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![eldarcap Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1394581304046407681.png) Eldar [@eldarcap](/creator/twitter/eldarcap) on x 1361 followers
Created: 2025-06-26 11:27:58 UTC

Not sure anybody care anymore but @synthetix_io stablecoin $sUSD is still largely depeged at $XXXX and currently decreasing.

After all the measures taken by Synthetix and the massive incentives to get people to buy $sUSD, it still haven’t fully recovered and is actually trending down currently.

IMO the $SNX house of card is failing and $SNX incentives are not enticing anymore. The FDV is super high still and the the protocol fundamentals are far from justifying this valuation, even less a price appreciation.

Furthermore, people that played the $sUSD repeg play when it was way lower might be cashing out not that it is running out of steam.

The only (improbable) silver lining is is if the Synthetix V4, the infamous perp on mainnet, get a massive traction when it actually launch, to justify this huge valuation ($200M FDV).

If you consider investing in $SNX or holding $sUSD be careful and know where you getting in.

![](https://pbs.twimg.com/media/GuXcZA3XwAAGKY0.jpg)

XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1938197542333792290/c:line.svg)

**Related Topics**
[synthetixio](/topic/synthetixio)
[coins stablecoin](/topic/coins-stablecoin)
[$susd](/topic/$susd)
[coins defi](/topic/coins-defi)
[coins arbitrum](/topic/coins-arbitrum)
[$snx](/topic/$snx)
[coins bsc](/topic/coins-bsc)
[coins exchange tokens](/topic/coins-exchange-tokens)

[Post Link](https://x.com/eldarcap/status/1938197542333792290)