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Announcement: Upgrade Crypto Loan Feature

ONUS officially upgraded the Crypto Loan feature, enabling users to collateralize more than the minimum requirement and introducing the ability to add collateral to existing loans. Alongside a revamped interface, these new updates aim to empower users with greater flexibility in loan creation while minimizing the risk of involuntary liquidation.

Effective Date: Starting from April 15, 2024.

**Please update your app to version 5.2.9 to experience the new update.

Update 1: Collateralize More Than the Minimum Requirement When Creating a Loan

Previously, ONUS only allowed users to collateralize the minimum amount of assets for their desired loan amount. With the latest Crypto Loan upgrade, users can now collateralize more than the minimum when creating a new loan. By collateralizing more assets, the liquidation price decreases, thereby reducing the risk of asset liquidation during unfavorable market conditions.

Steps:

  1. Enter your desired loan amount, and the system will automatically calculate the minimum collateral requirement and liquidation price.
  2. (New) You can manually input a higher collateral amount than the default. This will increase your collateralization, lower your liquidation price, and make your loan more secure.

Update 2: Add Collateral to Existing Loans

Users can now add collateral to existing loans to further reduce their liquidation price. This empowers investors to actively manage their capital utilization and control loan liquidation risk with greater ease.

Steps to Add Collateral to Existing Loans:

  1. Access the main Crypto Loan interface. Select the loan you wish to add collateral to and click Add Collateral.
  2. Enter the amount of collateral you want to add to the loan. Click Confirm.

Appendix: Guide to Creating a Loan with Crypto Loan

  1. On the main screen, scroll down to the Features section and select Crypto Loan.
  2. Choose Create a new loan.
  3. Select the collateral asset.
  4. Enter your desired loan amount. The system will automatically calculate the minimum collateral requirement and liquidation price. You can choose to collateralize more than the minimum. Click Create a new Loan.
  5. Select Agree to confirm loan creation.