Harpoon Protocol-A Public Beta for Defi Liquidations on Anchor Protocol
A community driven project has finally come to fruition! We’re excited to announce that our Public Beta is now live here. Thanks to you, the community, we were able to propose an elegant UI/UX solution to interact with the Anchor liquidations smart contract. As of 5/21, private beta testers have been able to stress test our UI as well as participate in successful liquidations with an estimated return of upwards of $300k in bLuna.
Below are some introductory features of our platform to get you, the user, acclimated to how liquidations work.
Some User Questions We’d Like To Address….
- How Much Do I Need To Deposit?
The liquidations contract calculates internally the value needed to bring a loan down to a safe borrow limit of 80%. However, a good estimate is to deposit at least 35% of a loan’s value to trigger a partial liquidation (loan’s collateral is >500 UST). To cover your bases, always deposit more than you can so as you don’t lose too much to fees due to repeated deposits/retractions.
2. Do liquidations occur automatically?
Simply trying to liquidate a loan doesn’t guarantee a successful liquidation. As it stands, Anchor’s Liquidation Contract occurs on a first come, first serve basis where any liquidator can set their chosen premium rate (at a max of 30%).
3. Bots… Bots.. Bots..
Yes they do exist. And yes they do snipe loans at the top of the list, and this is unavoidable for the time being. However, our testers are currently hitting loans at the back of the list as soon as they are available to liquidate.
4. How can we, Harpoon Protocol, address this?
We have had internal discussions about how to directly address the issue of bots of sniping loans and dumping into the open market. We are listening to the community and will have exciting news about this in the very near future. We want the Terra Ecosystem to thrive as the next step of Tefi and want to ensure that both borrowing/lending are what drives Anchor Protocol’s engine.
5. So when will you guys go live?
Check out these videos! A tutorial and a live liquidation!
And without further ado……..
DeFi liquidations all-in-one platform. Bidding for at-risk collateral just became easy.
- Quick note, the loans at the top of the list are already past the liquidation point indicating that they have been liquidated. We’re addressing this issue, so for the mean time just click ahead to the back and go from there. The site will be updated periodically so please bear with us! Thank you again for all the support, and let’s get to harpooning!
Check our Youtube Channel, Telegram Channel, and Twitter for more updates!