Assume overextended USDN <> USDT\USDC accounts

Proposals
#1

Proposal ID

9Boo2ahzCTpffwM7ZSorfEau8MU6ge4gxk7MsWNgZBiE

What is proposed?

This proposal allows 3P84evXSWMchYMa6hkLLRmQ4usHf4cNsjNp to assume all debts and deposits of 3PJgfXqEJNF6ZMnKRuvFQcxr58CYZDzTw1c, 3P5TkQBU68n6YMiiA8zEVSVqwhLcqNYVBFW, 3PPuzqQC4bHxWitTyndySGcaMzHHNGipQns, 3PEEsRmcWspCxhKqobvKY3axW1846AMRwzr, 3PKTUn4QkYaD9CJ1f9uXjCn8Ze2tsTevw2Z and 3PMUTKMtJxfG5pWZYwRcabnP16HYqo4fYK.

Additionally, this proposal, if activated, removes USDN borrow/withdrawal limits.

Why is this important?

This will allow 3P84evXSWMchYMa6hkLLRmQ4usHf4cNsjNp to assume overextended accounts and allow for liquidating large USDN position without undesirable potential side-effects like USDN depeg.

Transaction Payload

{
    "type": 12,
    "version": 2,
    "data": [
        {
            "key": "DG2xFkPdDwKUoBkzGAhQtLpSGzfXLiCYPEzeKH2Ad24p_950_acc_limit",
            "value": null
        },
        {
            "key": "DG2xFkPdDwKUoBkzGAhQtLpSGzfXLiCYPEzeKH2Ad24p_900_acc_limit",
            "value": null
        },
        {
            "key": "DG2xFkPdDwKUoBkzGAhQtLpSGzfXLiCYPEzeKH2Ad24p_850_acc_limit",
            "value": null
        },
        {
            "key": "DG2xFkPdDwKUoBkzGAhQtLpSGzfXLiCYPEzeKH2Ad24p_800_acc_limit",
            "value": null
        },
        {
            "key": "DG2xFkPdDwKUoBkzGAhQtLpSGzfXLiCYPEzeKH2Ad24p_borrow_utilization_threshold",
            "value": null
        },
        {
            "key": "DG2xFkPdDwKUoBkzGAhQtLpSGzfXLiCYPEzeKH2Ad24p_import_utilization_threshold",
            "value": null
        },
        {
            "key": "DG2xFkPdDwKUoBkzGAhQtLpSGzfXLiCYPEzeKH2Ad24p_redeem_utilization_threshold",
            "value": null
        },
        {
            "key": "main",
            "type": "integer",
            "value": "3PAZv9tgK1PX7dKR7b4kchq5qdpUS3G5sYT|3PJ6iR5X1PT2rZcNmbqByKuh7k8mtj5wVGw|3P3NVrhiyHBc4oUWNhtZRnJA5uLX9n39TK9|3PCobfdpn4djVBG1Z3Ubek79kKcEiWYjrDv"
        }
        ],
    "senderPublicKey": "3gQ8QUfoGQW6YVuhUv3zuqsbmxbV5F2FAuDXJqVKD6C9",
    "fee": 50000000,
    "feeAssetId": "WAVES",
    "timestamp": 1653995000000
}
1 Like
#2

One address misses last symbol: 3PMUTKMtJxfG5pWZYwRcabnP16HYqo4fYK7

3 Likes
#3

Can you show where in the payload this enables USDN borrow?

#4

The new parameters don’t mention the addresses being taken over, or the new controlling address. How can this work? Can there be an explanation of what this “type: 12” parameter does and which contract operations it affects?

#5
#7

how exactly this will work and how liquidity will be returned without selling USDN for USDT/C?

#8

It’s all the keys containing DG2xFkPdDwKUoBkzGAhQtLpSGzfXLiCYPEzeKH2Ad24p (Neutrino’s address) and setting limits to null.

#9

That is the question. In their blog post they said the USDN will be sold for USDC/T, but that shouldn’t be possible because the USDN is collateral for unpaid debts. The only legitimate way to do this is to return $500m+ of USDC/T while leaving the USDN collateral in Vires, but that isn’t their stated plan (and obviously isn’t going to happen because they can’t create 500 million dollars out of thin air). Selling the collateral won’t work either, as not only is USDN still 3% below peg, but all of USDN is currently only 22% collateralized by the WAVES reserves (the thing that restores the peg) and less than 60% collateralized by the entire market cap of WAVES. This whole thing is going to collapse soon.

