Emergency fund - goodwill - blackswan event - refine proposal

Nah mate you’ll see bare on this one maybe 1000 people we are like 1/3 through

Hi, new here on the forum. 2 questions.

What might be the repercussions (if any) of withdrawing the $sICX from the emergency fund? Is it of benefit to the platform/protocol to have a larger emergency pool? If so I’d like to know before voting.

I was not liquidated, but verrrrry close to it (loan 2.3x in size). I don’t want to vote until I understand why the funds should be returned. If it is of long term benefit to ensure stability on the platform to keep the funds I’d put my bias aside to see the platform succeed, otherwise I will vote on behalf of the returning the liquidation penalty back to those who got caught in this ‘black swan event’, seeing as they got burned pretty bad.

Benjamin

Great input to the community mate! Stick to twitter

Hey Benjamin,

Good en thoughtfull questions.

First let me quote something Scott mentioned earlier:

Here you can read the entire text about handling edge cases.

With that being said there is room for personal interpretation whether or not having a larger emergency pool is benificial for the platform, but here is how I see it:

  • The sICX that gets withdrawed from the emergency fund was only there in the first place due to the liquidation fees added during the timeframe. Since the preferable outcome would of course have been that no/few members got liquidated I don’t see how returning the sICX could have repercussions.
  • Over 106k sICX will remain to be added to the emergency reserve. At this moment the reserve holds 2.269M sICX in total. So if the vote gets approved 2.269-1.42= 849k sICX remains there for handling edge cases. The fund also holds 725k BALN.
  • During the recent liquidations last week still some sICX was added to the emergency reserve. This means that under current circumstances and the current liquidation LTV the emergency fund is still collecting. That begin said I do personally think that we should have a discussion in the future to possible decrease the liquidation LTV again once the parameters/mechanics have been tuned and tested.

Thank you for your response; and if my question was something that may have been discussed previously but I’m just trying to get a better understanding for the platform since I now have more time to do so.

It’s great to see that there is mechanisms in place to facilitate a level of safeguarding/reasurrance and restore balance back to end users. I’m sure this will be more streamlined in the future but it’s nice to see it progress after a messy event that definitely salted the wounds of a few who found themselves overleveraged and not fully understanding the protocol (including myself).

Thanks, I’ll take your response into consideration and vote accordingly.

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Looking at the trend line this will most likely pass on the third try. Meaning this will likely fail, but it is trending to a pass which is great.

My suggestion, keep everything the same on the proposal, but add 25k sicx to the 100k sicx for the liquidity providers.

Also, everyone that got liquidated should stack Balanced (BALN) for the next vote. It seems around 500k Balanced could turn the vote in the proposals favor. This is common sense, this will pass next time, time to stack.

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In my opinion, this should be the last proposal for any goodwill measure. The community has spoken on multiple occasions on this issue… Not one has been approved…

I believe, we should consider a discussion to what percentage of collateral should be liquidated in future events…

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Agree ,the community voting no ,how many times we should vote ? It’s look some people want to pass it one way or another

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I say we keep changing it until it passes. Just a matter of time before it passes since it’s pretty close.

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We are so close right now it would be wounding not to hit it! Just need some big baln bad boys who are decent people!

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No-voters can also change to yes I believe.

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Yeah! They can! It’s worth hitting twitter to educate people!

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@AwaxJago did a very good post about the proposal on twitter! @benny_options said balanced network would potentially share a decent factual post so fingers crossed!

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Sorry they did retweet it! :joy:

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The vote is approved! :slight_smile: I want to thank everybody for all the great positive discussions and about making this proposal. We did a good job as a community and we can now move forward.

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Voting is still live for another 22 hours. UI doesn’t display this correctly atm. So a little more time but it is looking good so far!

Great to see that as a community we support each other. Lets hope the vote gets approved tomorrow

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The votes are speaking volumes! :pray:

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Congrats, yall this is looking good. There were a lot of people that were not even liquidated helping everyone out. That speaks volumes of this community. Now we can put this behind us and build, very happy for everyone liquidated and the Balanced Platform.

If you were liquidated, consider buying some BALN to keep supporting the platform when you receive your penalty back:)

We appreciate everyone in this community!

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Congrats everyone!! It got approved!!

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I’m gunna go ahead and thank @Chiel ! Everyone needs to respect his work he’s put in for everyone here! He smashed it!

Also @AwaxJago … I’ve been watching the threads a lot and his post 100% changed the votes and I’m sure without it we wouldn’t have just hit 66.66% so big up also!

@benny_options thanks to you also! You’ve been really helpful here and you don’t have to be we appreciate it!

Too all those who have been negative as hell trying to push votes back acting like you’re speaking on behalf of everyone (I won’t mention you) shame on you, but we forgive you as we are much more mature!

Big up everyone!

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