WHAT’S NEW WITH OUR LENDING SERVICE? Here are a few updates.
As we’ve shared in our blog that was published on 11 November 2022, we have successfully called back 100% of the Lending assets that were previously in the care of our institutional partners. This was due to growing concerns and uncertainties in the market which continue to affect crypto investors worldwide
The funds can all be accounted for at the following addresses:
BTC lending reserves: 3HRPnc4SddsFjrLVTfuTZJ2kQhdyCaHT4G
ETH, USDC and USDT lending reserves: 0x8b802fa7b71ea532187e432d9b87d24cc904243a
To prove ownership of the wallets mentioned in our proof or reserves post, @cakedefi will be transferring 1.234,567,89 BTC & ETH out and back in. We thought about signing, but that is not so easy for non-technical people to understand: https://t.co/18VUjFykiX
— Dr. Julian Hosp (@julianhosp) November 14, 2022
In the eventual term, we will be restructuring our Lending product to provide users with a fully decentralized DeFi Lending service to further increase transparency and provide stable yields. These changes will be officially announced and communicated separately in due course.
In the meantime, to strengthen the trust that we have already established with our customers, we will be paying out the Lending service rates from our own operational budget.
We reiterate that user funds are kept separate from the company’s operating accounts and that they will not be leveraged or used for such purposes.
What you need to know about the new Lending service
- The Lending batch period will be reduced from 28 days to 7 days (Friday to Friday) – to provide more flexibility and liquidity to users
- All ongoing Lending batches will end on 18 November 2022 at 4 PM SGT.
- There are no additional fees for using the Lending service during this interim period
- No yields for one week - to ensure 100% of customer funds are accounted for, there will be no lending batches and yields from 18 to 25 November 2022
- Users can opt into the new 7-day batch from 18 to 25 November 2022.
- Users who have turned on auto-compounding can expect the principal and returns from their existing and respective Lending batches to be automatically put into the 7-day batch that will commence on 25 November 2022
- Users who have not turned on auto-compounding will need to rejoin the Lending batches manually
- As part of this time-limited promotion, our Lending product will no longer be part of our referral program and welcome bonus promotion
The new Lending rates that will take effect on 25 November 2022 can be found below:
For more information or if you wish to get in touch with us, you may click here. To start or continue using our Lending service, you may click here.
