Starting from 11 UTC 08/02/2022, ONUS officially re-activated the Credit Line feature for ONUS token. As follows:
1. Reopen Credit Line feature for ONUS token.
Accordingly, users can mortgage ONUS tokens to receive a loan with a limit of 50%, disbursing VNDC based on the ONUS token value at the time of loan creation.
The annual loan interest rate is 24% (0.066%/day). Customers can choose to pay interest by day, week or month. Minimum loan amount is 200,000 VNDC.
See details about Credit Line here.
2. Reopen automatic liquidation of ONUS tokens
After a period of applying the subsidy policy, starting from February 8, 2022, ONUS will reopen the automatic liquidation of ONUS tokens in accordance with Credit Line’s operating mechanism.
Accordingly, when the market fluctuates causing the loan value to be greater than or equal to 95% of the total value of the collateral ONUS token, the system will automatically convert the collateral ONUS into VNDC and settle the loan.
Note: If you have a loan that is in the liquidation threshold, please pay it off before 11:00 UTC February 8, 2022 to not be automatically liquidated.