Alan Burt

我每天都会关注一个关键数据：去中心化永续合约的交易量，如今已经占到整个永续合约市场的15%，而且这个比例还在持续攀升。最近，光线网络与罗宾汉链的整合，无疑给这股势头添了一把猛火——前者提供高性能的底层支持，后者带来庞大的用户流量，两者结合让去中心化衍生品交易的效率空前提升。 不过，别急着冲进去，故事远没有表面这么简单。以币安为例，它的永续合约交易量近期出现了明显下滑——根据链上数据，过去一个月其日交易量峰值下降了约30%。与此同时，一些新兴交易平台的增长却更为猛烈，比如去中心化永续合约协议DYDX的单日交易量一度突破10亿美元。这背后的玄机在于：中心化交易所的治理问题、用户资产安全担忧，以及

sUSD is not Synthetix though. Now if Synthetix itself dies sure, but this is a deprecation of a feature of the protocol. And the point is to protect the protocol. That’s why the cost of printing more snx is worth it. It seems pretty wild to sell susd here at 20c when you would get 90c or something o

本以为这波妖币风波后后，再无妖孽可循，今天对 $SYN 做了个全面的剖析 sUSD 的主要脱锚事件时间线（针对 SIP-423 背景）： 关键时间点2024 年 10 月：持久脱锚的起点。#sUSD 开始出现明显且持续的脱锚压力，此后再也没有稳定回到 1 附近 2025 年 3 月底：加速脱锚，3 月 31 日跌破 0.92，随后继续下滑 2025 年 4 月：最严重的阶段性崩盘，4 月 18 日左右跌至 0.66–0.68（跌幅达 31–34%），这是当时历史上最严重的稳定币脱锚事件 2025 年 4 月后 → 2026 年 6 月：长期低位震荡。尽管协议尝试过多次修复（调整抵押率、激

Warwick Takes Personal Blame for sUSD Mismanagement, Charts Basis-Vault Replacement

As the founder the responsibility for this mismanagement is mine. It would be easy to make excuses and blame the market, but the reality is that Synthetix was positioned almost perfectly to take advantage of the Perp Dex meta, but we fumbled hard.

While it would have been preferable to repeg that would require demand for locked SNX, and at 25c locked SNX is reflecting a 75% discount against the liquid token. Which given the state of the token market is probably accurate.

Synthetix Saved from Death Spiral via 420-Pool, sUSD Peg Broken; Holders Compensated with SNX

Synthetix Governance Votes to Retire sUSD, Pay Holders in Vested SNX

Your stablecoin is depegged to 24 cents and this is what you tweet? Is Synthetix a dead project or what is happening here? https://x.com/synthetix/status/2068936581696921634

Hope @kaiynne is enjoying his houses while Synthetix burns to the ground. https://x.com/edwardmorra_btc/status/2069061151191597268