I sent via Forum message, please check
Sounds like a threat. Your token worth nothing without team’s hard work.
Do you mean the BTC borrowers who enjoy the artificially low interest rate and high Wing rewards with no intention to repay the WBTC loan even the eth to ont bridge is open for more than two months?
I think the positive interest rate enjoyed by loans is on the one hand, and on the other hand they are not afraid of liquidation because the liquidation function is turned off.So, I think it should be like this. The first is to open the cross-chain bridge of various tokens from eth to ont. The second is to increase the borrowing interest rate for borrowers and reduce the subsidies for their wings. The third is to open up the liquidation function of the pool and let the market play its role.
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haha。I think so。This Is the reason。
Well thought. One more thing the cross-chain bridge has to be two ways. Otherwise people will be hesitated. Liquidation is meaningless if the asset acquired can not be bridged out.
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This is the choice between risk and return. If you want to enjoy the benefits of liquidation, you have to endure the risk of cross-chain waiting.
8% vs total loss? I would pass.
Dear users, as part of our commitment to transparency and community involvement, we’re sharing an important new update regarding the Ontology Flash Pool and seeking your feedback.
Proposal to Set Lending Interest to 0% for Ontology Flash Pool
- Background and Context
The Ontology Flash Pool has been facing operational challenges and continuous financial losses, prompting a reevaluation of its functionality to ensure the financial ecosystem’s resilience and stability.
- Proposal Summary:
We propose setting the lending interest rates within the Ontology Flash Pool to 0% as a targeted approach to address the pool’s current challenges:
Setting Lending Interest Rates to 0%: This measure aims to alleviate the impact on pool participants while maintaining a stable lending environment.
- Justification
Adjusting the lending interest rates to 0% is deemed necessary to:
Mitigate the financial strain on the pool.
Preserve the ecosystem’s stability during this period of assessment.
Provide an interim solution while evaluating the recovery of the pool’s full functionality.
- Implementation
Interest Rate Adjustment: Should the proposal be approved, lending interest rates will be adjusted to 0% immediately.
WING Incentives: It’s important to note that WING incentives will continue to be distributed, ensuring that participants can still claim rewards.
Function Availability: While repay and withdraw functionalities will remain operational, other pool functions will be temporarily unavailable to streamline operations and focus on stability.
- Voting Details
Vote Options: For | Against
We will update the voting period in the proposal, planning to vote this week.
- Participation and Governance
Eligibility: Open to all community members holding WING tokens on the Ontology chain.
Voting Power: Each WING token represents one vote.
Quorum Requirement: A minimum of 20,000 WING tokens for the vote to be considered valid.
Vote Execution: The decision will be based on the consensus at the closing block height.
Conclusion
We are committed to ensuring the sustainability and efficiency of Wing Finance operations. This proposal is crafted with the long-term stability of our ecosystem in mind, and we encourage our community to participate actively in the decision-making process.
Share Your Thoughts:
We encourage everyone to voice their opinions, concerns, and suggestions. Your input will play a vital role in shaping the final decision on this matter.
Thank you for your unwavering support and for being an active part of the Wing Finance journey.
now it’s better and clearer
I have never figured it out. Just adjusting the lending interest rate to zero, but WING incentives will continue to be distributed. What effect will this have on the entire pool？Borrowers have no incentive to repay their loans?
By now it is obvious no one want to repay their loan otherwise they will do so long ago. Stopping the interest makes it easy for the team to calculate the loss and clean up the mess.
Just think before doing that, might consider reopen the liquidation function to let market do the work. Maybe just by announcing it, some borrower will choose to repay their loan.