BUSD on FilDA ESC and FilDA IoTeX

There will be a gradual reduction of BUSD liquidation thresholds to 0% on IoTeX and ESC Chains

In anticipation of the forthcoming deprecation of BUSD across various markets, including both the IoTeX and ESC chains, it has become imperative to take decisive steps to maintain the stability and integrity of the FilDA protocol.

To navigate this critical phase, we propose a uniform and phased reduction of the BUSD liquidation threshold across both chains. The plan entails a systematic decrease of approximately 15% bi-weekly, starting from the existing thresholds of 85% on IoTeX and 80% on the ESC chain. This initiative aims to curtail abrupt financial disruptions, affording our community members ample time to recalibrate their investment strategies with minimal inconvenience.

Implementing this reduction bi-weekly will ensure a smooth transition, gradually nullifying the associated risks and potential bad debt accumulation. This strategy is designed to foster a resilient financial ecosystem, adapting proactively to the evolving market dynamics.

We are committed to maintaining a transparent communication channel throughout this transition, and will provide regular updates on our official website and community platforms.

Furthermore, it is important to note that we remain open to modifying this plan to mitigate risks in the event of unforeseen market developments. Naturally, in such scenarios, we will engage with the community well in advance, fostering a collaborative environment and ensuring the utmost transparency and preparedness.

We value your continued support and understanding as we navigate these changes together.

About FilDA

FilDA is a decentralized banking platform containing two fundamental protocols:

Banking — Lending and Borrowing assets (based on Compound)
Staking — Locking of assets to earn rewards (based on Harvest)

· FilDA Website

· FilDA Twitter and Telegram Channel

· FilDA GitHub