Source: Cointelegraph Original: "{title}"

Synthetix founder Kain Warwick threatened SNX stakers that if they do not participate in the newly launched staking mechanism to help address the protocol's current sUSD (SUSD) depegging issue, he would use a "stick."

Warwick stated in an X tweet on April 21 that Synthetix has now implemented an sUSD staking mechanism to tackle the depegging issue, but he acknowledged that the current mechanism is "very manual" and lacks a proper user interface.

However, Warwick indicated that once the user interface is live, if there is not enough incentive, they may have to "increase pressure on the stakers," particularly those in the sUSD420 pool.

The sUSD420 pool is a new staking mechanism launched by Synthetix on April 18, where participants who lock their sUSD in the pool for a year will receive a reward of 5 million SNX tokens over 12 months.

He said, "This is completely solvable, and the responsibility lies with the SNX stakers. We have tried many methods, and none have worked, and now we are trying the carrot, which has had some effect, but I reserve judgment."

"I think we all know how much I like the stick, so if you think you can escape without eating the carrot, I have some bad news for you."

Synthetix's sUSD is a cryptocurrency-collateralized stablecoin. Users lock SNX tokens to mint sUSD, making its stability highly dependent on the market value of Synthetix (SNX).

Since early 2025, Synthetix's stablecoin has faced several bouts of instability. On April 18, sUSD fell to $0.68, nearly a 31% drop from its target peg of 1:1 with the dollar. According to CoinGecko, as of April 21, sUSD was trading at approximately $0.77.

SNX stakers are key to solving the depegging issue

Warwick stated, "The collective net worth of SNX stakers is in the billions, and there is funding available to solve this issue; we just need to adjust the incentive mechanisms."

"We will start small and iterate continuously, but I am confident we will solve this problem and resume building perpetual contracts on L1."

A Synthetix spokesperson told Cointelegraph on April 18 that the short-term volatility of sUSD was due to "structural changes" following the release of the SIP-420 proposal, which shifted debt risk from stakers to the protocol itself.

Other stablecoins have also experienced depegging and recovery. Circle's USDC (USDC) depegged in March 2023 after the issuer announced that its $3.3 billion reserve was linked to the collapsed Silicon Valley Bank.

Recently, the Justin Sun-associated stablecoin TrueUSD (TUSD) fell below the $1 peg in January due to reports that holders were exchanging hundreds of millions of TUSD for the competing stablecoin Tether (USDT).

Since mid-2023, the market capitalization of stablecoins has grown, exceeding $200 billion by early 2025, with total trading volume reaching $27.6 trillion, surpassing the combined trading volume of Visa and Mastercard by 7.7%.

Related: Data shows Bitcoin whales and experts continued to accumulate in April.

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