Moving Legacy Holders to the new platform

I was just on the Semper call with Howard and Ryan. Addressing the migration of legacy holders seems to be a priority one. I think there are a handful of folks including myself that have a small outstanding ETH loan that I need to payoff in order to move all of my holdings to the new platform. I want to clear up my obligation obviously asap. Would it be possible to go ahead and have me migrate everything including my small loan to the new platform if I were to agree to terminate my 80% collateral factor and agree to the new 40% CF. If that’s not an option, I’d be willing to just forfeit my loan privileges at least until I’ve paid back my ETH loan. Where I would them be subjected to the 40% CF like any new holder. Obviously reimbursement of the gas fees necessary to do this would be greatly appreciated.


I think what you’re suggesting is only possible with lots of labor overhead and direct communication with each individual wallet. Maybe possible for select individuals who reach out and specifically volunteer/ask, but I don’t see this as a feasible solution for the platform as a whole.

I was surprised when a new contract rolled out with the new parameters, rather than changing the existing contract. For weeks we were discussing what the change schedule would be for the legacy contract.

At this point borrowers have now had ample time to adjust their borrowing ratio. Market conditions have also recovered from the time we were discussing this originally.

I vote we brute force this thing. Or reintroduce the idea of a ratio reduction schedule. At least down to that threshold that Howard brought up in the semper call, I think he said down to 60% was pretty safe to do without causing mass liquidations.

One more thing I wanted to add here. I wasn’t aware, and I don’t think most token holders/stakers were aware until last night how significant this issue was, in terms of holding up progress.

In my opinion, we need to resolve this immediately, and if it means a small percentage of wallets are liquidated, so be it. Market conditions have improved considerably and if they’re still overleveraged, I don’t think we should let the project as a whole be dragged/held back because of a few risky investors potentially having that risky behavior bite them.

Another idea around adjusting the legacy parameters, could we implement the new ratio along with some logic where wallets being liquidated get a grace period, that allows them a week or so to take corrective action before the liquidation hits? Once that wave of initial liquidations is done, and they’ve fixed their ratio or been liquidated, you can undo that logic and set the parameters to exactly match the new contract.

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