WHAT HAPPENED TO SUSD, AND HOW DID IT DEPEG?

Summary from the TLDR Crypto newsletter

Synthetix's sUSD collapsed to $0.68 on April 18 after the protocol enacted SIP-420, which slashed the collateral requirement from 750% to 200% and replaced individual debt positions with a shared pool. This change removed users' incentive to repurchase discounted tokens, leading to sUSD flooding the market. Synthetix's recovery plan will restore incentives through lockup rewards, new yield pools, and dynamic debt-holding requirements. It is estimated that under $5 million in buy pressure could reestablish parity.