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Messages - abit

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1
This is a translation of the original Chinese post (https://bitsharestalk.org/index.php?topic=33632.msg347867#msg347867).

On January 22, 2022, the market price of BTS fell, triggering the bitCNY black swan event, and the insolvent debt positions were independently liquidated to the fund pool.

As of the time of publication, the total collateral in the independent liquidation fund pool is 43,755,308.66640 BTS (more than 43 million), and the corresponding debt is 6,257,567.7942 bitCNY (more than 6 million).
The average liquidation price is about 0.143 bitCNY/BTS. The BTS in the pool can be obtained instantly by force-settling bitCNY.

While the price of BTS continued to fall, some insolvent debt positions were not automatically liquidated, which was confirmed as a code BUG after inspection.
At the same time, due to the existence of these unliquidated debt positions, most debt position adjustment operations cannot be completed, no borrowing, no increase or decrease in collateral, and no partial repayment, only full repayment to close the debt position. (It may also be the case that limit orders cannot be matched or filled normally, to be verified)
For a detailed analysis of the problem, see Github issue: https://github.com/bitshares/bitshares-core/issues/2582 .

In response to this problem, the Committee performed a temporary adjustment of the bitCNY parameters at the block height of 65663048, triggering the independent liquidation of the insolvent debt position, allowing the debt position adjustment function to be temporarily restored. The specific parameter adjustment is as follows: first adjust the MCR to 1.599, and then adjust it back to 1.6. Other parameters remain unchanged. The adjustment has no impact on other debt positions.

However, the bug still exists, and if the price of BTS continues to fall, resulting in new insolvent debt positions, the same problem will still occur.
This issue may not be fully fixed until the next major version upgrade (hard fork).

Before the problem is fixed, the Committee's temporary response plan is:
* Regularly adjust the bitCNY parameters to trigger independent liquidation in time
* Currently it is tentatively scheduled to be triggered every 10 minutes, and the time is 5 minutes, 15 minutes, 25 minutes, 35 minutes, 45 minutes, and 55 minutes of each hour. It may be adjusted according to the actual situation in the future.
* The implementation method is to send proposals in batches in advance and complete the approval to ensure that they can be executed regularly. All operations can be verified on chain by checking the committee-account.
* After each independent liquidation is triggered, until a new insolvent debt position appears, the debt position adjustment operation can be carried out normally. Please act in time for accounts that need to adjust their debt positions.
* When the feed price is much higher than the black swan price, the adjustment operation will be suspended because it is unlikely to trigger independent liquidation.

Please be advised that the above.

2
2022年1月22日, BTS 市场价格下跌,触发 bitCNY 黑天鹅事件,资不抵债的债仓被独立清算至资金池。

截止发文时,独立清算资金池内共计抵押品 43,755,308.66640 BTS (四千三百余万), 对应债务 6,257,567.7942 bitCNY (六百余万)。
平均清算价约 0.143 bitCNY / BTS 。可以通过强清 bitCNY 的方式来即时获取池中的 BTS 。

在 BTS 价格继续下跌的过程中,出现一些资不抵债的债仓没有被自动清算的情况,经检查确认为代码 BUG 。
同时,这些没有被清算的债仓的存在,导致绝大部分债仓调整操作都无法完成,不能借款、不能增减抵押品,也不能部分还款,只能完全还款关闭债仓。(可能也有限价单无法正常成交的情况,待核实)
问题详细分析见 Github issue : https://github.com/bitshares/bitshares-core/issues/2582

为应对这一问题,理事会在高度为 65663048 的区块执行了临时调整 bitCNY 参数的操作,触发了对资不抵债的债仓的独立清算,使债仓调整功能得以临时恢复。具体的调整参数的操作为:先将 MCR 调低到 1.599 ,再调回为 1.6 。其他参数不变。这一调整对其他债仓没有影响。

但是, BUG 仍然存在,今后如果 BTS 价格继续下跌导致新的资不抵债的债仓产生,仍然会出现同样的问题。
需要在下次版本升级(硬分叉)时才可能完全修复该问题。

在问题修复前,理事会临时应对方案为:
* 定期调整 bitCNY 参数以及时触发独立清算
* 目前暂定为每10分钟触发一次,时间为每个小时的5分、15分、25分、35分、45分、55分,后续可能根据实际情况调整
* 实现方式为提前批量发好提案并完成批准,保证可以定期执行。所有操作在链上可见,详见理事会账户 committee-account 。
* 每次触发独立清算之后,至新的资不抵债的债仓出现前,债仓调整操作可以正常进行。请有需要调整债仓的账户及时操作。
* 当喂价高出黑天鹅价较多时,由于不太可能触发独立清算,会暂停该调整操作。

以上,请知悉。

3
Reason: promotion.

Details:
* Update smartcoin options (asset_update_bitasset_operation): 24.13047 BTS -> 4.82609 BTS
* Update smartcoin producers (asset_update_feed_producers_operation): 24.13047 BTS -> 4.82609 BTS
* Fund asset fee pool (asset_fund_fee_pool_operation): 24.13047 BTS -> 4.82609 BTS

By the way, the following changes were done in 2022-01-21:
* Create a collateralized lending pool (credit_offer_create_operation): 1 BTS -> 0.4826 BTS , size fee per KB: 1 BTS -> 0.4826 BTS
* Update a collateralized lending pool (credit_offer_update_operation): 1 BTS -> 0.09625 BTS , size fee per KB: 1 BTS -> 0.4826 BTS
* Create a no-collateral lending pool (samet_fund_create_operation): 1 BTS -> 0.4826 BTS
* Update a no-collateral lending pool (samet_fund_update_operation): 1 BTS -> 0.09625 BTS

