[sUSD]

Synthetix USD

Grade
F
Date of Rating:
February 1st, 2024
Last Change:
-
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
N/A
[M]
N/A
[I]
N/A
[D]
N/A
[G]
N/A
[E]
N/A
sUSD Price
Last Update:
22/02/2024 02:00:36
$0.992367
Market Cap
$55,293,649
24h Volume
$3,046,177
Collater­alization
0%
Type of Peg
Fixed - To Fiat
Type of Backing
Crypto
Data provided by Coingecko
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
N/A
[M]
N/A
[I]
N/A
[D]
N/A
[G]
N/A
[E]
N/A
[S]
[M]
[I]
[D]
[G]
[E]
Synthetix USD
F

  • Synthetix stablecoins are algorithmic and backed by endogenous collateral. They are issued and managed by Synthetix, a permissionless synthetic assets/derivatives protocol.

  • They are overcollateralized by the protocol’s native token, SNX, and can be minted/borrowed by staking SNX at a collateralization ratio (CR) of 500%. When CR drops to 160%, liquidation of SNX collateral is initiated by transferring the debt to other SNX stakers.

  • These stablecoins cannot be redeemed for underlying collateral. Holders rely solely on on-chain liquidity pools to exit from Synthetix assets to non-Synthetix assets.

  • Bluechip does not consider SNX as acceptable collateral while determining the safety of Synthetix stablecoins. The Terra-Luna collapse illustrates that using native tokens as collateral for stablecoins can lead to rapid death spirals.

Synthetix USD
Stability
Not Assessed
N/A
Not Assessed
Synthetix USD
Management
Not Assessed
N/A
Not Assessed
Synthetix USD
Implementation
Not Assessed
N/A
Not Assessed
Synthetix USD
Decentralization
Not Assessed
N/A
Not Assessed
Synthetix USD
Governance
Not Assessed
N/A
Not Assessed
Synthetix USD
Externals
Not Assessed
N/A
Not Assessed