The decision comes in response to the high volatility of Azuki’s price, which has experienced extreme fluctuations 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 fluctuations in Azuki prices, the team decided to temporarily suspend Azuki’s pool, including deposits, withdrawals, and liquidations.
This measure aims to give users more time to replenish liquidity, repay loans, and improve healthiness.
— ParaSpace (@ParaSpace_NFT) July 4, 2023
The primary objective 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 halting Azuki’s mining pool, ParaSpace aims to alleviate the pressure on users who may be struggling to keep up with the rapidly changing market conditions.
In the event of Azuki’s liquidation, ParaSpace has reassured its users that any shortfall resulting from the suspension period will be covered by the platform’s reserves. This safety measure aims to protect users from potential losses and maintain the integrity of the lending ecosystem.
The decision to suspend Azuki’s mining pool follows a series of proactive steps taken by PS to safeguard its users’ interests. By providing additional time for liquidity replenishment, ParaSpace empowers borrowers to make informed decisions and regain control over their financial positions.
This temporary suspension is expected to provide a much-needed breathing space for users, allowing them to assess market conditions, strategize their next moves, and ultimately improve their financial stability. ParaSpace remains committed to supporting its community and ensuring a fair and transparent lending environment.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
