Revert maximum Borrow APR of USDN back to 80%

Proposals
#1

Proposal ID
4UW4mozZTtbQfi33SU6jMjnbHU7PP4BjwUWkCGykwE5c

USDN is a key stable coin in WAVES ecosystem.
It is good to have large liquidity in vires.finance.
I propose to revert maximum borrow APR of USDN back to 80% because high APY attracts suppliers.

Transaction Payload

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      "type": "integer",
      "value": 800
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  "senderPublicKey": "3gQ8QUfoGQW6YVuhUv3zuqsbmxbV5F2FAuDXJqVKD6C9",
  "fee": 50000000,
  "feeAssetId": "WAVES",
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2 Likes
#2

Well, Iā€™ve been yelling for this since they put the 40 cap, so obviously I vote yes.

I hope the 2 whales arenā€™t going to fight it tho. But if you guys read this, vote yes. You still got the 50k lock , so youā€™ll go back to getting more APR there, compensating somewhat for the accrued debt. And it will make people less worried about the future of the platformā€¦ And well, you still got 50k vires locked, thatā€™s a lot of money, I suspect you prefer it going up in value, for when you can eventually sell it. Youā€™ll survive the interest hike.

1 Like
#3

I would prefer to go back to the previous APR for all tokens, but itā€™s a good step forward.

4 Likes
#4

I thought it overā€¦ This wonā€™t change anything either. Only changing it for usdnā€¦ I donā€™t see itā€¦ People supplied usdn to take out usdc/tā€¦ So we rewarding them again.

it should be all assets, not just one.

2 Likes
#5

Can we attract more suppliers of USDC and USDT by increasing APR for those markets too? I would also like to see the borrowing operations for markets like BTC, ETH and EURN being possible again

1 Like
#6

In this market, when people lost complete trust in stables, and look at waves as a jokeā€¦ We wonā€™t attract new usdt/c, supply, until we start seeing liquidations or people pay off debt. But that wonā€™t happen with the low interest rates. Everywhere else, people get liquidated right now, except vires. Iā€™m going to hold back on my thoughts on that tho.So yeah, we should stop rewarding debtors with this low interest.

2 Likes
#7

Please also revert the maximum supply APYā€™s which was a temporary solution.
This will hopefully attract more USDT/C inflow and increase pressure on the whales to pay back the debt.

1 Like
#8

Its ABSOLUTELY EVIL PROPOSAL becauseā€¦

Whales lend USDN for 80% APR , borrow USDC / T 40% APR.
ā†“
Whale donā€™t need to repay anymore.
Moreover, take a profit

NO.

If this proposal were passed, VIRES WILL BE A VERY ā€œRUSSIANā€ SHIT.

2 Likes
#9

You wrong. APR is awarded for noncollateralized deposit only.

#11

You wrong.

惻whale can collateralize any time
惻The Liquidity Protocol for Lending and Borrowing Assets ā€“ VIRES.FINANCE and some other whales enjoy net positive APR even in this situation.

#12

I donā€™t use my supply for collateral, since I donā€™t borrow moneyā€¦ Why do I get full APR, if what you say is correct? And who would want to supply, if you canā€™t get interest when people borrow it, just cause you didnā€™t collaterize it?

#13

At this point, with how much USDN depegged, only fixing cap on USDN would kill waves completely. I suggest waiting 4 years with thatā€¦ I canā€™t sell my WX until then.

#14

This proposal will accomplish nothing.

#15

iā€™d say we increase borrow APR for all assets to 120% ā†’ probably only that will make borrowers start returning borrowed funds so utilization will fall with borrow APR or we could liquidate big lenders (that might be abit complicated with usdn being in discount compared to usdt but we will reach liquidation threshold faster also usdt/usdc suppliers will be rewarded more for providing liquidity bearing the risk of not getting usdt/usdc back in short term.

1 Like
#16

https://vires.finance/as/3PEEsRmcWspCxhKqobvKY3axW1846AMRwzr
Whale receives interest only on 100M of the total USDN 500M deposited, because of 400M USDC/T debt.

#17

Just restore max borrow rate for all tokens to 80%. It was only temporary right?

Itā€™s so painfully obvious the entity that ducked the entire protocol by using usdn as collateral to borrow USDT/C is manipulating those votes.

1 Like
#18

@admins rewarding your boss again. He put up USDN, so he will earn more, and borrowed USDT/USDC, which you shamefully blocked at 40% APR. Good bargain that you have mounted. Embarrassing!

Vote NO, until they do it with the rest of the assets.

1 Like
#19

A tricky proposal once againā€¦ there is plenty liquidity in USDN. Just a couple of days ago the supply exceded 5 M the demand and magically in one day this suplus dissapear to raise the interest rate . Why didnā€™t you propose to rise USDC and USDT APR as well?

I am telling you what would be the real result of this proposal: 1- The total supply of USDN would not increase and the rate would be near 80% because our friendly whale adjusts the supply to make it happend that way, 2- Friendly Whale would have its butt covered forever (because it supplies USDN and borrows USDT/C), 3- You increase the inflation of USDN to 80% which is not very good for the peg and 4- You force liquidation of large positions with USCD/T as supply and USDN as borrow because it is not possible to withdraw enough USDT/C to exchange for USDN and repay considering the 1.000 withdrawal limit per day per account

#20

I agree. Raising the cap to 80% on USDN wonā€™t change a thing. Itā€™s USDT & USDC that need to be there as theyā€™re constantly close to their cap. Letā€™s change this to all token. To me the cap could even be 200%.

2 Likes
#21

Its ABSOLUTELY EVIL PROPOSAL becauseā€¦

Whales lend USDN for 80% APR , borrow USDC / T 40% APR.
ā†“
Whale donā€™t need to repay anymore.
Moreover, take a profit

NO.

1 Like