USDC/T Max APR to 12%

REDUCE MAX APR ON USDC AND USDT TO 12%

Hello Everyone,

It’s clear now that USDN which backs our USDC/T loans is at existential risk.

The team is supposedly working on additional measures to recapitalize. However, the entire WAVES market cap is less than USDN outstanding.

It is theoretically possible to work through this, but much more time is required. To increase the chances of the return of our principal, we need to lower the interest rate to make it more sustainable.

Right now, about 500k USDN must be sold per day to service our debt. This is more than the market can absorbs and will surely lead to the emptying of the WAVES backing behind USDN. Already now, the team slowed down repayments because the market is too weak to absorb the USDN sales.

We must reduce the interest rate to 12%, which would mean a much more sustainable 125k USDN will need to be sold per day to service the debt.

1 Like

Why don’t you go to waves exchange plataform to sugest manipulate APR/APY and leave vires defi “decentralized” plataform?

Here the APR should not be limited, it should only depend on the use of the asset.

Other platforms have an interest similar as you propose, without continuous manipulations, or withdrawal limits. How long would it take for people to abandon this? I guess the time it takes to get the money.

2 Likes

I think it may be a good measure. Also, probably requires additionally to unblock import and borrowing in order to have the desired effect.

NO. it’s time to return to 80% usdt/usdc max APY not to reduce them.

4 Likes

我贊成這項提案,願意也有足夠的代幣提出提案
電報id: @Ck1040643

請與我聯絡探討提案的問題
(我是中國人,母語是中文,英文翻譯僅供參考)

I am in favor of this proposal and would like and have enough tokens to make a proposal
Telegram id: @Ck1040643

Please contact me with questions about the proposal
(I am Chinese, my native language is Chinese, the English translation is for reference only)

OMG.
there has already been talk about it.
and in which - all this dialogue is worthless. since you have 1 person in the system who has 100,000 votes, which can make monopoly decisions.
https://vires.finance/as/3PEEsRmcWspCxhKqobvKY3axW1846AMRwzr

when it was 80%, this user lost $ 1.2 million a day.

When you reduced it to 40%, everyone started earning less. But yes, this user lost instead of 1.2 million after changing 0.35 million.

Now - he loses 0.4 million - and you want to help him.

when it was 80%, this user lost $ 1.2 million a day.

When you reduced it to 40%, everyone started earning less. But yes, this user lost instead of 1.2 million after changing 0.35 million.

Now - he loses 0.4 million - and you want to help him.
after the changes - it will be 120 thousand dollars.
and the rest of the users will earn 3 times less.

it is beneficial only to the 1st user.

want to reduce emissions - make it more attractive USDN

I’m a regular average user.
and my result - in 2 months, the system for me is becoming less and less attractive. I get more restrictions every day in your system and earn less.

and this step will lead to even worse consequences.

a very simple question - I ask it all the time.
this user has about 50% of the system’s votes. What will you deal with this?

5 Likes

To be clear - this particular account has 67.3K of Vires unclaimed and, obviously, still din’t participated in any previous vote yet.

Good point! Why is it only the lenders and investors on the Vires platform that have to bear and bail out the entire Waves ecosystem? The USDN is the utility of the Waves exchange (not the Vires platform). The Waves exchange has significantly increased trading fees and prints almost 200k USDN daily!

2 Likes

!!! yet.
67,3 + 52,9!!!

Please, stop putting yourself in disrepute.
52.9K is still not claimed from discontinued Vires staking pool. Only locked in governance Vires gives voting power (equal to gVires amount).
On the other hand, I’ve seen that there is another account, also probably related to the Waves team, with lots of gVires. You can find it somewhere on the forum.

1 Like

Dear - I have never written that these voices are activated.

I’m just emphasizing that the 1 account has a monopoly on voting control.

How this opportunity will be used is the 2nd question.

But as a rational person I see 2 problems:

  1. 1 person has the potential to monopoly. it’s VERY bad.
  2. like any rational person, any monopolist - first of all they care about their problems, not the problems of the project / group.

because how it will be used in a decentralized system - the monopoly of one person only time will see. the only thing I can say in one sentence are things like “decentralized” and “monopoly” - should not be categorically met.

Totally agree - this proposal DOES NOT make ANY sense.

Is this proposal from WAVES TEAM?

They “borrowed” a lot of USDC and USDT and they don’t wanna repay their loans.

Better contact the WAVES TEAM to repay their debt. That’s the only way how we can remedy the crisis here.

1 Like

The jokes just keep on coming. lol

I hope the dude with 100k vires locks it, and saves this platform by monopoly. Cuz fuck. This decentralized governance will never work. I’ve realized being involved with all this. 90% of humans are simply too dumb…

1 Like

I think you need to tweak both C and D points for the assets, will look like this(timestamp to be tweaked)

{
    "type": 12,
    "version": 2,
    "data": [
        {
            "key": "34N9YcEETLWn93qYQ64EsP1x89tSruJU44RrEMSXXEPJ_DPoint",
            "type": "integer",
            "value": 120
        },
        {
            "key": "6XtHjpXbs9RRJP2Sr9GUyVqzACcby9TkThHXnjVC5CDJ_DPoint",
            "type": "integer",
            "value": 120
        },
        {
            "key": "34N9YcEETLWn93qYQ64EsP1x89tSruJU44RrEMSXXEPJ_CPoint",
            "type": "integer",
            "value": 80
        },
        {
            "key": "6XtHjpXbs9RRJP2Sr9GUyVqzACcby9TkThHXnjVC5CDJ_CPoint",
            "type": "integer",
            "value": 80
        }
    ],
    "senderPublicKey": "3gQ8QUfoGQW6YVuhUv3zuqsbmxbV5F2FAuDXJqVKD6C9",
    "fee": 50000000,
    "feeAssetId": "WAVES",
    "timestamp": 1650175200000
}

First, only a complete bootlicker would make this proposal.
12% yield would destroy the value of the VIRES token.
This is Neutrino’s problem, not ours. They screwed up and they will have to deal with lower WAVES prices to fix it.

2 Likes

I thought about it.

Author of this post is probably about to be liquidated. Exciting times.

Let’s take it to 150% instead.

Yes, They will have to deal with lower WAVES token that will be used to mint USDN. They will have to repeat it many times in order to buy USDT and USDC over and over again. This vicious circle will cause lower and lower WAVES price… like in Terra LUNA…

Tweaking VIRES settings back and forth won’t change anything. Just force WAVES team to repay their loan!

I suggest further decrease rate to 0%, so WAVES Team can pay back principal little by little every day without interest burden. And there is no risk of them going bankrupt since they no longer need to service the debt. After enough years, USDC/USDT debt will be fully paid off.

this is insane; absolutely NOT… and i’ve a lot of vires :slight_smile:

1 Like