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Topics - abit

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1
General Discussion / 2020-11-25 Old bitCNY parameters adjustment
« on: November 25, 2020, 11:11:47 am »
Purpose:
to mitigate single-point-of-failure issue by adding more price feed producers (step by step).

Changes:

Added price feed producers:
* clone
* btspp-witness

Current parameters:

ICR (Initial collateral ratio) 210%
MCR (Maintenance collateral ratio) 160%
MSSR (Maximum short-squeeze ratio) 105%
MCFR (Margin call fee rate) 3%
FSFP (Force settlement fee percent) 3%
FSO (Force settlement price offset) 2%
Force settlement delay 24 hour
Maximum force settlement volume per hour 0.5%
Price feed threshold 0.12 CNY/BTS (temporary)
Price feed producers list: in.abit, clone, btspp-witness (temporary)
Minimum feeds 1 (temporary)

Borrowing is enabled. The maximum supply is limited to 21,000,000 bitCNY.
Force-settlement is disabled.

2
中文(Chinese) / 2020年11月25日 老bitCNY参数调整
« on: November 25, 2020, 11:08:12 am »
参数调整原因: 逐步过渡到多人喂价,减少单点风险。

今日操作:
喂价人清单 增加 btspp-witness 和 clone

目前参数:
初始抵押率(抵押线) ICR 210%
维持抵押率(爆仓线) MCR 160%
最大轧空率(爆仓惩罚上限) MSSR 105%
爆仓费率 MCFR 3%
强清费率 FSFP 3%
强清价格偏移(强清补偿) FSO 2%
强清延时 24小时
每小时最大强清比例 0.5%
最低喂价 0.12 (暂行)
喂价人清单 in.abit, clone, btspp-witness (暂行)
最少有效喂价人数 1 (暂行)

借款功能目前开放,债务上限 2100 万 bitCNY
强清功能目前关闭

3
General Discussion / 2020-11-23 Old bitCNY parameters adjustment
« on: November 23, 2020, 08:05:48 am »
Purpose:
to improve market liquidity.

Changes:
ICR (Initial collateral ratio) adjusted from 240% to 210%
Maximum supply adjusted from 20,000,000 bitCNY to 21,000,000 bitCNY

Current parameters:

ICR (Initial collateral ratio) 210%
MCR (Maintenance collateral ratio) 160%
MSSR (Maximum short-squeeze ratio) 105%
MCFR (Margin call fee rate) 3%
FSFP (Force settlement fee percent) 3%
FSO (Force settlement price offset) 2%
Force settlement delay 24 hour
Maximum force settlement volume per hour 0.5%
Price feed threshold 0.12 CNY/BTS (temporary)
Price feed producers list: in.abit only (temporary)
Minimum feeds 1 (temporary)

Borrowing is enabled. The maximum supply is limited to 21,000,000 bitCNY.
Force-settlement is disabled.

4
中文(Chinese) / 2020年11月23日 老bitCNY参数调整
« on: November 23, 2020, 08:03:27 am »
参数调整原因: 促进合理抵押。

今日操作:
初始抵押率(抵押线) ICR 从 240% 调整为 210%
债务上限从 2000 万 bitCNY 调整为 2100 万 bitCNY

目前参数:
初始抵押率(抵押线) ICR 210%
维持抵押率(爆仓线) MCR 160%
最大轧空率(爆仓惩罚上限) MSSR 105%
爆仓费率 MCFR 3%
强清费率 FSFP 3%
强清价格偏移(强清补偿) FSO 2%
强清延时 24小时
每小时最大强清比例 0.5%
最低喂价 0.12 (暂行)
喂价人清单 in.abit (暂行)
最少有效喂价人数 1 (暂行)

借款功能目前开放,债务上限 2100 万 bitCNY
强清功能目前关闭

5
General Discussion / 2020-11-22 Old bitCNY parameters adjustment
« on: November 22, 2020, 10:32:03 am »
Purpose:
to encourage traders to use the order book and the AMM liquidity pools.

Changes:
Disable force-settlement.

Current parameters:

ICR (Initial collateral ratio) 240%
MCR (Maintenance collateral ratio) 160%
MSSR (Maximum short-squeeze ratio) 105%
MCFR (Margin call fee rate) 3%
FSFP (Force settlement fee percent) 3%
FSO (Force settlement price offset) 2%
Force settlement delay 24 hour
Maximum force settlement volume per hour 0.5%
Price feed threshold 0.12 CNY/BTS (temporary)
Price feed producers list: in.abit only (temporary)
Minimum feeds 1 (temporary)

Borrowing is enabled. The maximum supply is limited to 20,000,000 bitCNY.
Force-settlement is disabled.

