Cryptocurrency alternate platform OKX has addressed latest issues concerning its FLOKI Pledge Mortgage Mechanism. The clarification follows remarks from on-chain arbitrageur CryptoWilson, who famous an uncommon spike in buying and selling quantity for OKX’s Floki buying and selling pair ranging from August 29, 2024. This led to computerized purchases of Floki at greater costs and compelled gross sales of collateralized BES loans.
OKX clarified that the automated forex alternate happens when the pledge threat price appears safe. They defined their mortgage mortgage system operates as a customer-to-customer (C2C) market, matching depositors with debtors. This method maintains a 100% reserve precept.
关于 FLOKI 质押借币机制问题的调查与说明
Q1：在质押借币风险率安全的情况下为什么会触发自动换币？自动换币具体规则是什么？
OKX的活期抵押借币是一个存币用户和借币用户之间匹配的C2C市场，基于100percent准备金的基本运营原则，当平台借币量/存币量达到100percent时，会触发平台自动换币机制。… https://t.co/ASVTnfXBlu— OKX中文 (@okxchinese) August 30, 2024
An computerized coin alternate triggers when the platform’s borrowed quantity equals its deposited quantity. This mechanism considers all customers’ borrowing and depositing exercise. The system prioritizes computerized forex alternate for customers with the best borrowing quantities to handle general platform threat.
OKX additionally addressed why new borrowing wasn’t halted to take care of regular ranges. In keeping with the platform, borrowing ceases when the borrowed forex equals the deposited forex.
The latest computerized forex alternate was resulting from in depth redemptions of Floki deposits attributable to elevated on-chain actions. This led to decreased deposited forex with no corresponding rise in borrowed forex, activating the alternate mechanism.
OKX responded to questions concerning the lack of advance notifications for affected customers. They said that customers sometimes obtain e-mail alerts when computerized alternate thresholds are met. Nonetheless, some customers could have missed notifications resulting from e-mail system points. OKX inspired affected customers to contact their customer support for help.
OKX additionally introduced plans to enhance their notification system to make sure customers obtain well timed alerts earlier than computerized exchanges. Moreover, they’ll optimize their mortgage mortgage web page to supply clear details about the alternate and liquidation course of.
Regardless of the information, OKX’s native token, OKB, maintained a secure value. As of press time, OKB trades at $36.97, reflecting a slight intraday dip of 0.7%, per Coincodex knowledge.
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