[ARFC] Add sFRAX on Ethereum V3
Reason: We are generally supportive of new assets being listed on Aave given they are in line with the recommendation of the risk teams. These asset listings ensure Aave stays up to date with market trends and remains a liquidity hub for high demand projects.
There is currently $49.5M Frax staked in sFRAX, with deposits indicating steady demand. Frax has already been listed on Aave and has high utilization rate of 91% and demonstrated peg stability.
Additionally sFRAX is accruing yield equivalent to the interest on reserve balances rate of the US federal reserve. This means the base rate and Slope1/Slope2 parameters can be set slightly higher than other stable pairs, which earns Aave additional revenue.
Voted YAE
[ARFC] Modify Retroactive bug bounties proposal (pre-Immunefi)
Reason: We believe the DAO should stick with the initial payout of $65k, which is in line with the original recommendation with BGD team. We believe this amount to be fair and believe the payout should not be arbitrarily changed.
Voted YAE: Option C
[AIP] Update ETH EMode and WETH Risk Params on Aave v3 Ethereum, Optimism and Arbitrum
Reason: The amount of Ethereum in Liquid staking protocols is consistently increasing, and LSTs are becoming increasingly integrated with Defi protocols.
Large amounts of ETH-lstETH liquidity exists in the form of concentrated liquidity pairs allowing extreme capital efficiency. Since these assets are so closely correlated, price fluctuations in the collateral assets are mirrored by the borrowed assets allowing LT ratios to stay constant. Due to this we believe its appropriate to update the LT from 90% to 93% for ETH EMode pools.
Voted YAE
[AIP] Request for Bounty Payout - January 2024
Reason: We support the payment of funds to white hats that help ensure the security of Aave Protocol. These payments are vital to incentivise white hacks to proactively look for potential security exploits.
Voted YAE
[AIP] Register a.DI Ethereum → Scroll adapter
Technical Proposal from BCG required to enable the passing of messages from Ethereum to Scroll via Aave Delivery Infrastructure.
Voted YAE
[TEMP CHECK] Onboard RSR to Aave v3
Reason: We abstain due to concerns about the potential supply and borrow demand of RSR due to its relatively low marketcap ($100m), and limited integrations into major Defi protocols. Currently on Aave v3 lower marketcap projects already show low utilization:
Protocol |
Marketcap |
Utilization Rate |
1inch |
460m |
0.79% |
BAL |
220m |
17.32% |
ENS |
400m |
10.25% |
We predict similar utilisation rates for RSR and believe If this asset were to be listed it would require low LTV ratios - limiting its effectiveness as collateral.
Voted ABSTAIN
[ARFC] Onboard fdUSD to Aave v3 on BSC
Reason: fdUSD is the 4th largest Stablecoin on BSC with 76.35m tokens circulating.
fdUSD is supported by Binance, and chosen to be the stable pair for many bluechip assets such as BTC-FdUSD pair which does the most volume of any BTC pair.
For this reason we believe fdUSD is appropriate to list on Aave v3 BSC Markets.
Voted YAE
[ARFC] Deprecate Aave V2 AMM Market Phase 2
Reason: We agree with the decision to increase the RF on Aave v2 markets. This incentivizes migrating liquidity from v2 to v3 and increases protocol revenue by increasing the RF.
Voted YAE
[TEMP CHECK] Add gmBTC on Arbitrum V3
Reason: GM tokens from GMX are token backed pools comprising of Long and Short tokens exposure. The gmBTC market has BTC backing trader long positions, and USDC tokens backing short positions. There is currently 136m of gmBTC minted which earns 21.23% APR from trading fees. The asset also demonstrates good liquidity with 1400 LP holders. We are interested in supporting this proposal to the ARFC stage so risk teams can comment further.
Voted YAE
[AIP] Aave V1 Deprecation
Reason: We agree with the plan to completely off board assets from Aave v1 and clear all debt.
There is still more than 10million on Aave v1 which has stagnated. We believe more aggressive measures are required to off-board collateral. 1% liquidation fee on healthy positions is not aggressive and fair towards Aave v1 lenders given the ample offboarding period.
Voted YAE
[AIP] AMPL Interest Rate Updates on V2 Ethereum
Reason: The AMPL situation is technically complicated due to the differences in aAMPL/total supplied liquidity/vAMPL supply values. Since the pool has 100% utilization, decreasing slope2 will decrease for borrowers who are frozen and not able to withdraw.