6
中文(Chinese) / 2020年11月22日 老bitCNY参数调整
« on: November 22, 2020, 10:25:24 am »
参数调整原因: 引导用户使用订单簿和AMM流动性池功能进行交易。

今日操作:
关闭强清功能

目前参数:
初始抵押率(抵押线) ICR 240%
维持抵押率(爆仓线) MCR 160%
最大轧空率(爆仓惩罚上限) MSSR 105%
爆仓费率 MCFR 3%
强清费率 FSFP 3%
强清价格偏移(强清补偿) FSO 2%
强清延时 24小时
每小时最大强清比例 0.5%
最低喂价 0.12 (暂行)
喂价人清单 in.abit (暂行)
最少有效喂价人数 1 (暂行)

借款功能目前开放,债务上限 2000 万 bitCNY
强清功能目前关闭

7
General Discussion / 2020-11-21 Old bitCNY parameters adjustment
« on: November 21, 2020, 04:59:47 pm »
Purpose:
to maintain the peg of bitCNY in the long run and mitigate a potential issue that some debt positions' collateral ratio becomes too low.

Changes:
ICR (Initial collateral ratio) adjusted from 180% to 210%, then adjusted to 240%

Current parameters:

ICR (Initial collateral ratio) 240%
MCR (Maintenance collateral ratio) 160%
MSSR (Maximum short-squeeze ratio) 105%
MCFR (Margin call fee rate) 3%
FSFP (Force settlement fee percent) 3%
FSO (Force settlement price offset) 2%
Force settlement delay 24 hour
Maximum force settlement volume per hour 0.5%
Price feed threshold 0.12 CNY/BTS (temporary)
Price feed producers list: in.abit only (temporary)
Minimum feeds 1 (temporary)

Borrowing is enabled. The maximum supply is limited to 20,000,000 bitCNY.

8
中文(Chinese) / 2020年11月21日 老bitCNY参数调整
« on: November 21, 2020, 04:55:02 pm »
参数调整原因: 防范风险,缓解因 BTS 价格短时间大幅上涨导致的 bitCNY 贬值压力。

今日操作:
初始抵押率(抵押线) ICR 从 180% 调整为 210% ,而后再次调整为 240%

目前参数:
初始抵押率(抵押线) ICR 240%
维持抵押率(爆仓线) MCR 160%
最大轧空率(爆仓惩罚上限) MSSR 105%
爆仓费率 MCFR 3%
强清费率 FSFP 3%
强清价格偏移(强清补偿) FSO 2%
强清延时 24小时
每小时最大强清比例 0.5%
最低喂价 0.12 (暂行)
喂价人清单 in.abit (暂行)
最少有效喂价人数 1 (暂行)

借款功能目前开放,债务上限 2000 万 bitCNY

9
Purpose:
to restore the peg of bitCNY in the long run and mitigate the issue that some debt positions' collateral ratio is too low.

Changes:
ICR (Initial collateral ratio) adjusted from 330% to 180%
MCR (Maintenance collateral ratio) adjusted from 290% to 160%
MSSR (Maximum short-squeeze ratio) adjusted from 190% to 105%
MCFR (Margin call fee rate) adjusted from 7% to 3%
FSFP (Force settlement fee percent) adjusted from 1% to 3%
Price feed threshold adjusted from 0.22 CNY/BTS to 0.12 (temporary)
Price feed producers list: in.abit only (temporary)
Minimum feeds adjusted from 7 to 1 (temporary)

Current parameters:

ICR (Initial collateral ratio) 180%
MCR (Maintenance collateral ratio) 160%
MSSR (Maximum short-squeeze ratio) 105%
MCFR (Margin call fee rate) 3%
FSFP (Force settlement fee percent) 3%
FSO (Force settlement price offset) 2%
Force settlement delay 24 hour
Maximum force settlement volume per hour 0.5%
Price feed threshold 0.12 CNY/BTS (temporary)
Price feed producers list: in.abit only (temporary)
Minimum feeds 1

Borrowing is enabled. The maximum supply is limited to 20,000,000 bitCNY.


Note:

* As of writing, market trading price of BTS on CEXs is around 0.123 CNY, the collateral ratio (CR) of the debt position with the lowest CR in the BitShares DEX is 161%, the corresponding black swan price is 0.076 CNY.


