100% agree with ICOINIST! Thanks.
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100%!! Thanks and for more support like and reply!
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Is there anything in motion to vote on yet?
a refund must be made
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full refund canāt be done. thatās absurd. how gonna feel people wich sold other assets to pay back loan?
part refund can be ( thats why dao fund exist?)
I think it could be a refund with a fee penalty or something as of the rebalancing
I just noticed that there is a better place to continue this discussion in another thread. Please see this post here - Liquidation Fee Discussion - #119 by particleX
Hey guys,
There is general agreement that some refund should be made, and it is clear that the system spun out of control with unexpected rebalancing dynamics that hurt most of us, but some more than others. Since this is different than the May crash Iād propose the following only apply for those liquidated in the most recent crash.
At the time of liquidation accounts had an LTV of 100:150, so 2/3 of the collateral value went to covering the debt and 1/3 went to incentives or into the emergency reserve fund.
Proposal: Balanced DAO refunds 1/3 of liquidated collateral value to those who were liquidated. This will restore those who were liquidated back to the value they held at the time of liquidation.
- The emergency reserve holds sufficient sICX to cover this. Roughly 1.77M sICX would be paid out from a reserve of about 2.27M sICX.
- This means Balanced would be covering the value of the incentive fees out of previously accumulated sICX. This seems like the sort of emergency this was retained for.
- Those who were liquidated would thus be made whole to the value they held at the time of liquidation, plus they would be free of any debt, so they would be free to redeposit with Balanced or not.
- To accomplish this weāll need some smart contract work - @benny_options - can you check with the devs to see what is possible or already in progress?
- A vote will be proposed to take this course of action.
- Another vote would be proposed with the specific list of refunded addresses and amounts so everyone can see and confirm.
- Considering that we seem to have had as high of vote participation in the 1-day votes as we did with recent 5-day votes we could also go with shorter vote durations for these in order to get the funds available sooner.
It seems like this level of refund is required. Is it enough? If someone else has an idea for another specific proposal please detail it out for us.
Balanced will have to go further to incentivize borrowers to take on the risk of a loan going forward, and serious thought needs to be given to other approaches to maintaining the bnUSD peg.
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Hey folks - I recommend to head over to the below thread
From what Iāve heard, I believe most of us did sell assets to try to manage the outrageous loan mechanics. I myself sold 16,000, which should have been ample enough to keep the loan to a low amount, yet was still liquidated.
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Dear all,
Iāve created a further topic on this to open up discussion on how borrowers should be reimbursed for their losses too:
Thanks
I posted this in a related discussion, and found out it belongs here. Sorry for the double posting.
My suggestion is as follows. The liquidated parties will be reimbursed up to 50% of their holdings before the crash. The way I propose is this:
Community members are asked to donate what they feel like, and are given a one week window.
The DAO then matches the resulting final tally 1:1, until we reach 50% of what was liquidated.
In case community members donate more than half of that 50%, the DAO will pay out less. In the reverse case, the DAO will pick up the slack.
Personally, I feel this will test whether the community is on board, a kind of put your money where your mouth is, and it will foster community spirit, since it involves the community in a search and rescue.
I made a new post! Please lets have a good conversation about making a better proposal
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