Set USDT/USDC Liquidation Threshold to 1

Many users are depositing USDT and USDC in the pool and currently cannot withdraw the funds.

I would like to propose changing the liquidation threshold of USDT and USDC to 1, which will liquidate the whale (3PEEsRmcWspCxhKqobvKY3axW1846AMRwzr) who deposited tons of USDN and borrowed USDT/USDC and help people get their funds back.

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The problem is the whale deposited USDN as collateral, so you wouldn’t get back your USDT or USDC, but USDN, and if it is not pegged you will find yourself losing money anyway.

Please be informed that every USDN can be redeemed at 1:1 basis on Neutrino Protocol if you have enogh NSBT. The massive account that put USDN as colateral and borrowed our USDT and USDC (and now is proposing to lower the interest rate) is most likely from waves team. They have all the capabilities to redeem USDN as USDT and USDC without loses and close the position on vires.

I like your proposal and I am sure it would finish the problem we actually have on vires. But do you have 1000 vires to create it? Even if you have enough vires, who do you think has most of the vires… the waves team my friend. That is also the reason why the owner of the account did not repay the credit even with a huge interest rate against.

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I totally agree with what you are saying, and actually I withdrew my funds last week because I suppose the crash is happening… I have no VIRES and no funds locked in the protocol, but I would like to speak for the mass. A lot of people are locked in the protocol because of the APR and didn’t realize their funds could “permanently” gone.

Seriously, enough is enough. Whoever controls these accounts…
https://vires.finance/as/3PEEsRmcWspCxhKqobvKY3axW1846AMRwzr
https://vires.finance/as/3PMUTKMtJxfG5pWZYwRcabnP16HYqo4fYK7
https://vires.finance/as/3PPuzqQC4bHxWitTyndySGcaMzHHNGipQns
… has maliciously disrupted the entire Waves ecosystem. There shouldn’t be a vote when there’s an emergency attack. Change to the protocol to immediately make the borrower of almost all of the USDT/USDC subject to liquidation of his entire collateral.

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No, that’s not the case. The liquidator takes over the debt, so they would need to supply USDT/C to redeem USDN and the people who supplied USDT/C get their tokens back.

But if they get liquidated, the asset that is liquidated is the collateral offered being in this case USDN, or at least that’s what I think how this protocol works.