Recently, the cryptocurrency market has been experiencing dramatic changes and big fluctuations. To deal with the fluctuations and ensure better individual and overall CDP security, WaykiChain team has adjusted the collateral rate from 200% to 300%.
If the original collateral rate is <300%, you cannot borrow more WUSD stablecoins and need to pledge more WICC to increase the collateral rate to >300% first. Similarly, if the collateral rate is < 300%, to be able to redeem WICC you need to return a sufficient amount of WUSD to increase the collateral rate to >300%.
If you keep the collateral rate above 300%, your ability to borrow WUSD or redeem WICC is not affected. Please note that all the above operations of maintaining or closing CDP require payment of the corresponding CDP interest.
As of now, 20 million WICC (11% of the circulating supply) is pledged and 1.4 million WUSD loans are issued in WaykiChain’s decentralized collateral lending system Wayki-CDP. WUSD loans are mainly used for investment in innovative Hong Kong pre-IPOs in W Broker, for cryptocurrency trading, and overseas payments.
January 12, 2021