I would like to add the anetaBTC Governance token in Aada as a collateral option for borrowing.
anetaBTC is a decentralized, secure protocol that allows users to unlock the value of their Bitcoin on Ergo and Cardano.
We want to enhance our relantionship with AADA team and AADA users and give an additional utility to our token, as many members of our community are very interested in this new feature. We always have a strong commitment with our community, so this proposal aims to achieve a community request.
As Cardano continue it’s good path of growth, we think that the more tokens are admitted as collateral, the best for the protocol. As a whole DeFi ecosystem we need to keep or even increase this good pace, that’s why we’re launching our testnet very soon.
Medium – 30 Mar 22
Reading time: 14 min read
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I’d much perfer cBTC than cNETA
Well, that’s a good idea, we need to launch testnet and mainnet then, but yeah, I like it!
Hello from anetaBTC Community! Would love to see this go through, love the AADA platform and would certainly use it more if we could add cNETA as collateral.
Hope to see this go through
This builds on Utility… I can borrow against it !!! who knew Hailpernis
AnetaBTC is a great project with real utility. The sooner we get it the better!
I have already expressed my opinion earlier, but tokens with low liquidity will not add much value to the protocol for two reasons.
Firstly, there will only be small loans available due to the Health Factor accounting for liquidity size. Low liquidity tokens, such as the current cNETA, will be impossible to borrow in larger amounts.
Secondly, there is a risk of surprise liquidations due to low liquidity. After one loan is liquidated (and cNETA is sold), the price will fall even further, triggering more liquidations. As a result, users who chose a high Health Factor (even >2) may end up being liquidated because of this.