Set maximum Borrow APR to 40%

Proposal ID
6u1N7Uo1xdXXZyxUbUmz25wP2H714hvVKURNS2JpACvb

I propose to temporarily reduce max borrow apr for all assets to 40%

Transaction Payload

{
  "type": 12,
  "version": 2,
  "data": [
    {
      "key": "34N9YcEETLWn93qYQ64EsP1x89tSruJU44RrEMSXXEPJ_DPoint",
      "type": "integer",
      "value": 400
    },
    {
      "key": "474jTeYx2r2Va35794tCScAXWJG9hU2HcgxzMowaZUnu_DPoint",
      "type": "integer",
      "value": 400
    },
    {
      "key": "6XtHjpXbs9RRJP2Sr9GUyVqzACcby9TkThHXnjVC5CDJ_DPoint",
      "type": "integer",
      "value": 400
    },
    {
      "key": "8LQW8f7P5d5PZM7GtZEBgaqRPGSzS3DfPuiXrURJ4AJS_DPoint",
      "type": "integer",
      "value": 400
    },
    {
      "key": "DUk2YTxhRoAqMJLus4G2b3fR8hMHVh6eiyFx5r29VR6t_DPoint",
      "type": "integer",
      "value": 400
    },
    {
      "key": "DG2xFkPdDwKUoBkzGAhQtLpSGzfXLiCYPEzeKH2Ad24p_DPoint",
      "type": "integer",
      "value": 400
    },
    {
      "key": "WAVES_DPoint",
      "type": "integer",
      "value": 400
    }
  ],
  "senderPublicKey": "3gQ8QUfoGQW6YVuhUv3zuqsbmxbV5F2FAuDXJqVKD6C9",
  "fee": 100000000,
  "feeAssetId": "WAVES",
  "timestamp": 1650175200000
}

respect, I was expecting, the waves team would overvote all others.

If I can support vires and waves with it, perfect.

I am just think, that 100% interest rate will attract more investors than 40%.

1 Like

A big NO. And this proposal is very suspicious.

The problem we are having is simple: some malicious whales borrow all the USDC and USDT away.

Simplest way to solve this problem: remove the cap of borrow APR, or set liquidation threshold to 1 to liquidate the whales as soon as possible. When the whales liquidate, all USDN supply will be sold to convert to USDC and USDT, and we are free.

And now you are telling me to lower the borrow APR to 40%? What? To benefit the huge borrowers of USDC and USDT? And why would the whales return the USDC and USDT if the borrow rate is lowered?

When the Waves team accuse Alameda for borrowing WAVES, they want to force Alameda to repay the debt by changing the Liquidation Threshold of WAVES to 1. Now we want to force the huge borrowers of USDC and USDT to repay the debts, why don’t we just change the Liquidation Threshold of USDC/USDT to 1?

11 Likes

Again, this doesn’t solve the main problem which is, a sigle wallet borrowing $400M USDT/USDC and looping it with $500M USDN

https://vires.finance/as/3PEEsRmcWspCxhKqobvKY3axW1846AMRwzr

That position needs to start repaying their debt and fast, this proposal will only alleviate it and further discourage to pay its debt.

That wallet alone is borrowing 80% of the stables stuck on Vires, which is what bringing the protocol to a lockdown.

10 Likes

What the fuck is this. We voted no for the first one, and you think this will go through?

4 Likes

the first one was voted by the community, this time there’s the team to make it pass

1 Like

What is the intention of this?

Suppliers are already suffering lack of liquidity.

As anybody can predict, this proposal will delay liquidation and reduce liquidity by making borrowing cheaper and supplying funds less attractive.
I don’t see any positive side to this proposal, it will only make things worse for suppliers.

8 Likes

The whale who borrowed lots of USDC/USDT has 49,300 Vires unclaimed. The whale could use these tokens to force through any proposal. Why arent they doing this? And it appears the whale has 52,000 Vires tokens already claimed.

1 Like

obviously not the case but what if this whale just like forgot their seed phrase and its just stuck just all the money just stuck

2 Likes

then rest in pepperonis to that guy

well, vires has to be locked to gain governance tokens / voting power.

Here we go again.

The whale that has borrowed all the USDT/USDC is trying to delay its inevitable liquidation.

Like the previous proposal, a big NO.

3 Likes

Jesus with this guy, spreading FUD to gain votes for his proposal. Never would have gained the traction it did if the telegram group did not exist, last proposal got debunked to be absolutely shit, now trying to pass it again which leads me to believe this guy has some sort of stake for interest rates to be low.

Can someone raise a proposal to set the USDT/USDC borrow APR to 10000% for borrower > 100k US$ so that the whale get liquidated faster ?

1 Like

I want to set a 1 million% apr for usdt/c lenders who have supplied 9765-9900 usdc/usdt. Full disclosure; that will include me.

I mean why not, if we propose arbitrary rates to suit some1 particular, why not me.

I promise to cure aids and cancer of children. Pls pass otherwise u want children to die

3 Likes

Well, at this point you can probably tell the whole thing has been manipulated by either the team or some whale. In other words Vires is dead.

What matters is to make it stop so that user can withdraw their funds.

It is obviously not decentralized since they put borrowing on hold. So in reality they could just write a line of code to change the protocol without asking anyone.

Even in the current situation with 100% APR, there is no guarantee the whale will repay. It cold just bring more USDN collateral and keep going for a long time.

We need a way to trigger a fast and complete liquidation.

What I’m worried about is if there is a liquidation event just how large it will be. If the forced Waves selling massively overwhelms the liquidity on the exchange…might it create a cascade to zero?

I wonder why the whale not return USDC/USDT? Is there any profit bigger than 80% apr?

USDN is come back to 0.975, the whale can return USDC/USDT almost without loss.

This is getting ridiculous

3 Likes

This proposal was formed by an address funded by Whale 3PEE, the borrower of 600M USD on the platform

at transaction Waves Explorer & Portfolio Overview | wscan.io.
The last connection with 3PEE was at Apr 3 in this transaction: Waves Explorer & Portfolio Overview | wscan.io

5 Likes