WEMIX

WEMIX.Fi’s Lend &amp; Borrow service strives to provide reliable service in a trustless manner as a top priority in order to fully support activities that increase the value flow of the WEMIX ecosystem by utilizing assets owned by the community.The Lend &amp; Borrow service, which was temporarily suspended due to the occurrence of bad debt caused by artificial price fluctuations of REFLECT and the failure of the Multichain bridge, has resumed its service on August 25th by supporting deposits and lending of the three assets: WEMIX, WEMIX$, and stWEMIX.Bad debt caused by stWEMIX<ul><li>After the service was resumed, the price of stWEMIX fluctuated significantly, and an attack to steal assets resulted in a bad debt for the protocol.</li><li>stWEMIX in its nature is comparable to WEMIX, and therefore we had a protocol in place, tentatively called ST-square(stWEMIX stabilizer), that stabilizes the price through arbitrage. However, we’ve learned that the protocol ceased to function correctly as the Grand Staking transitioned to Wonder Staking.</li></ul>Handling of the bad debt caused by stWEMIX<ul><li>WEMIX.Fi has decided to protect depositor’s assets by repaying the bad debt.</li><li>However, the cause of this bad debt was not due to a symptom of growth, rather the protocol in place for security did not function as intended.</li><li>Instead of foundation handling the bad debt itself, the development partner has offered to take care of the bad debt,</li><li>And will purchase the amount of WEMIX necessary to repay the bad debt from the open market.</li></ul>About wRFT liquidation<ul><li>WEMIX.Fi has stopped support for deposit and borrowing of wRFT as of August 24th by setting the borrowing factor at 0%.</li><li>While there was an ongoing liquidation of wRFT, the collateral value has dissipated, which now turned into a bad debt.</li><li>As an extension of clearing the bad debt from the previous incident, the foundation will purchase REFLECT and repay the debt.</li><li>Please note that this is not a new problem but a process in solving the issue.</li></ul>As a protocol that supports proactive activities that promote value within the WEMIX ecosystem through decentralized finance, Lend &amp; Borrow service on WEMIX.Fi recognizes that safety and trust are of utmost importance, and we apologize for any concern this may have caused the community.The Lend &amp; Borrow service has now been returned to normal. The WEMIX.Fi team is constantly monitoring the service and will strive to ensure an uninterrupted experience for the community in the ecosystem.Official WEMIX site announcement: <a href="https://www.wemix.com/communication/ebe59e26-d8bc-41f6-a648-a8d030633044" rel="noopener noreferrer nofollow">https://www.wemix.com/communication/ebe59e26-d8bc-41f6-a648-a8d030633044</a>WEMIX Community : ● WEMIX Official Webpage : <a href="https://www.wemix.com/communication" rel="noopener noreferrer nofollow">wemix.com</a> ● Medium : <a href="https://medium.com/wemix-communication" rel="noopener noreferrer nofollow">WEMIX Communication</a> | <a href="https://medium.com/wemix-play" rel="noopener noreferrer nofollow">WEMIX PLAY</a> | <a href="https://medium.com/nile-official" rel="noopener noreferrer nofollow">NILE</a> ● WEMIX Channels : <a href="https://coinmarketcap.com/community/articles/645b425122645a1c100fb3a7/Twitter" rel="noopener noreferrer nofollow">Twitter</a> | <a href="https://www.facebook.com/WEMIXBlockchain" rel="noopener noreferrer nofollow">Facebook(WEMIX Platform)</a> | <a href="https://www.facebook.com/WEMIXGames" rel="noopener noreferrer nofollow">Facebook(WEMIX Games)</a> | <a href="https://t.me/WEMIX_ANNouncement" rel="noopener noreferrer nofollow">Telegram</a> | <a href="https://www.reddit.com/user/WemixNetwork" rel="noopener noreferrer nofollow">Reddit</a>

WEMIX.Fi - Failure Handling Progress after Lend & Borrow Service Normalization

WEMIX

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