Dear admins, Please help me understand this case: None of us can

Question

Dear admins, Please help me understand this case: None of us can

use NEXO tokens to repay the loans. That's perfectly understandable and fair to me.

For those who are not allowed to swap NEXO on the platform, and they've already received a margin warning with an LTV of 80% from their total holdings, would the only solution be to deposit more assets and repay the loan in order to prevent liquidations?

I believe it'd be impossible for them to withdraw NEXO to an exchange now because that would liquidate them instantly. It'd be too late.

So, my questions are essentially three:

1- Even if we can't use NEXO to repay the loan, Nexo oracle still counts NEXO as potential collateral in "Total value of crypto". Does it therefore mean that Nexo oracle can still automatically use NEXO tokens to liquidate borrowers?

2- In situations like these, is the only way to prevent liquidations to deposit more funds and repay?

3- Let's say 60% of their holdings on the platform is in BTC, and 40% in NEXO, with a current LTV of 80%. It's impossible (and too late) for them to withdraw NEXO and swap it off platform. Is that right?

Thank you in advance!

#cryptocurrency #english #nexo

0

18.06.2022

8 ответов

8 просмотров

Yan | Nexo | No support on DM

You can also chat about it with our LiveChat, but I believe that they will give you mostly the same answers

0

18.06.2022

Gene Vexo⚡️ Автор вопроса

Yan | Nexo | No support on DM
You can also chat about it with our LiveChat, but ...

I wanted to ask this privately on the support chat, but it seems misfunctioning on both mobile app and Desktop. The support chat is currently stuck loading, hence I asked here more generally. Thanks!

0

18.06.2022

Yan | Nexo | No support on DM

Gene Vexo⚡️
I wanted to ask this privately on the support chat...

Did you write "human" in the chat box? The bot will redirect you to an agent.

0

18.06.2022

Gene Vexo⚡️ Автор вопроса

Yan | Nexo | No support on DM
Did you write "human" in the chat box? The bot wil...

That's what I usually do, but I can't type anything right now because the chat window itself is stuck loading. It never happened before.

0

18.06.2022

Yan | Nexo | No support on DM

Gene Vexo⚡️
That's what I usually do, but I can't type anythin...

Delete cache and cookies, try a different browser?

0

18.06.2022

DenKing.CC

Gene Vexo⚡️
That's what I usually do, but I can't type anythin...

On my side it working i just try it

0

18.06.2022

Oleg

Yan | Nexo | No support on DM
1 - Oracle can liquidate loans which were borrowed...

For these reasons we love Nexo

0

18.06.2022

Yan | Nexo | No support on DM · Accepted Answer

Yan | Nexo | No support on DM

1 - Oracle can liquidate loans which were borrowed with $NEXO as collateral, yes. 2 - Either repay or add more collateral, yes 3 - If said coins are used as collateral, then no you cannot withdraw them to be exchanged externally.

0

18.06.2022

209 похожих чатов

Dear admins, Please help me understand this case: None of us can

8 ответов

Похожие вопросы