Onyx Protocol has a built in liquidation system and liquidation portal to enable advanced developers and users to participate in the liquidation process of distressed collateral.
All positions in Onyx Protocol are over collateralized, even when they are in the liquidation phase, which ensures enhanced protocol security. Liquidators earn up to 10% per liquidation as set by the protocol in the liquidation fee. This feature was turned off to ensure that it could be tested and to have confirmation that it worked properly. This was conducted via testnet. It is now ready to be enabled and deployed to the Onyx Protocol.
Users can use Compound based bots to automatically enable liquidation profit bots as well if they wish to do so.
We encourage users to vote in favor of this proposal for proper protocol security.
Finally another usecase which was on paper coming in real platform . all the best
This should be done immediately and urgently. Not sure why this needs a proposal?
How can we move fast forward? The market is in red and situation could worsen, causing bad debt on Onyx.
Can we accelerate the process and pass this?
I agree . These things dont need to go for voting . there may be bad elements which may vote against too to misuse the platform . just pass it without voting
We’ll enable the liquidation feature as soon as we verify its integrity with the mainnet.
can’t attackers now take advantage of the vulnerability and enrich themselves at the expense of us?
Personally withdrew funds , will put back until liquidations are enabled.
This makes the platform vulnerable, especially in the context of a market crashing
I think they will turn it on asap . hoping for the best
Proposal is on-chain. OIP-15: Activate Liquidations Onyx Protocol
Awesome . it was needed . else some one would have attacked the protocol easily
looks like both oip will be passed this time
Congrats team and Onyx community
how much time it takes to impliment it on mainnet ?