The cryptocurrency market has dropped around 30% in the last 24 hours. The token Alchemint chose to use as collateral (NEO) also drop more than 30%.
During this black swan event, all the DeFi-lending platforms faced huge challenges, so did our platform. More than half of the user’s SAR had dropped to a “Critical” mortgage rate status, and 1/3 user’s had been liquid part assets.
We will learn from this black swan event and optimize the system, to reduce the impact in anticipation for the potential next black swan event. We encourage users to reduce the SDUSD collateral amount, rise the mortgage rate or even close SAR for a while and to wait until the market shows signs of stabilization then use the platform.