Cryptocurrency change platform OKX has addressed current considerations concerning its FLOKI Pledge Mortgage Mechanism. The clarification follows remarks from on-chain arbitrageur CryptoWilson, who famous an uncommon spike in buying and selling quantity for OKX’s Floki buying and selling pair ranging from August 29, 2024. This led to automated purchases of Floki at larger costs and compelled gross sales of collateralized BES loans.
OKX clarified that the automated foreign money change happens when the pledge danger price appears safe. They defined their mortgage mortgage system operates as a customer-to-customer (C2C) market, matching depositors with debtors. This method maintains a 100% reserve precept.
关于 FLOKI 质押借币机制问题的调查与说明
Q1:在质押借币风险率安全的情况下为什么会触发自动换币?自动换币具体规则是什么?
OKX的活期抵押借币是一个存币用户和借币用户之间匹配的C2C市场,基于100percent准备金的基本运营原则,当平台借币量/存币量达到100percent时,会触发平台自动换币机制。… https://t.co/ASVTnfXBlu— OKX中文 (@okxchinese) August 30, 2024
An automated coin change triggers when the platform’s borrowed quantity equals its deposited quantity. This mechanism considers all customers’ borrowing and depositing exercise. The system prioritizes automated foreign money change for customers with the very best borrowing quantities to handle total platform danger.
OKX additionally addressed why new borrowing wasn’t halted to take care of regular ranges. In keeping with the platform, borrowing ceases when the borrowed foreign money equals the deposited foreign money.
The current automated foreign money change was attributable to in depth redemptions of Floki deposits attributable to elevated on-chain actions. This led to decreased deposited foreign money with no corresponding rise in borrowed foreign money, activating the change mechanism.
OKX responded to questions in regards to the lack of advance notifications for affected customers. They acknowledged that customers usually obtain electronic mail alerts when automated change thresholds are met. Nonetheless, some customers could have missed notifications attributable to electronic mail system points. OKX inspired affected customers to contact their customer support for help.
OKX additionally introduced plans to enhance their notification system to make sure customers obtain well timed alerts earlier than automated exchanges. Moreover, they’ll optimize their mortgage mortgage web page to offer clear details about the change and liquidation course of.
Regardless of the information, OKX’s native token, OKB, maintained a steady worth. As of press time, OKB trades at $36.97, reflecting a slight intraday dip of 0.7%, per Coincodex knowledge.
Disclaimer: The knowledge offered on this article is for informational and academic functions solely. The article doesn’t represent monetary recommendation or recommendation of any sort. Coin Version just isn’t liable for any losses incurred because of the utilization of content material, merchandise, or providers talked about. Readers are suggested to train warning earlier than taking any motion associated to the corporate.