A modification to VIP-024

Isolating risks by placing them into “run-off” is standard practice in risk management. Similar to VIP-024, I propose we place the >1m portion of USDT/C assets into another smart contract COMPLETELY SEPERATE from the Vires sc, along with an equal amount of Sasha’s debt. No new loans or deposits will be possible from the run-off contract, only repayments and withdrawals. The suggested borrow APR is 7.3%. To clarify, this is a one-time transfer, new deposits to Vires in excess of 1m would remain in Vires.

gVires share of the interest from the Vires and run-off contract would increase to 15%.

What are your thoughts? Would you support such a proposal? If not, what are the issues that would prevent your suppot?

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I’d find such a move positive, maybe suggest a somewhat lower run-off borrow APR of 5% with a gVires protocol share of 20%. This way bad debt would be easier to balance out, while gVires hodlers retain some greater incentive to stay within the ecosystem. A healty WAVES ecosystem would allow WAVES to get back to $25+ soon upon a bullish crypto market return, allowing some losses to be mitigated. And a competitive stablecoin borrow APR (less than 10%. will be achieved by lower utilisation) would make borrowing lucrative again. When this balances out a bit, now adjustments can be thought of, but isolating bad debt I agree is definitely the first step to make.


Thank you for your considerate reply. The APR and gVires share are certainly open for discussion.

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