Bittime - Scallop, a lending protocol based on the Sui, announced the temporary suspension of its Scallop Swap service. This suspension was caused by technical problems that occurred with the Scallop partner's Remote Procedure Call (RPC) and Swap Router.
Scallop Swap Temporarily Suspended
Through its official announcement, Scallop said that Scallop Swap will be temporarily disabled. This decision was taken following technical problems experienced by Scallop partner RPC and Swap Router.
RPC and Swap Router are important components in the crypto asset exchange process. Disruption of these components can cause transactions to fail or even result in user losses.
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$CETUS Pool Parameter Adjustment
In addition to the suspension of Scallop Swap, Scallop's official announcement also informed of parameter adjustments to the $CETUS pool. This parameter adjustment aims to maintain the stability and security of the $CETUS pool.
The parameter changes made are as follows:
- Liquidation Threshold: from 80% to 65%
- Collateral Weight: from 50% to 45%
Impact of $CETUS Pool Parameter Adjustments
The reduction in the liquidation threshold from 80% to 65% means that borrowers using $CETUS as collateral now have less borrowing space.
If the value of their collateral falls to the new liquidation threshold (65%), then the collateral can be liquidated to cover the loan.
Meanwhile, the reduction in collateral weight from 50% to 45% indicates that the value of $CETUS collateral now has a lower influence in determining the value of the loan that can be obtained.
In other words, borrowers need to provide a larger amount of collateral to be able to get a loan of the same value.
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Further information
Suspension of Scallop Swap and adjustment of $CETUS pool parameters are steps taken by Scallop to address technical issues and maintain platform stability.
There is no definite information regarding the suspension period for Scallop Swap. Users are encouraged to continue to follow the latest developments via the official website and official Scallop social media.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Sui Overflow: Developer's Big Plan to Build the Future of Blockchain
Sui Records Explosive Growth in Q1 2024: DEX Volumes Soar, DeFi TVL Skyrockets
Wow, Sui Price Has Increased 3x in the Last 3 Months, a Sign of Changing Guards in DeFi?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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