As a plan to avoid further losses by the community and due to the recent events , VIP-27 will allow updates on collateral factors for SXP and XVS. As per community feedback and a thorough risk assessment based on market volume, depth level, market making level and volatility level.
We will slowly reduce the collateral ratios 5% at a time to give everyone a fair chance to repay their outstanding loans.
Collateral Factor Adjustment:
** XVS — 80% to 75%**
** SXP — 80% to 75%**
I think when XVS come back to 70 80 we need to reduce but not now. I spent a lot of money for xvs but now /3 /4. When you reduce % of XVS so my loan will be liquidation.
I think we need to increase value of xvs. exam: When i hold xvs i have to more benifits. like xvs team will share with us profit. and burning xvs coin when bull market come back
Thank and best regards
NTMANH
I think it’s fair now to float the proposal as we have doubled up in price now. You can bring this proposal for community voting now!
Dear Daniel
I have a idea.
if users use xvs,VRT they will have privileges such as increasing the borrowing limit of cointop types, reducing the percentage when borrowing, increasing the percentage when supplying
EXP: 100 XVS → 70% for cointop
1000 XVS → 75% for cointop
10000 XVS → 80 % for cointop
It will push users to own more xvs to get the advantage of lending or borrowing
Thanks for reading
NTMANH
I don’t agree.
It can’t solve anyting if we only want to lower the collateral ratio, the best way is the lend cap.
Why didn’t disable the borrow and mint function of XVS and SXP temporarily, with this people can chose to keep their debt and repay their debt as they wish，but can’t open new debt position.
Or the code of Venus can’t implement this function？
In other words to explain disable the borrow and mint function of XVS and SXP:
When you want to borrow new debt will not calculate the collateral value of XVS/SXP.
But the liquidation trigger still will calculate the collateral value of XVS/SXP.
It will ask two separate calculation mods, one for borrow, one for liquidation.
This is for Dev team to consider.
and what is the next step? when will make separate lend cap for each coin with riks control model？
I can give some suggestions as reference：
First step：Disable the borrow and mint function of XVS and SXP temporarily, with this people can chose to keep their debt and repay their debt as they wish，but can’t open new debt position.
Second step：Buy back XVS;
Third setp: Code the lend cap function for eack coin and deploy it;
Example: XVS only can borrow 200.0 BTC, 2000.0 ETH, 1,000,000.0 VAI…
Fourth setp: When the price of XVS come back to 80 and the market is good, lower the collateral ratio and allow the borrow and mint function of XVS and SXP; Burn XVS.
Do it ASAP please!! And every week a next lowering update until we be at 55%
I agree to the buyback of XVS from the market. I think this is one of the priority to be done by the management.