Thanks for pointing it out @cryptodbs , we wrote it a bit clearer now.
- What does it unblock?: it will be possible to unpause all assets on v3 Polygon, v3 Avalanche, v3 Optimism and v3 Arbitrum. CRV on v3 Polygon can’t be unpaused.
Yes, we confirm it will be possible to unpause the assets on v3 Avalanche.
Some comments on here complaining about locked in paying for higher rates just baffle me:
OBVIOUSLY SECURITY IS THE FIRST AND ONLY PRIORITY
an extra “0.08% a day” just to secure 100% fund safety is an absolute no brainer, and I am too happy for the fund to be paused/frozen as long as required to guarantee fund safety.
Stop putting additional and unreasonable pressure on the AAVE team, they need to focus on fixing the issue.
@bgdlabs Aave admin/developers thank you for the effort and communication, and please do believe the people whining about “oh i lost my stable rate”, “oh i cant withdraw” “oh this is a conspiracy” are NOT THE MAJORITY of the community. Security is the top and only concern in scenarios like this.
Please ensure the problem is fixed before unfreeze/unpause, and take as long as you need. We understand and we Thank you once again.
To the people who got “liquidated” just because the protocol was paused/frozen for a few days.
Well you have positioned your portfolio incorrectly/dangerously in the first place, not to mention the loan amounts you took out nearly 100% match your deposited collateral anyway, so what are you even complaining?
The whole protocol’s security comes before anything and everything, so stop being so selfish here.
The source code is public, can you not even see that?
For people who runs a “conspiracy”, do you think they would make their source code public?
Wake up.
There is no “BTC” on the AAVE platform. What are you on about?
What BTC scam? Stop blaming the AAVE platform for all unrelated matters.
The market has only been moving UPWARD for the past 5 days.
If you had deposited crypto, and borrowed stable coins to buy more crypto, then your portfolio health score would have only improved.
If you borrowed crypto (wbtc or eth etc.) only to short them……well then you would get rekt anyway on ANY platform.
100% a good point. To all of the people defending the situation and saying there shouldn’t be any recourse or compensation, people were affected in so many ways with frozen assets and limited moves and no warning. Sure the reasoning behind it is understandable, but having no option in the matter and being locked is completely detrimental regardless if people were at risk, had a low health score, or was upset at the locked high interest rate. I hope people can be more understanding and put themselves in other people’s shoes rather than judge them.
If there was a difference in pace for the amount of liquidations when unpaused and paused there should be a net 0 difference. If paused, causes more liquidations then morally and ethically it’d be important to return the liquidation fees. This issue wasn’t caused by the end user, it was a vulnerability from the system, so why should the end user benefit the system over an issue they did not cause? It wouldn’t be morally correct to collect more fees during a surprise freeze given any reasoning.
I don’t really know what you’re doing here but paused markets can not be liquidated. So where are these liquidations coming from? If you panicked and switched a frozen collateral into a volatile coin/token that is somewhat your problem, as you could’ve gotten all infos in this thread.
EDIT because I’m feeling like it: Calling it a “scam wick” is kind of ridiculous. If the markets don’t move in your favour, you automatically get “scammed”? Taking the responsibility away from you as a trader (or, considering that you’re obviously taking on a lot of risk, a gambler).
@JohnSmith Is this your first day in crypto?
If a 10% move within a few hours could liquidate your portfolio, then obviously you have NOT provided enough buffer for your loan.
To me, protocol security involving fund safety is upmost priority, unless you are here to say you would rather risk a 100% fund drain from the entire protocol.
The whole market went UP like 15% from 6 days ago.
If anyone got liquidated, it is because they borrowed crypto (eg. eth) to short sell the asset, and obviously the market moved (up) against them.
You betted against the market so why would/should anyone compensate you?
There is no AAVE team that can make the decision for the SM to refund your alleged liquidation fees. There is only the DAO that makes that decision. So, unfortunately for you, you’ll have to explain exactly to us “trolls” in here, so we collectively can make the decision.
That, in my opinion is not really an argument. Betting against the market is a function that AAVE has and should not be thrown aside, just because you think it’s not a smart move. But then again, if someone bet against the market, most volatile assets can still be paid back right now, so management of these positions, even if you can’t prop up you collateral stable coins, is still possible.
Precisely.
People actually have the option to repay the loan, and if they cant/dont cover their borrow (short position), betted against the market, felt ok to leave their portfolio at a 1.05 -1.1 health factor.
Then why should they expect to get compensated in a 15% up market?
The safety module is designed to protect against shortfall events.
As stated in the definition of shortfall event:
The main role of the Safety Module is to protect the protocol against unexpected loss of funds stemming from:
I think the conditions are met to qualify the current situation as a shortfall event and therefore trigger the safety module.
Polygon was $0.67 on 4/11, and now it is $0.82
If you had pledged Polygon to borrow stablecoins, how could your positions have been liquidated? Your health score should have improved.
P.S. Polygon didnt “crash” today, it went down by 5% after having risen 20% for 5 days. I am really not sure HOW could your portfolio have been liquidated.
Ok, dude.
So, a 5% drop (after a 20% rise) in your collateral triggers liquidation, and you expect the protocol to compensate you?
P.S. If your story is true, Your health score should have improved. Not sure how you operated things to the extend you got liquidated, in a MASSIVE UP market as well.
I urge you all to keep it friendly in here. If you are going to start arguing then i will simply close this thread or start moderating it.
Be warned.
Well, that wasn’t such a hard explanation, was it?
It’s the situation I described here. You were locked into volatility. I have to say, though, you probably took on too much risk as, as @martymcfly stated, you apparently took on more and more risk, even after the markets were paused and you knew that you couldn’t switch to stabilise your debt anymore.
But at least, this is a situation we can talk about, as there is a possibility that the complete pausing of stablecoins on Polygon v3 without any alternative caused damage to some.
Polygon is UP 15% since 4th November.
If you pledged Polygon as collateral and didnt take on additional risk, then your Health Score would have improved.
Your story does not make sense. If you, after markets were paused, did not touch your position (you can’t accrue more debt but you can withdraw and sell your collateral - which is taking on more risk) then your health factor would have improved, as MATIC made considerable up movements and never “wicked” down to a price from which you would’ve started, considering the time of stable coin market pausing.
So it is very likely that you withdrew and sold your MATIC as it was going up and your health factor declined to a point that yesterday’s wick from 0.858 to roughly 0.765 caused liquidation. Considering the price of MATIC was 0.68 when it was announced that the markets are frozen tells me you took on considerable risk while you knew you were in a situation where you could not pay back or recollateralise.
You know the MAI market is not really very busy. Don’t make me look up your wallet to proof that you risked way too much here.
Hello everyone, when will USDT on Supply on Arbitrum One be available for withdraw?