Dear users:
This announcement is highly relevant to all users who supply, withdraw, and stake SUNOLD on the JustLend platform. Please read it through carefully.
Background: SUN platform has implemented the SUN Redenomination and Upgrade Plan on May 26, 2021 (SGT). As a number of mainstream exchanges are transitioning towards the new SUN token, the market of SUNOLD (the old SUN token) has been shrinking. To best protect users' assets, JustLend is going to adjust the parameters of SUNOLD market in stages and eventually close the market.
We plan to gradually close the SUNOLD market through four stages, and expect to lower the collateral factor of SUNOLD to zero in around a month. Below are the the four stages scheduled:
Stage I: June 21, 2021
We will adjust the reserve factor of the SUNOLD market from 30% to 100%.
This means that the supply APY of the SUNOLD market will be lowered to 0 and users will no longer earn interest on the SUNOLD supplied.
Stage II - IV: June - late July, 2021
We will adjust the collateral factor of the SUNOLD market from 50% gradually to 0%.
This means that the assets users are able to borrow by supplying the same amount of SUNOLD will shrink, and the account with SUNOLD enabled as collateral will be exposed to higher risks of liquidation if the price of SUNOLD falls. So please keep an eye on the risks associated with your account.
More details on the adjustment of the collateral factor will be disclosed in future announcements.
As JustLend has granted the right of governance to the community, adjustment of any parameters needs to be decided by the community through voting. We will initiate proposals on the adjustments mentioned above, which will be implemented after they are approved. Please closely follow JustLend proposals for more updates. Click to view all proposals