Liqwid Don Close NIGHT Liquidation Bad Debt, Set November 2 for wanUSDC Claims

Liqwid don close the bad debt positions wey July and August NIGHT liquidations leave behind. The Cardano lending protocol report say every affected market except wanUSDC don balance back through loan repayment.

wanUSDC suppliers go receive separate distribution, wey people fit claim starting November 2.

Liqwid Don Restore Affected Lending Positions

Liqwid dey allow users to supply assets enter lending markets, where borrowers fit access funds after dem deposit collateral. Bad debt fit happen when the collateral wey dey back loan no reach to cover the amount wey person owe again.

After the NIGHT liquidations, some suppliers positions absorb losses from that debt. Liqwid latest update confirm say affected positions outside the wanUSDC market don restore through loan repayment. Those suppliers no need claim any reimbursement.

The protocol describe the closure of the remaining bad debt positions as the final step for their side for the resolution process.

wanUSDC Suppliers Go Receive Separate Distribution

Liqwid identify wanUSDC as exception because the market bad debt don distribute across its suppliers. So their reimbursement go happen through separate distribution, no be through the loan repayments wey dem use for the other affected markets.

wanUSDC na version of USDC wey dem bridge come Cardano through Wanchain. Users wey supply the asset to Liqwid wanUSDC market go fit claim the distribution from Monday, November 2.

[NEWSBREAK]

Reimbursement Initiative Follow Wallet Snapshots

Liqwid first announce the reimbursement on October 21, call am initiative wey Liqwid and Wanchain teams plus other contributors support. The team don complete snapshots of wallets wey dey supply assets for each affected market and take responsibility to manage the process.

For their earlier announcement, Liqwid talk say users go claim reimbursements through the Sundae rewards application wey people dey use for ADA and LQ staking rewards.