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.
Discussion
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.
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.
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
Personally withdrew funds , will put back until liquidations are enabled.
This makes the platform vulnerable, especially in the context of a market crashing