Voted YAE
[AIP] Harmonize USDT Risk Parameters on Aave V3 Markets
Reason: Harmonizing USDT risk parameters simplifies the borrowing process, and allows for the harmonisation of strategies across chains. USDT on Arbitrum, Optimism, and Polygon have become liquid enough to remove from Isolation mode.
Voted YAE
[AIP] Treasury Management - GSM Funding & RWA Strategy Preparations (Part 1), Frontier Staking as a Service
Reason: We support both the GHO Stability Module and the Real World Asset strategy proposals, therefore we support these steps to make funds available to be utilized for these proposals.
Voted YAE
[TEMP CHECK] Add gmETH on Arbitrum V3
Reason: gmETH is simlar to the gmBTC proposal which we supported. gmETH is backed by USDC and ETH for long and short positions on GMX. The tokens earns yields from traders meaning there is potential of increased revenue due to higher borrow rates.
Voted YAE
[AIP] Onboard fdUSD to Aave v3 on BNB chain
Reason: We voted YAE to [ARFC] Onboard fdUSD to Aave v3 on BSC
Voted YAE
[AIP] Freeze and set LTV to 0 for DPI, BAL, CRV, and SUSHI on Aave v3 Polygon, 2024.01.19
Reason: The assets have failed to attract enough demand to be listed as collateral on Aave. Setting LTV and freezing markets is the natural first step to offboaring the market.
Collateral |
Usage |
BAL |
69.7k |
CRV |
235.8k |
SUSHI |
97.8k |
Voted YAE
[AIP] Gauntlet recommendation for MAI / MIMATIC deprecation phase 2
Reason: We agree with the decision to delist Mai following its depeg. Since April, Mai has failed to repeg. Additionally there is only one account which will face liquidations due to these parameter changes.
Voted YAE
[AIP] Aave v3 Scroll Activation
Reason: We voted Yes to ARFC.
Voted YAE
[TEMP CHECK] Merit - A New Aave-Alignment User Reward System
Reason: Incentive programs are well established methods to promote positive user behaviour. Aave DAO is extremely profitable with $50m profit a year, utilizing a part of this to create stickiness and attract users from other protocols is a strategic decision which can benifit Aave in the long run.
Voted YAE
[ARFC] BGD. Correlated-asset price oracle (CAPO)
Reason: CAPO will provide upper price protection on pegged assets, ensuring they stay within 1.05x maximum range of their underlying collateral. With this protection, the CAPO model will improve the safety of Stablecoins and Liquid Staking Tokens by protecting them against oracle manipulation.
Voted : YAE
[ARFC] MaticX Supply Cap Increase in Polygon V3
Reason: The MaticX supply cap utilization on Polygon V3 is currently at 96%, 70% of these positions borrowing Matic and looping, which lowers the risk of liquidation as these asset prices are extremely correlated. Agree to increase the caps as this asset is demanded and safe.
Source: Chaos Labs Platform
Voted YAE
[ARFC] Establishing the Aave Protocol Embassy (APE)
Reason: We support the creation of the Aave Protocol Embassy to represent Aave on other protocol DAOs.
Aave is a delegate with 2.7m Arb delegated, we expect Aave to receive more delegations for various projects in the future, additionally we supported the proposed multisig members
Voted YAE
[ARFC] Set Liquidity Observation Labs as Emission manager for wstETH on V3 markets
Reason: Setting Lido as the Lido emissions wallet will enable them to fund emissions which will attract more deposits
Voted YAE
[ARFC] Add Contango Protocol, Cian Protocol and Index Coop to flashBorrowers on Aave V3
Reason: By waiving fees for the following protocols:
Contago - Perpetual Futures powered by flashloans on money markets
Cian Protocol - Delta neutral automation strategies
Index Coop - Converts complex Defi Strategies into ERC20 tokens
Aave will allow for fee sensitive strategies to be conducted, this will increase borrow volume and therefore revenue for Aave.
