Synthetix launches daily maximum limit of $1 million USD repurchase aimed at restoring stablecoin anchoring

Odaily Planet Daily News: Synthetix announced the launch of a daily maximum limit of $1 million in the sUSD market repurchase plan to cope with the recent drop in sUSD prices to $0.93. The plan will be carried out through open market operations, aimed at supporting market forces and restoring the anchoring of sUSD to the US dollar. Previously, Synthetix has implemented multiple measures, including Infinex reward activities and 420 Pool's sUSD staking program, which currently has an annualized yield of 72% and requires participants to maintain a 10% sUSD staking ratio. These measures have initially stabilized the sUSD price. Synthetix emphasizes that the long-term goal is to maintain the stability of sUSD through natural market demand, rather than relying on incentives or buybacks. This repurchase plan is seen as a temporary measure during the transition period, aimed at maintaining the reputation of the protocol and supporting the stability of the DeFi ecosystem.