Adjusting Borrowing Functionality of the xICHI Pool on Wing Finance

Discussion
1

Dear Wing Finance Community,

Due to the insufficient liquidity of xICHI tokens in the Ethereum pool on Wing Finance, users’ borrowing needs cannot be met. I propose the following adjustments to the ICHI pool’s borrowing functionality to better maintain platform stability and user experience.

Proposal Overview:

  1. Close the Borrowing Function in the xICHI Pool:

Immediately close the borrowing function in the xICHI pool to prevent further impact on user experience and platform stability due to insufficient liquidity.

  1. Adjust the Borrowing Interest Rate in the xICHI Pool to 0%:

Set the interest rate for all borrowers in the xICHI pool to 0% to alleviate the interest burden on existing borrowers until their loans are repaid.

Reasoning:

The current liquidity situation of xICHI tokens in the Ethereum pool has shown that it is insufficient to meet users’ borrowing needs. This proposal aims to address these issues, ensure the stable operation of the platform, and protect users’ interests.

Implementation Schedule:

  • Immediate Adjustment: The borrowing function will be closed, and both the borrowing interest rate in the xICHI pool will be set to 0% immediately following the vote’s approval.

Voting Details:

  • Voting Period: [June 24th, 08:00 (UTC)] to [June 26th, 08:00 (UTC)]

Vote for:

  • Approve: Agree to close the borrowing function in the xICHI pool and set the borrowing interest to 0%.

  • Disapprove: Disagree with the proposed adjustments.

Action Required:

We encourage all xICHI users in the Ethereum Wing Flash Pool to review their positions in light of this proposed change and cast their votes accordingly.

Community Governance Proposal:

For more details and to participate in the discussion, please visit our governance forum: [insert governance forum link]

Voting Rules:

  • One WING token counts as one vote.

  • Eligibility: Any community member holding WING tokens.

  • The results will be calculated based on the WING tokens held at the end of the vote in wallets or the Insurance Pool (not in the Supply Pool). A quorum of at least 20,000 WING is required for the vote to be executed.

  • WING tokens will remain unlocked during the voting period.

We urge our community members to actively participate in this vote, reflecting our commitment to proactive risk management and the security of our ecosystem. Your input is valuable in guiding the sustainable growth and stability of Wing Finance.

2 Likes
2

This proposal shows Wing Finance is serious about managing risks. Closing the borrowing function and setting interest rates to 0% are smart moves to protect users. :+1:

1 Like
3

While I understand the need for stability, closing the borrowing function might be inconvenient for those who rely on it.

4

Implementing changes immediately can be disruptive. Users might need more time to adjust their strategies accordingly.

5

I appreciate that Wing Finance involves the community in the decision-making process. Voting gives us a voice in these important changes.

6

The quick implementation of these adjustments shows that Wing Finance is responsive and takes action when needed.

1 Like
7

xICHI liquidity so low so we should close the borrow func

8

This proposal underscores Wing Finance’s commitment to security and stability. It’s reassuring for long-term users.

9

This proposal highlights a deeper liquidity issue that needs addressing. I hope there’s a plan for a long-term solution.

1 Like
10

Setting the interest rate to 0% is a huge relief for current borrowers. Nice to see the platform looking out for us.

11

Love that we get to vote on this. Makes me feel like my opinion actually matters.

12

It’s okay. Let crate the vote