#10

Sasha got money of his own. A simple solution to what you write, is he spends his own money buying USDC/T to pay debt, which frees up the collateral.

  • And I kind of expect that he’s not actually taking on all the debt by himself. He have friends, pretty well off friends. And knowing how invested they too are in the waves ecosystem, I suspect he’s run this over with at least a couple of them. He’ll be the face and take the consequences, and they’ll be silent “backers”.

But ofc, i’m just guessing. All these autists in waves, makes some weird plays.

2 Likes
#11

I’ll vote yes on this… Just to see what happens. I have no opinion whether I think it’s a good idea or not.

But what I do have an opinion on, is the dumb people thinking they’re the smartest person in the room. If this was a last futile attempt to pump, before rugpull. It would make Sasha the dumbest person on the planet. Waves just moved HQ to Miami. That’s one hell of a play on himself if he planned to run with the money. The SEC and IRS love people who use their own face when scamming. They’re easy to catch afterwards, for a quick payday and publicity boost.

2 Likes
#12

I do agree with the proposal. It seems the only way to solve this issue… I am not sure how freeing USDN borrow and lending would help but I guess waves team have some ideas about it

#13

Well, I’m quite sure (hope I’m wrong) that as soon as the utilization drops and all withdrawal limits are removed, everybody will withdraw all available funds as people had to wait few months for withdrawal availability.

#14

So did this pass? I’m sorry but I just started using this recently and not sure how to vote or where to see the votes?

#15

Also will we be able to import LPs? I did not see anything that says that in here so obvi the answer is no but I was hoping someone could fill me in on if/when that will be possible

#16

I don’t see how it’s a bad thing, that people can get their money…

#17

Voting ends in about 20 hours. and about 14k left for “quorum”, with zero votes against… There’s no chance it won’t pass.

You can do that already. But you have to do it from “Supply”, and can only do so if you lock it for 3, 6 or 12 months at the same time. Import/redeem will be usable once utilization is below 80% again.,

#18

It’s great for people, sure it is. It’s also great for me as I will be able to withdraw my money but it’s not so good for the Vires platform I think cause the system (lend/borrow) works only if there is enough money deposited :slight_smile:

#19

It’s not really a problem. It’s like bear markets… They’re good for the future, while bull markets are pretty bad.

Bull markets makes people reckless. They buy hype, and lose a ton of money… Bear markets correct it, and brings things back to level.

  • The people making the most money, never buy when everyone else do.
  • Bear markets weed out bad actors, scammers, etc. It’s not as easy scamming people, when they’re already in doubt of the future, so scam projects tend to disappear.

The same goes for vires and this situation. We obviously have a huge liquidity problem, cuz too many people are trying to get out at the same time ( called a bank run), with not enough new money coming in. (That’s a good thing btw. You don’t want new money in right now… imagine the chok people would get when they realize their money is stuck for an uncertain amount of time… It’d hurt vires even more.)

  • We need the “weak hands” out as soon as possible. When they’re out, getting new liquidity won’t be that much of a problem, greed is always a factor for most people. When the platform is stable, people will once again throw money as collateral, so they can short and long different shit.

I personally bought a ton of LPs on DEX and locked some of my supply for 12 months. Ofc, not everything, I’ll cash out profits once I can redeem. I got tokens at 0.5 after all. It’s good profits, I have to take some. <.<

#20

3P5TkQBU68n6YMiiA8zEVSVqwhLcqNYVBFW

This dude voted against…

I made a mistake when looking him up on vires, so if you read my original comment, just ignore it. I can’t find him from the UX at all. It keeps throwing me to the MRwzr wallet instead and I didn’t notice at first.

#21

Well, so did I even if I’m not so sure about the future as I described in another post. The worst thing that can happen is leaving me with a huge amount of worthless LP tokens or have a money locked forever because of “new proposal” that will be proposed by almost-all-vires-owner and passed with his votes :slight_smile:

PS. 0.5 was a good strike :slight_smile: I bought it ca 0.7

1 Like