Dear DeFiner Community,.
15 May 2022, 07:50
Dear DeFiner Community,
We have observed that some of the users have been deliberately manipulating the utilization rate of the Polygon pool. Since the liquidity in the Polygon pool is low, it's easy to drain the liquidity to zero and causing an unexpected high APR. The manipulation has caused losses to the borrowers since they are willing to bear the unusually high APR and pay back their loans.
To better protect the borrowers, the DeFiner protocol suggests lowering the maximum APR from 4000% to 200%. Meanwhile, during the unexpected high APR period, all the interest users gain will be set to 200% by temporarily adjusting the interest reserve ratio to 95%. It will be adjusted back (to the normal 25% level) after the contract upgrade is implemented.
We will be sending out a voting link for our community to vote on this decision. Depending on the voting result, the expected implementation date will be on early next week.
Sincerely,
Team DeFiner