Beleaguered crypto lender Hodlnaut warned that a potential bout of nepastovumas po Ethereum’s upcoming Merge upgrade could pose a risk to its assets.
A spike in the prices of Ethereum-based tokens and assets could unwittingly cause “smart contracts to automatically liquidate the assets,” the company said in a pareiškimas released on its blog.
Smart contracts, programs automatically executed when certain conditions are met, are the basis of blockchain-based decentralized finance applications, of which Ethereum is the dominant network.
Hodlnaut said that if prices swing drastically po sujungimas, it could trigger liquidations for instance in protocols governing collateral.
The Singapore-based crypto lender said that one way to mitigate the risk would be to unwind tokens deployed on decentralized finance platforms, however it warned this could result in material losses.
In order to preserve the value of the assets, judicial managers have requested loss estimates of such an unwinding and any precautionary steps that can be taken.
Under judicial management
Hodlnaut has been under judicial management in Singapore since last month, after the lender had halted withdrawals. A Singapore court had placed the embattled crypto lender under judicial management, which granted it breathing space to be restructured.
Singapūre įsikūrusi įmonė pranešė, kad teismas laikinaisiais teismų vadovais paskyrė Ee Meng Yen Angela ir Aaron Loh Cheng Lee iš „EY Corporate Advisors“.
„Hodlnaut“, kriptovaliutų skolinimosi ir skolinimo platforma, sustojo išėmimus, žetonų apsikeitimą ir indėlius savo vartotojams rugpjūčio 8 d., nurodydamas nepalankias rinkos sąlygas.
Nuo tada platforma has shed at least 40 employees, or roughly 80% of its staff.
Upcoming Merge
Ilgai lauktas eiti is expected to take place this week, around Sept 15. It will see Ethereum’s mainnet merge with the Beacon Chain, a proof of stake blockchain developed in Dec 2020 as the first part of the upgrade.
Not only will this make Ethereum more sustainable, co-found Vitalik Buterin also said that saugumas in the long term was another motyvuojantis veiksnys. In the meantime, investors are on edge about whether the unprecedented upgrade will be implemented without error.
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Source: https://beincrypto.com/merge-price-swings-could-trigger-liquidations-hodlnaut-warns/