Odaily News Synthetix announced the launch of a sUSD market buyback program with a maximum daily limit of $1 million in response to the recent drop in sUSD prices to $0.93. The program will be conducted through open market operations and aims to support market forces and restore the peg of sUSD to the US dollar. Previously, Synthetix has launched a number of measures, including the Infinex reward event and the 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 emphasized that the long-term goal is to maintain the stability of sUSD through natural market demand rather than relying on incentives or buybacks. The buyback 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.