Voted YAE
[ARFC] GHO Stewards
Reason: stkGHO has drastically increased the attractiveness of GHO due to its attractive APR when staked in the Aave safety module. Allowing a GHO steward group control over borrow cap and borrow rates helps the protocol in two ways:
- Borrow Rate: Adjust Borrow rates to keep GHO in $0.995/$1.005 range
- Borrow Cap: Increase Borrow cap so users can mint GHO to arbitrage if the price is above $1.005 range
Voted YAE
[AIP] stkABPT Balancer V2 migration
Reason: The current AAVE/WETH pool for the safety module has $100m+ which is being staked to secure the Aave protocol. As Balancer has implemented a V2 version of these pools we feel it is necessary to migrate liquidity to the updated pools.
Voted YAE
[AIP] Migration of remaining Gov v2 permissions & DAO’s Paraswap positive slippage
Reason: This is a standard technical maintenance proposal from BGD, and allow Aave to collect $100k fees from Paraswap.
Voted YAE
[AIP] V2 Ethereum LT Reductions
Reason: We agree with the proposal to lower LT for frozen Aave v2 markets. Aave v2 markets are being gradually depreciated, and continual incremental changes are required.
Voted YAE
[AIP] Reserve Factor Updates (Jan 31, 2024))
Reason: This AIP is a continuation of continuation of the series of incremental increases to the Reserve factor to migrate liquidity from Aave v2 to Aave v3.
Voted YAE
[TEMP CHECK] Enable Metis as Collateral on Metis Chain
Reason: We agree with the decision to onboard METIS as collateral, as it is the native token on the Metis Chain. Metis is the most liquid token on the chain.
Voted YAE
[AIP] Add PYUSD to Aave v3 Ethereum Pool
Reason: We voted Yes to the ARFC
Voted YAE
[TEMP CHECK] Onboarding weETH to Aave V3 Ethereum
Reason: weETH is one of the largest LRTs with 1.3m ETH locked and almost 50,000 Holders. WeETH has deep liquidity on Ethereum via Uniswap and L2s via Thruster.
We support this proposal as it improves the diversity of ETH LST supply and allows Aave to remain a central liquidity hub for LRTs.
Voted YAE
[ARFC] Set Aave Chan Initiative as Emission Manager for fdUSD on BNB Chain Aave V3
Reason: Setting Aave Chain as Emmission manager will allow them to control incentives from ecosystem partner for BNB markets.
Voted YAE
[ARFC] Orbit Program Renewal
Reason: We are happy to support Aave delegators for the hard work that they do.
Voted YAE
[AIP] Deprecate Aave V2 AMM Market - Step 2
Reason: This is inline with our recommendations to depreciate Aave v2 markets and migrate liquidity towards Aave v3.
Voted YAE
[TEMP CHECK] Integrate Oval for the BAL & SNX Ethereum V3 Markets
Reason: To ensure that under-collateralized positions are effectively liquidated, Aave auctions at risk users´ collateral at a discount. This discount depends on the liquidation bonus, ranging from 4.5% for stable assets like USDC to 10% for volatile assets like UNI. In total Aave has liquidated $1.2b of collateral, and paid $62m in liquidation bonuses.
Liquidations occur when a users collateral reaches the Liquidation Threshold (LT). In this case any account can call the liquidationCall() function, and purchase the users collateral for a discount. This clears bad debt for Aave by outsourcing liquidations to third parties, incentivized by the LB. MEV searchers scan the mempool for chainlink oracle updates that cause liquidations, then create a bundle to insert a backrun transaction immediately after the update transaction. In order to have their block chosen, MEV searchers must tip the validator up to 99.9% of the revenue they would receive from liquidations. This is because liquidations are a simple but highly competitive strategy.
- Theoretical Liquidation Process: The Liquidator the debt (2.5 ETH of DAI) and receives the collateral 2.5 ETH + the liquidation bonus .125 (5%). The protocol earns 10% of the fee
- Actual Liquidation Process: MEV searchers simulate the liquidation will net them .125 ETH profit, and tip the validator .12 ETH to be chosen to perform the liquidation. Liquidator gets .005, Validator get .12, Aave get 0.
- Oval Proposed Liquidation Process: OVAL wraps the oracle price and MEV searchers bid to use the price. MEV searcher bids .12 to win the auction, this .12 goes to Aave. The MEV searcher with the winning bid is allowed to use the chainlink price updates, liquidates and receives the .125 bonus.
The proposal by UMA was to run a tightly scoped pilot program of OVAL for the Aave Pools BAL and SNX. BAL has a $3.6m market size and SNX has a $12m market size. Additionally both BAL and SNX pools are isolated markets. Due to the tight scope of the proposal we are happy to support the pilot to see how it goes.
