I like this proposal alot! I deleted mine because this is much better.
Maybe we could exclude the Collateral of Optimus. Optimus managed the rebalancing extremely well and did not suffer any meaningful losses.
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Hi all. I disagree with this proposal and have put my thoughts here:
I unfortunately had to sell off all my BALN in order to bring down my debt and hence can’t put forward a vote.
Would be great if you and other users could have a read and provide your input on whether all borrowers should be taken into account. Thanks!
I’m 100% in agreement with everything you’ve said here. I created a post elsewhere (Liquidation event refund to account for both parties - #4 by Simon) in a similar vein but I hadn’t seen your post. Sorry for the confusion. I’m new to the forum and am just seeing now that I posted that in the wrong section.
Your post is a much better idea. Thanks for putting this together @arch
I would sell my large remaining bags if nothing happened. I am big on Icon, I would likely buy a load more net quarter!
A lock could be good idea, but no one wants a lock through a bear market?
Mine wasn’t. but it was pushed well over
This proposal (or perhaps a variation of it) makes the most sense to me so far. I think if refunds are being done (which shouldn’t be mandatory and is a goodwill gesture) that all borrowers should be accounted for.
Those who maintained the bnUSD peg and paid off their debt accordingly also suffered losses
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I like this proposal because it accounts for the liquidated people’s collateral the best way, that they get back their fair share. The amount people get back should be dependent on their collateral. Those who were liquidated got affected the most. They were left with nothing.
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Wrong, they were left with their loan. Your loan is not liquidated, the collateral is.
Perhaps what is left of the emergency fund after @particleX proposal can go to all borrowers if someone can think of a mechanisms there.
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I think many also spent their loan to rescue their positions, and were still liquidated due to the error.
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Cirrection: I mean the rest goes to non-liquidated borrowers who also suffered but not as much as the liquidated.
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@Richard is onto something. I suggest the @particleX proposal and because non-liquidated borrowers also suffered we could provide some goodwill to them by giving what is the rest of the emergency fund to them, not splitting it equally but calculated by their loan size. Could also consider using 5% of the BALN in the DAO like suggested by @arch. Doesn’t this make sense? It accounts for all affected by the error and in a calculated way.
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This is just my opinion, but continous referal to it as an error or discounting the steps taken by non liquidated parties will in my opinion turn opinion against the proposal sour.
As will suggestions involving removing all emergency funds, again just my opinion but you will be hard pressed to find a staker to back those motions
This nails it. 25% back from the liquidation fee to those liquidated makes sense since the 10% part to the liquidator is gone. Separating the two proposals like that makes sense. I would support both.
To me I should be two separate votes
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should be to refund the 33% of the total amount liquidated to the people liquidated.
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Once that is complete then vote on a distribution of the rest of the emergency funds to the accounts that paid towards their balance.
But whatever is done these should be separate and the refund needs to be done first and put to vote asap
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Most of the emergency fund was built up in a few hours during the crash and it’s basically the money of the liquidated users. It’s no big deal to use it all to give back to the liquidated users. Because it’s an emergency. The emergency fund will build up again fast if there ever is a new emergency.
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I 100% agree. Let’s get the liquidated people taken care of first. We already got the 33% proposal for it. So let’s get it to a vote.
Once done if everyone wants to discuss what is left to everyone else. Then let’s do that.
But first thing first. Let’s get this to vote and not keep dragging it out
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If this proposal is passed I will then continue to fight for the non-liquidated borrowers that they get a fair solution. In my opinion, first priority of the emergency is the liquidated users as they are left with nothing (used all funds available to pay down debr but still got liquidated). Some of the non-liquidated borrowers also suffered but they still have their positions, which means their money didn’t go to the emergency funds. They should get somewhat of a compensation as well because some had to sell at a loss to pay down debt, but it’s two very different issues in my opinion.
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Yes people should keep in mind that a compromise has better chances to be voted for.
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I agree as I is got liquidated but put in thousands and thousands of dollars to pay down my loan and it still spiraled down because of the rebalancing and within hours everything I paid down it taken out in a loan again from the rebalancing. Which I know I am not the only only who would off other assets at a lost and was still liquidated. So it hurts more losing other assets with it being in vain as I still lost all my icx.
So let’s get the 33% refund votes one and THEN let’s focus on something for everyone else we can vote on
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