BALN market has been at close to 100% utilization for a while, primarily because people who borrowed BALN against ICX haven’t paid back their BALN to the market despite high interest. Since it seems unlikely that these users will pay back their BALN back to the market, we are proposing the following to let BALN depositors receive their portion by liquidating other users who have borrowed BALN.
Initial BALN deposit balance by users: 41,516 BALN ($12,143)
sICX available from liquidations of users who have borrowed BALN: 38,170 sICX ($13,741)
By liquidating and distributing sICX proportionally to oBALN holders, BALN holders will receive their principal + 13% interest equivalent value on it at current dollar value. Their oBALN token balance will reduce to 0 as a result. This proposal is to execute the above actions for oBALN holders at the current price of assets:
I’m not an oBALN holder myself, but I’m delighted to see discussion on this and hope a solution can be got to. Thanks to the team for all their work to date behind the scenes on this and for getting this discussion initiated on the forum. Really hoping to see a positive outcome for all!
To be clear, it will likely be much less than your current oBALN balance on the frontend since oBALN users have accrued interest from very high interest rates for months, but should be more than your initial BALN deposit balance based on the current price. This proposal is to enable BALN depositors to receive their proportion of assets as soon as possible within the current circumstances.