Synthetix founder: sUSD anchor repair mechanism is in transition, 90% of ETH has been sold and SNX has been added

Odaily News In response to the recent depegging of Synthetix's stablecoin sUSD, Kain, the founder of Synthetix, responded on X that because the main driver for buying sUSD (debt management) has been eliminated, new mechanisms are being introduced, but there will be some fluctuations during this transition period. It is worth pointing out that sUSD is not an algorithmic stablecoin, it is a pure crypto-asset collateralized stablecoin, and its price may indeed fluctuate, but Synthetix has mechanisms to push the price back to the anchor when it fluctuates, and these mechanisms are currently in transition, so there has been a brief depegging.
Kain also mentioned that he has been increasing his SNX holdings this year. When SNX was launched in 2018, Kain held about 15 million tokens, and then sold about 1.8 million SNX on average each year (some years were net sales, some years were net purchases), but now he holds about 35 million SNX and is the largest holder of the token. In addition, Kain also revealed that most of his funds came from selling ETH, and he has sold 90% of ETH since the end of 2020.