see value again. The way dem go focus on this buyback go make sUSD strong pass before and e go better for DeFi.
Bullish
Di daily $1 million buyback program for sUSD na dem for show say Synthetix serious about keeping the value of the stablecoin. Wetin dem add join na plenty reward for staking and real steps to make am stable. All dis kain tings go ginger traders and investors well well. The price of sUSD don already steady small since dem start dis tori. Long-long plan like dem wan buy Derive and start new perps exchange, all dis one just make am clear say Synthetix dey serious to make dem DeFi network strong. Traders fit see dis as good sign for sUSD and other Synthetix coins for now, but whether the peg go remain stable sha go depend on how pipu need am naturally.