Here is a summary to in.abit's price feed script:

* update up to 12 times per hour, at random intervals; no update if price change is less than 0.1%
* main data source is Binance and Huobi, with low-weight adjustments from AEX, Bittrex and BitShares DEX
* black swan protection is enabled
* price threshold is 0.12

Risks related to price feeds (market participants please be aware):
* due to the low weight of direct CNY market, the final price need to be derived from BTC and USDT markets, so the price may be a bit off
* due to potential technical issues, update of price may be delayed for a short or long time

10
参数调整目的:争取恢复 bitCNY 锚定,缓解部分借款仓位抵押率过低的问题。

今日操作:
初始抵押率(抵押线) ICR 从 330% 调整为 180%
维持抵押率(爆仓线) MCR 从 290% 调整为 160%
最大轧空率(爆仓惩罚上限) MSSR 从 190% 调整为 105%
爆仓费率 MCFR 从 7% 调整为 3%
强清费率 FSFP 从 1% 调整为 3%
最低喂价 从 0.22 调整为 0.12 (暂行)
喂价人清单调整为 in.abit 单人喂价(暂行)
最少有效喂价人数从 7 调整为 1 (暂行)

目前参数:
初始抵押率(抵押线) ICR 180%
维持抵押率(爆仓线) MCR 160%
最大轧空率(爆仓惩罚上限) MSSR 105%
爆仓费率 MCFR 3%
强清费率 FSFP 3%
强清价格偏移(强清补偿) FSO 2%
强清延时 24小时
每小时最大强清比例 0.5%
最低喂价 0.12 (暂行)
喂价人清单 in.abit (暂行)
最少有效喂价人数 1 (暂行)

借款功能目前开放,债务上限 2000 万 bitCNY

注:
按目前外盘价0.123算,内盘抵押率最低的债仓的抵押率为 161% ,黑天鹅价为 0.076 (该数据会根据债仓数据变化而变化)

另附 in.abit 目前喂价算法如下:
* 每小时最多更新 12 次喂价,时间随机;如果价格变动低于0.1%则不更新
* 主数据源为 币安、火币,同时AEX、bittrex 和内盘有少量权重
* 黑天鹅保护开启
* 最低喂价 0.12

喂价相关风险提示(请市场参与者充分了解):
* 由于人民币交易对权重较低,主要通过BTC和USDT折算得出最终喂价,而BTC和USDT价格取自外部交易所,可能导致结果存在偏差
* 可能因为技术原因,导致喂价更新不及时,甚至中断一段时间

11
General Discussion / 2020-11-16 Old bitCNY price feed producer list update
« on: November 16, 2020, 10:04:01 am »
The price feed producer list of old bitCNY has been updated as follows because quite some price feed producers were not feeding a price.

1.2.376     liondani
1.2.4952    abc123
1.2.14035   xn-delegate
1.2.35248   in.abit
1.2.420186  clone
1.2.551261  delegate-zhaomu
1.2.709204  ioex
1.2.862994  gdex-witness
1.2.987999  zapata42-witness
1.2.1031601 btspp-witness

12
中文(Chinese) / 2020-11-16 老 bitCNY 喂价人调整
« on: November 16, 2020, 09:48:27 am »
目前不少 bitCNY 喂价人没能及时更新喂价。

现调整喂价人如下,为逐步恢复正常喂价作准备。

1.2.376     liondani
1.2.4952    abc123
1.2.14035   xn-delegate
1.2.35248   in.abit
1.2.420186  clone
1.2.551261  delegate-zhaomu
1.2.709204  ioex
1.2.862994  gdex-witness
1.2.987999  zapata42-witness
1.2.1031601 btspp-witness

其中, clone 为新增喂价人。

13
General Discussion / 2020-11-15 Old bitCNY parameters adjustment
« on: November 15, 2020, 02:22:47 pm »
Purpose:
to restore the peg of bitCNY in the long run and mitigate the issue that some debt positions' collateral ratio is too low.

Changes:
MCR (Maintenance collateral ratio) adjusted from 275% to 290%
The maximum supply is adjusted from 21,000,000 bitCNY to 20,000,000 bitCNY.

Current parameters:

ICR (Initial collateral ratio) 330%
MCR (Maintenance collateral ratio) 290%
MSSR (Maximum short-squeeze ratio) 190%
MCFR (Margin call fee rate) 7%
FSO (Force settlement price offset) 2%
FSFP (Force settlement fee percent) 1%

The median feed price is 0.22 CNY/BTS.

