[krasaviceblasen] When the loan is liquidated it is sold to pay the debt. Any left over after paying the debt is paid back to the borrower less 30%. For example if you have $110 worth of ERG as collateral for a SigUSD loan of $100, if liquidated then ERG is sold to SigUSD, 100 would be used to pay back the debt and then the leftover $10 would go to the borrower, but with the 30% penalty the borrower would get $7, and there is a $3 penalty. Pros of duckpools is instant access to loans, pay back loans anytime you like (although there is a 3 month maximum duration). So it's very easy to get a loan as a borrower. Pros for lenders would be the liquidation mechanic ensuring lenders aren't exposed to loss from price movements. SigmaFi is peer to peer without liquidation protection, main pros over duckpools v1 is you can write loans with any asset for the collateral and can do longer than 3 months.
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