Voted YAE
[ARFC] Set ARB Emission Admin to Gauntlet
Reason: Setting Gauntlet as the emission manager allows the Arbitrum incentives to be distributed
Voted YAE
[ARFC] Set osETH & SWISE Emission Admin to StakeWise
Reason: This proposal enables StakeWise to distribute osETH and/or SWISE rewards across Aave v3 on Ethereum.
Voted YAE
[AIP] Retroactive Bug Bounty Pre-Immunefi
Reason: We voted YAE to the ARFC
Voted YAE
[AIP] Chaos Labs Risk Parameter Updates - Increase Debt Ceiling for SNX and MKR on V3 Ethereum - 01.31.2024
Reason: Both SNX and MKR markets have seen extremely high utilization rates ( 95% for SNX and 99% for MKR). These coins are well established in the Defi ecosystem and have a large user base and high liquidity.
This allows us to safely increase the caps to allow for more utilization, especially since these assets are in isolation mode.
Voted YAE
[AIP] Set Aave Chan Initiative as Emission Manager for fdUSD on BNB Chain Aave V3
Reason: We voted yes to the ARFC
Voted YAE
[ARFC] Set OP Emission Admin
Reason: This proposal enables a SAFE with signers from KarpatKey, ACI and ChaosLabs to distribute USDC rewards across Aave v3 on Optimism.
Voted YAE
[ARFC] Set ETHx and SD Emission Admin to Stader Labs
Reason: This proposal enables Stader Labs to distribute ETHx and/or SD rewards across Aave v3 on Ethereum.
Voted YAE
[ARFC] Amend Safety Module Emissions
Reason: While GHO is currently in the peg range (.995-1.005), there is $5.2m GHO in the cooldown qeue which could increase sell pressure. Increasing Aave emissions from 50 → 100 Aave / day, doubles the rewards for stkGHO which strengthens the peg.
Voted YAE
[ARFC] Merit - A New Aave-Alignment User Reward System
Reason: The merit program will incentivize positive behaviour that benefits the DAO.
Voted YAE
[AIP] Reserve Factor Updates (February 15, 2024)
Reason: This is in line with our recommendation to make incremental changes to the Reserve factor to incentivise liquidity migration towards Aave v3.
[AIP] MaticX Supply Cap Increase In Polygon V3
Reason: We voted yes for the ARFC
Voted YAE
[AIP] Orbit Program
Reason: We voted yes for the ARFC. We believe its important to cover the cost of voting by delegates as their work is valuable to the DAO.
Voted YAE
[AIP] Aave Protocol Embassy
Reason: We voted yes for the ARFC.
Voted YAE
[ARFC] Enable Metis as Collateral on Metis Chain
Reason: We votes yes for the ARFC. The parameters proposed by chaos lab are conservative with low LTV ratios and a debt ceiling of $1m.
Voted YAE
[ARFC] Stable Rate Deprecation
Reason: As the bug regarding the stable rate depreciation is listed as a critical severity bug we agree with the decision to decision to change all users to stable borrow rate.
Voted YAE
[ARFC] Chaos Labs - Update WETH IR on V3 Arbitrum and Optimism - 02.16.2024
Reason: Increasing Interest rates will make borrowing more attractive and based on the analysis by Chaos labs will increase the yearly revenue of Aave on Arbitrum and Optimism by around $50k.
Voted YAE
[AIP] Treasury Management - GSM Funding & RWA Strategy Preparations (Part 2)
Reason**:** We are supportive of GSM Funding and the RWA strategy, this is a necessary step to make funds available for the strategy.
Voted YAE
[AIP] Stable rate Bug Bounty
Reason: We support the payment as the exploit has a critical vulnerability.
Voted YAE
[ARFC] Funding Update
Reason: Consolidating the funds makes things more clear, and allows for the DAO funds to be tracked in a more transparant way. Consolidating stablecoins into GHO makes sense as GHO is the stablecoin of Aave.
Voted YAE
[AIP] Aave V1 Deprecation Phase 2
Reason: Aave v1 still containt debt despite consistent changes to offboard collateral. Increasing Liqudation bonus to 3% will lead to more postions being closed.
