Having considered Wayki-X system safeguarding and the growing demand for synth trading, WaykiChain team will decrease the target collateral ratio in Wayki-X from 800% to 500%.
First, ROG has been generated continuously since genesis, however, its market cap is not enough to meet the synth trading demand. WaykiChain has decided to decrease the target collateral ratio to address this demand and to promote the issuance of more synths by users.
Second, since its launch, the “Pledge ROG Mint xUSD” system has been in safe and stable operation. Besides, currently, WaykiChain synthetic asset protocol does not support margin trading, therefore, trading risks and bad debt risks are manageable and ROG fund pool is relatively safe, so the adjustment will not affect the security of the whole system.
If your original collateral ratio is above 500% but below 800%, you can mint more xUSD. If your original collateral ratio is below 500%, you still need to increase it to 500% or higher first to be able to mint more xUSD. If your original collateral ratio is over 800%, you are free to mint more xUSD. Note: you can claim rewards only when your target collateral ratio is 500% or more.
On September 25, 2020, ROG Yield Farming launched and the first ROG tokens were generated. Since then, users can pledge ROG at the target collateral ratio to mint the xUSD stablecoin and claim ROG rewards by inflation and a part of Wayki-X xUSD synth trading fees. xUSD is the tool to trade synths and invest in the world’s best assets seamlessly.
January 21, 2021