Borrowing is enabled. The maximum supply is limited to 20,000,000 bitCNY.


Note:

* As of writing, market trading price of BTS on CEXs is around 0.12 CNY, the collateral ratio (CR) of the debt position with the lowest CR in the BitShares DEX is 150%, the corresponding black swan price is 0.08 CNY.

* the ICR value 330% for feed price 0.22 effectively means 180% for market price 0.12, and the corresponding black swan price is 0.0667:
0.22 / 330% = 0.120 / 180% = 0.0667

* the MCR value 290% for feed price 0.22 effectively means 158.2% for market price 0.12, and the corresponding black swan price is 0.076:
0.22 / 290% = 0.12 / 158.2% = 0.076

* the MSSR value 190% for feed price 0.22 means collateral of low-CR debt positions will be listed for sale at 0.22 / 190% = 0.1158 bitCNY
** the MCFR value 7% means the price for buyers' is 0.22 / (190%-7%) = 0.120218579 bitCNY
** 0.1158 / 0.12 = 96.5% which means the actual penalty for being margin called is 3.5%

14
中文(Chinese) / 2020年11月15日 老bitCNY参数调整
« on: November 15, 2020, 02:15:12 pm »
参数调整目的:争取恢复 bitCNY 锚定,缓解部分借款仓位抵押率过低的问题。

今日操作:
维持抵押率(爆仓线) MCR 从 275% 调整为 290%
债务上限 从 2100 万 bitCNY 调整为 2000 万 bitCNY

目前参数:
初始抵押率(抵押线) ICR 330%
维持抵押率(爆仓线) MCR 290%
最大轧空率(爆仓惩罚上限) MSSR 190%
爆仓费 MCFR 7%
强清价格偏移 2%
强清费率 1%
喂价 0.22 暂时保持不变

借款功能目前开放,债务上限 2000 万 bitCNY

注:
按目前外盘价0.12算,内盘抵押率最低的债仓的抵押率为 150% ,黑天鹅价为 0.08 (注:该数据会根据债仓数据变化而变化)

330%的ICR结合0.22喂价,相当于价格0.12时要求180%的初始抵押率。
计算方法: 0.22 / 330% = 0.12 / 180% = 黑天鹅价 0.0667

290%的MCR结合0.22喂价,相当于价格0.12时要求158.2%的最低抵押率。
计算方法: 0.22 / 290% = 0.12 / 158.2% = 黑天鹅价 0.076

190%的MSSR结合0.22喂价,相当于抵押品最低卖出价为 0.22 / 190% = 0.1158
再结合 7% 的MCFR,相当于要吃爆仓单,最低买单价为 0.22 / (190%-7%) = 0.120218579
同时,0.1158 / 0.12 = 96.5% ,相当于实际爆仓惩罚为 3.5%

15
General Discussion / 2020-11-13 Old bitCNY parameters adjustment
« on: November 13, 2020, 06:37:47 am »
Purpose:
to restore the peg of bitCNY in the long run and mitigate the issue that some debt positions' collateral ratio is too low.

Changes:
MCR (Maintenance collateral ratio) adjusted from 250% to 275%

Current parameters:

ICR (Initial collateral ratio) 330%
MCR (Maintenance collateral ratio) 275%
MSSR (Maximum short-squeeze ratio) 190%
MCFR (Margin call fee rate) 7%
FSO (Force settlement price offset) 2%
FSFP (Force settlement fee percent) 1%

The median feed price is 0.22 CNY/BTS.

Borrowing is enabled. The maximum supply is limited to 21,000,000 bitCNY.


Note:

* As of writing, market trading price of BTS on CEXs is around 0.12 CNY, the collateral ratio (CR) of the debt position with the lowest CR in the BitShares DEX is 136%, the corresponding black swan price is 0.088 CNY.

* the ICR value 330% for feed price 0.22 effectively means 180% for market price 0.12, and the corresponding black swan price is 0.0667:
0.22 / 330% = 0.120 / 180% = 0.0667

* the MCR value 275% for feed price 0.22 effectively means 150% for market price 0.12, and the corresponding black swan price is 0.08:
0.22 / 275% = 0.12 / 150% = 0.08

* the MSSR value 190% for feed price 0.22 means collateral of low-CR debt positions will be listed for sale at 0.22 / 190% = 0.1158 bitCNY
** the MCFR value 7% means the price for buyers' is 0.22 / (190%-7%) = 0.120218579 bitCNY
** 0.1158 / 0.12 = 96.5% which means the actual penalty for being margin called is 3.5%

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