The decision comes in response to the high volatility of Azuki’s price, which has seen extreme swings in recent days. The suspension includes all activities related to the mining pool, such as deposits, withdrawals and mandatory liquidations.
A few days ago, due to extreme price swings in Azuki prices, the team decided to temporarily suspend Azuki’s pool, including deposits, withdrawals and liquidations.
This measure is intended to give users more time to replenish liquidity, repay loans and improve health.
— ParaSpace (@ParaSpace_NFT) July 4, 2023
The primary goal behind this move is to provide users with a grace period to replenish their liquidity, settle any outstanding debts, and improve their overall financial health. By temporarily shutting down Azuki’s mining pool, ParaSpace aims to relieve pressure on users who may be struggling to keep up with rapidly changing market conditions.
In the event of Azuki’s liquidation, ParaSpace has reassured its users that any shortfall due to the suspension period will be covered by the platform’s reserves. This security measure is intended to protect users from potential losses and to maintain the integrity of the lending ecosystem.
The decision to suspend Azuki’s mining pool follows a series of proactive steps PS has taken to protect the interests of its users. By providing additional time to replenish liquidity, ParaSpace enables borrowers to make informed decisions and regain control of their financial positions.
This temporary suspension is expected to provide a much-needed respite for users, allowing them to assess market conditions, determine their next steps, and ultimately improve their financial stability. ParaSpace remains committed to supporting its community and ensuring a fair and transparent credit environment.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We recommend that you do your own research before investing.
