Lend & Borrow - Resolution for stWEMIX Liquidated Users. WEMIX Announcement :. Regarding stWEMIX. WEMIX.

26 Aug 2023, 16:46

Lend & Borrow - Resolution for stWEMIX Liquidated Users WEMIX Announcement : Regarding stWEMIX WEMIX.Fi’s stWEMIX, an exclusive token within the WEMIX ecosystem designed to provide a seamless liquid staking solution, enables convenient access to WEMIX staking rewards. The ST-square protocol, developed to mitigate extreme volatility and prevent price manipulation, actively oversees the value of stWEMIX with each block, executing counter trades whenever any suspicious price discrepancies arise. The protocol operates effectively because stWEMIX derives its value, previously from Grand Staking, and currently from Wonder Staking, enabling the protocol to accurately determine the permissible pricing range in comparison to WEMIX. Regarding Liquidation Liquidating collaterals impacted by the stWEMIX fluctuation incident followed a standard decentralized finance process, involving steps such as determining the oracle price of the asset, collateral valuation, and executing the liquidation itself. This procedure operated seamlessly, consistent with practices in the decentralized finance space. However, what sets WEMIX apart from other public blockchains and decentralized finance services is the profound level of responsibility undertaken by our team. Building on our history of robust community support, we have made the decision to shoulder the losses incurred by individuals who were adversely affected by the intense price volatility of stWEMIX. We recognize that those who were liquidated could not reasonably respond to the extreme price fluctuations of stWEMIX. This step aligns with our commitment to fostering a community-driven environment and underscores our dedication to the well-being of our users. Coverage of Loss The coverage of loss will be carried out as follows: • Identify and confirm addresses that have been affected by the stWEMIX price fluctuation and subsequently underwent liquidation. • The procedure entails arranging the valuation of the entire deposited assets, the valuation of the loaned assets, and outlining the difference between the two corresponding values under the normal circumstances. Subsequent to this, payments will be made using the original assets that correspond to the ratio of deposited assets, as per the predetermined compensation rate. • The reimbursement for the loss coverage will be directly transferred to the addresses that were impacted by the incident. To clarify, we will be addressing the difference between the collateral amount and the outstanding loan. This means that the amount remaining after deducting the outstanding loan will be the coverage of loss. We extend our sincere apologies once again for any concerns caused within the community regarding assets that warrant the utmost security within the WEMIX network, an endeavor aligned with the aspiration of fostering an expansive ecosystem that encompasses the Omnichain ideology, and therefore bear responsibility. In our continuous pursuit of elevating WEMIX.Fi services and steadfastly establishing a secure decentralized finance ecosystem through improvements to the liquidity, we remain committed to our endeavors. We sincerely request for your unwavering support and understanding of the community in this regard. Thank you.

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WEMIXWEMIX #125

26 Aug 2023, 17:06

Lend & Borrow - Resolution for stWEMIX Liquidated Users We have made the decision to shoulder the losses incurred by individuals who were adversely affected by the intense price volatility of stWEMIX. Further notice will be given when the resolution is ready. #WEMIX Notice :

Lend & Borrow - Resolution for stWEMIX Liquidated Users.