- With a bonus of 3%, positions > 1 ETH should be profitable to liquidate at current market conditions, which would account for 114 ETH of debt being liquidated.
This helps clear Aave v1 Liquidity.
Voted YAE
[TEMP CHECK] Add rsETH to Aave V3 Ethereum](Snapshot)
Reason: We believe that it’s premature to list rsETH considering the manner price feeds are calcualted.
Voted NAY
[TEMP CHECK] GHO Cross-Chain Strategy Launch with CCIP
Reason: Following its launch on Jul 17th 2023, GHO has seen good adoption metrics. Since Nov 18th 2023, the supply cap has been reached (35m until a recent passed proposal to increase to 40m by Chaos Labs). Following the passed vote to utilize ChainLink CCIP on the 10+ chains on which Aave operates, an action plan to launch GHO crosschain is necessary.
We believe that allowing networks to present their proposals is an efficient strategy to aggregate quality information. We support this proposal and look forward to engaging in the discussion and evaluation phase.
Voted YAE
[TEMP CHECK] Aave V3 Deployment on Fraxtal Mainnet
Reason: We believe it is a good opportunity for Aave to launch on fraxtal due to the mainnet being in its infancy and allows for a first mover advantage.
Voted YAE
[AIP] Set Liquidity Observation Labs as Emission manager for wstETH on V3 Markets
Reason: This will enable the Lido Liquidity Observation Labs to define and fund incentive programs for all wstETH markets, promoting growth and expanding the user base of Aave.
Voted YAE
[AIP] Reserve Factor Updates (February 29, 2024)
Reason: This AIP is a continuation of the series of incremental increases to the Reserve factor to migrate liquidity from Aave v2 to Aave v3.
Voted YAE
[AIP] GHO Borrow Rate Increase 2024-02-29
Reason: GHO is outside of the peg 0,995<>1,005 price. Increasing the GHO borrow rates will incentivize borrowing and help protect the peg.
Voted YAE
[ARFC] Ethereum v2 Reserve Factor Adjustment
Reason**:** This AIP is a continuation of the series of incremental increases to the Reserve factor to migrate liquidity from Aave v2 to Aave v3.
Voted YAE
[ARFC] Add gmBTC on Arbitrum V3
Reason: We voted yes to the temp check. chaos labs confirms safety.
Voted YAE
[ARFC] Onboard weETH to Aave v3 on Ethereum
Reason: We voted yes to the temp check, chaos labs confirms safety.
Voted YAE
[AIP] Assign Emission Admin - Ethereum, Arbitrum and Optimism
Reason: This will allow the following rewards to be distributed:
- ETHx & SD rewards by Stader Labs
- osETH & SWISE by Stakewise DAO
- OP reward via an Aave Community SAFE
- ARB rewards via Gauntlet
Voted YAE
[ARFC] Stablecoin Harmonization and Asset Parameters Optimization
Reason: We voted Yes to the Temp check.
Voted YAE
[ARFC] Aave Liquidity Committee Funding
Reason: We support this proposal to give Aave Liquidity funding to ensure the stability of GHO. The $500k GHO can be used in tightly ranged pools to provide extremely capital efficient Liquidity pairs such as the GHO-USDC maverick pool with .1% width. This will add another layer of security to GHO and the Aave ecoystem.
Voted YAE
[ARFC] Set Liquidity Observation Labs as Emission manager for wstETH on Scroll
Reason: This will enable Liquidity Observation Labs to define and fund incentive programs for all wstETH markets, including Scroll, promoting growth and expanding the user base of Aave.
Voted YAE
[TEMP CHECK] Onboard sUSDe to Aave V3 on Ethereum
Voted: YAE
Reasoning: sUSDe is a synthetic staked stablecoin by Ethena which is backed by Delta neutral ethereum positions. The stablecoin earns from Liquid Staked Eth yield and funding rates as Ethena is short the ETH perpetual on centralized exchanges to remain delta neutral.
Due to its high yield (20%+), sUSDe has seen widespread adoption in DeFi with close to 500m supply. The asset is also safe to list as it is fully collateralised, and deep liquidity on Curve. We believe this asset has high demand and will improve stablecoin diversity.
