Looks like USDC withdrawals are a back to 1K. Above 95% utilization…
Take a look at the last two proposals…
Raising the maximum APR, decreases the possibility of these occupancy increases.
It was said and never mind. Not approved.
The other proposal, cutting investor profits on vires or returning USDN was not a good solution. Only for one debtor who prints this currency at home, maybe.
It was said and never mind. Approved.
80% APR max in USDN vs 40% max in others, isn’t good and oracle for USDN is necessary.
I wouldn’t classify Sasha as a dumb person. Am, I happy with things? No, withdrawal limits suck
Perhaps fair to say at the moment.
I didn’t like the following statements:
The liquidation of those accounts — as the platform is designed to do — with such large amounts of collateral would have been dangerous to the system and likely caused another shock to the community.
The reason nothing was done building up to this moment is that we are a decentralized platform with decentralized governance. We will never unilaterally force policies that limit free markets on the users.
Well, that is what he said in the interview… They didn’t follow protocol, to avoid depeg… The only lie there, is the decentralization… If you threaten people to get them to vote your way, and they do… It’s decentralized the same as the CCP… Power at the top, scared yes men at the bottom.
Yes. It was a bad decision that changed nothing… We told them they won’t get new capital at this rate… Moving the debt to pretend it’s not even there, don’t change anything…
“The reason this became problematic was due to the speed at which the Waves price fell. These over-leveraged borrowers couldn’t repay their loans, and the amount of interest on them was increasing, leading to critically bad account health. This is what led me to take on the debt of these 6 borrowers myself.”
False. Waves no related here. Only millions of USDN.
Also is false that they did nothing. They changed the APR max (80 → 40) to avoid the liquidation of accounts (abandoned).
Mistakes were made… Hopefully we get our funds out over time…
Over time Waves have come out with some innovative products that I have profited from. No banks have offered algorithms that return 40-60%, but Waves did that.
I have also lost out on some of the products, for example I lost a bitcoin when the Bitcoin algorithm tanked (after it did amazing).
People should stop being so critical about waves ecosystem, with anything that’s new there is bound to be some problems. Maybe its impossible to have a functional liquid system like this, I don’t know. But there is inherent risk in investing in new technologies.
All of the bashing going on here is getting ridiculous.
For those doing the bashing ask yourself;
1 - have you created a pretty kick ass blockchain with innovative products.
2 - do you actually have some suggestions that may fix the problems faced on the system.
3 - do you really think the traditional financial system is fair?
I have lost some money, crypto is a crazy place, I have also won some money. But overall I like waves and believe that they’re trying to do everything they can in the circumstances.
I obviously have no idea what went on with the historic longing and shorting, but whatever has happened has happened.
People should now try to be constructive. I’m still invested in Vires, and for everyone else who is, should appreciate that it is facing problems, but try to help instead of hinder.
It’s easy to critique, its not easy to solve problems.