I borrowed Atom for 1 day and I repayed 1%

Question

Kava Official

S_A

I borrowed Atom for 1 day and I repayed 1%

interest just for 1 day borrow. how is it possible?

#blockchain #cryptocurrency #english #kava

0

02.04.2022

3 ответов

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S_A Автор вопроса

I will check it in mintscan. If u were right 0.05% is too high for 1 day borrow. in borrow page, atom borrow interest fee is about 1 or 2 %. but borrow annual rate must be about 20% to pay 0.05% for a day.

0

02.04.2022

CryptoDaz (Darren)

S_A
I will check it in mintscan. If u were right 0.05%...

You only accuately repay what you owe which would be just 0.003% Many users were getting tx errors when repaying as the debt was increasing by a tiny tiny fraction while waitying to be processed, so the engineers decided to add extra to nsure sufficient to cover the debt, but in my opinion they have used a far higher value than required and even 0.01% extra should always be enough to cover the debt increase even if the borrow APY was 100% APY and the tx took 1 hour to process, so not sure why they choose 1%

0

02.04.2022

CryptoDaz (Darren) · Accepted Answer

No, it is not possible you were charged 1% for one day. What may have happened is the repayment tab addsaround 1% onto the balance if you hit the Max button to ensure sufficient amount is repaid to cover the full balance plus any tiny extra amount during the time the tx gets picked up and processed. You will see the real amount used to repay in Mintscan, only the amount required will be deducted from your balance. It doesn't really need to be so highjl and would be better if it just added perhaps 0.05% instead of 1%

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I borrowed Atom for 1 day and I repayed 1%

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