[ARFC] TUSD and BUSD Aave V2 Rate Amendments
Voted: YAE
reasoning: TUSD and BUSD markets have extremely aggressive, with uOptimal set at 1% resulting in borrowing APY of 230%. As ChaosLabs mentions there are almost $200k of at risk positions in these markets, and the interest rates are so aggressive. Decreasing Slope 1 and Slope 2 to 0% with a base rate of 10% ensures a more incremental and less risky ofboarding process.
[ARFC] BGD <> Aave Phase 3 (2 scopes)
Voted: YAE
reasoning: BGD labs has done a great job with Aave technical maintenance, improvements, security coordination and tech advisory to the DAO. We are supportive of this proposal and happy to continue BGD labs relationship with Aave.
[TEMP CHECK] Onboard Catapulta as Aave V3 Deployment Service Provider
Voted: YAE
Reasoning: Catapulta is a good candiate to assist with technical deployments of Aave on new chains. The payment of $15k / deployment is also considered fair.
[TEMP CHECK] Onboard LlamaRisk as Aave Risk Service Provider
Voted : YAE
reasoning: LlamaRisk was established in 2021, as a service providing analysis on tokens listed by Curve DAO. In 2023 they partnered with Prisma, and now offer generalised risk strategies. Their proposed scope is:
- On demand risk assets
- Collaboration with Chaos Labs
- Active involvement in DAO governance
- Legal regulatory and policy work.
We believe LlamaRisks previous work for crvUSD helps since we need help with GHO stability.
[ARFC] Reset Aave v3 Deployment Pipeline
Voted: YAE
Reasoning: The following Mainnets are currenty in the ARFC stage:
- Celo : 123m total value locked
- Kava EVM : $192.71m TVL
- Neon EVM : $1m TVL
- StarkNet: $237.27m TVL
- zkSync: $155m TVL
We agree the DAO needs to be more strategic and selective with deploying on new chains. Each new deployment costs Aave, adds operational work for the DAO. Being selective allows the DAO to concentrate our efforts on chains which are profitable and sensible to deploy on.
[ARFC] Avalanche v2 Reserve Factor Adjustment
Voted: YAE
Reason: This AIP is a continuation of the series of incremental increases to the Reserve factor to migrate liquidity from Aave v2 to Aave v3.
Ethereum v2 Reserve Factor Adjustment
Voted: YAE
Reason: This AIP is a continuation of the series of incremental increases to the Reserve factor to migrate liquidity from Aave v2 to Aave v3.
Remove ARB from Isolation Mode on Arbitrum
Voted: YAE
Reasoning: Arbitrum was included as Isolated collateral in 2023 as there were concerns about liquidity depth in the case of liquidation cascades. Based on current analysis Arb has deep liquidity on Uniswap for both ARB-ETH and ARB-USDC.e pairs.
Based on the maximum LTV of 50% and liquidation threshold of 60% with large liquidation bonus, we believe that this decision is safe.
Aave BGD Phase 3
Voted: YAE
Reasoning: We have voted yes for the ARFC.
Contango FlashBorrower
Voted: YAE
Reasoning: We voted yes to the flashborrower proposal, this proposal is a natural extension as Contago is live on Arbitrum.
ReserveFactorUpdates
Voted: YAE
Reasoning: This AIP is a continuation of the series of incremental increases to the Reserve factor to migrate liquidity from Aave v2 to Aave v3.
StablecoinIRUpdates
Voted: YAE
Reasoning: Due to demand for leverage, Stablecoin supply and borrowing has drastically increased on Aave (Total Stablecoin supply on Aave v3 of 115.33m Jan 1st vs 256m April 8th). Additionally, Utilisation is above Uoptimal (90%). Increasing interest rates will make rates more competitive and drastically increase Aaves revenue.
Upgrade AMPL implementation
Voted: YAE
Reasoning: Following the vote [ARFC] aAMPL interim distribution, an interm solution of 300,000 USD stablecoin distribution to aAmpl suppliers on Aave was approved. Freezing Ampl ensures that an accurate snapshot of the current Ampl positions on Aave can be taken.
Native bridge adapters update
Voted: YAE
Reasoning: This is a standard small improvement by BGDlabs
Generalized LT/LTV Reduction on Aave
Voted: YAE
Reasoning: These adjustments to liquidation thresholds improve the security of Aave. Following the winding down of the at risk wallet (0x6cd4471480e2969b3d696fbd17530e85112f3ff6), the liquidation risks have greatly decreased.