Synthetix Founder: The sUSD anchoring repair mechanism is in transition, 90% of ETH has been sold and SNX has been added to the position

In response to the recent unpegging of Synthetix's stablecoin sUSD, Synthetix founder Kain stated in a post on X that the main driving factor for purchasing sUSD (debt management) has been eliminated and new mechanisms are being introduced. However, some fluctuations may occur during this transition period. It is worth noting that sUSD is not an algorithmic stablecoin; it is purely a crypto-asset collateralized stablecoin. Its price may indeed fluctuate, but Synthetix has mechanisms to push the price back to its peg during these fluctuations. These mechanisms are currently in transition, hence the brief unpegging occurred. Kain also mentioned that he has been increasing his holdings of SNX this year. When SNX was launched in 2018, Kain held about 15 million tokens and then sold approximately 1.8 million SNX per year on average (some years net selling, some years net buying). But now he holds about 35 million SNX and is the largest holder of this token. In addition, Kain revealed that most of his funds come from selling ETH; since late 2020 he has sold off 90% of his ETH.