Pac Finance, a lending app on Blast, has had its users report a $24 million liquidation on April 11 due to a sudden change in parameters by the developer wallet.
Mass liquidations are common for leveraged traders who borrow crypto, but they often occur due to fluctuations in the market, not protocol parameter changes.Pac Finance is a platform where crypto holders can earn interest by lending their assets. The app implements a loan-to-value ratio , which limits borrowers to loans equivalent to a certain percentage of their collateral to ensure repayment. Typically, the development team announces changes to the LTV beforehand.
Developer kydo.eth from EigenLabs initially brought light to the information, prompting Pac Finance users to voice their grievances and demand explanations on the protocol’s official Discord server.In response, the team’s Discord moderator, Bountydreams, stated they are attempting to contact the team for clarification. However, no response has been received as of writing these lines.According to smart contract developer Roffet.
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Pac Finance reportedly causes $24M in liquidations via sudden parameter changePac Finance users complained of unfair liquidations after an admin wallet suddenly changed collateral rules.
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