4
中文(Chinese) / 2022年1月22日 部分操作手续费下调
« on: January 22, 2022, 10:58:18 pm »
调整原因:“促销”。

调整内容:
更新智能资产参数操作手续费 asset_update_bitasset_operation 24.13047 BTS -> 4.82609 BTS
更新喂价人操作手续费 asset_update_feed_producers_operation 24.13047 BTS -> 4.82609 BTS
费池充值操作手续费 asset_fund_fee_pool_operation 24.13047 BTS -> 4.82609 BTS

另:1月21日调整内容:
P2P借贷池创建操作手续费 credit_offer_create_operation 1 BTS -> 0.4826 BTS , 交易大小费(每KB) 1 BTS -> 0.4826 BTS
P2P借贷池更新操作手续费 credit_offer_update_operation 1 BTS -> 0.09625 BTS , 交易大小费(每KB) 1 BTS -> 0.4826 BTS
闪电贷池创建操作手续费 samet_fund_create_operation 1 BTS -> 0.4826 BTS
闪电贷池更新操作手续费 samet_fund_update_operation 1 BTS -> 0.09625 BTS

5
2022年1月13日 bitEUR bitRUBLE 每小时强清上限从0.01%上调至0.5%

6
2022-01-13 bitAssets parameter adjustments

Reason:
The Mekong update (BitShares 6.x) is done, migrating to a new model.

bitCNY parameter update:
* ICR reduced from 185% to 175%
* BSRM adjusted from "global settlement" to "individual settlement to fund"
* Remove limitation on maximum supply
* Enable force settlements

bitUSD parameter update:
* ICR reduced from 300% to 135%
* MCR reduced from 150% to 125%
* Disable collateral bidding
* Remove limitation on maximum supply
* Minimum feeds adjusted to 2 so that price feeds will show on GUI normally
* Update price feed producers list
* no update on BSRM because bitUSD is already globally settled. Will update after revived. The revive price is around 0.06 USD/BTS

bitEUR and bitRUBLE:
* BSRM adjusted from "global settlement" to "individual settlement to order"
* Maximum force settlement volume per hour adjusted from 0.01% to 0.5%

--------------------
Current bitCNY parameters:

ICR (Initial collateral ratio) 175%
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%
BSRM (Black swan response method) : individual settlement to fund
Minimum feeds 3
Price feed producers list:
1.2.183     hiquanta
1.2.35248   in.abit
1.2.987999  zapata42-witness
1.2.1031601 btspp-witness

Borrowing is enabled. No limitation on maximum supply.
Force-settlement is enabled.

--------------------------
Current bitUSD parameters:

ICR (Initial collateral ratio) 135%
MCR (Maintenance collateral ratio) 125%
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%
BSRM (Black swan response method) : global settlement
Minimum feeds 2
Price feed producers list:
1.2.183     hiquanta
1.2.14035   xn-delegate
1.2.35248   in.abit
1.2.738675  xbtsio-wallet
1.2.987999  zapata42-witness
1.2.1035733 syalon

Borrowing is enabled (but unable to borrow due to global settlement). No limitation on maximum supply.
Force-settlement is enabled.

8
2022年1月13日 bitUSD 参数调整:
* ICR从300%下调至135%
* ICR从150%下调至125%
* 竞价复活功能关闭
* 债务上限放开
* 最少喂价人 2 人(喂价正常显示,复活价0.06 USD/BTS)
* 更新喂价人清单

调整原因:
 6.0 湄公河版本升级完成,逐步过渡到新的运营模型

目前参数:
初始抵押率(抵押线) ICR 135%
维持抵押率(爆仓线) MCR 125%
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%
黑天鹅处置方式:全局清算(因已全局清算,暂不可修改,待复活后修改)
最少有效喂价人数 2
喂价人清单
1.2.183     hiquanta
1.2.14035   xn-delegate
1.2.35248   in.abit
1.2.738675  xbtsio-wallet
1.2.987999  zapata42-witness
1.2.1035733 syalon

借款功能目前开放,不设债务上限
强清功能开启

9
2022年1月13日 bitCNY 参数调整:
* ICR从185%下调至175%
* 黑天鹅处置方式调整为独立清算至资金池
* 债务上限放开
* 强清功能开放

调整原因:
 6.0 湄公河版本升级完成,逐步过渡到新的运营模型

目前参数:
初始抵押率(抵押线) ICR 175%
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%
黑天鹅处置方式:独立清算至资金池
最少有效喂价人数 3
喂价人清单
1.2.183     hiquanta
1.2.35248   in.abit
1.2.987999  zapata42-witness
1.2.1031601 btspp-witness

借款功能目前开放,不设债务上限
强清功能目前开放

10
2022-01-10 bitCNY parameter update: ICR reduced from 195% to 185%

Reason:
To prepare for the Mekong update (BitShares 6.x) and migrate to a new model smoothly.

Current parameters:

ICR (Initial collateral ratio) 185%
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%
Minimum feeds 3
Price feed producers list:
1.2.183     hiquanta
1.2.35248   in.abit
1.2.987999  zapata42-witness
1.2.1031601 btspp-witness

Borrowing is enabled. The maximum supply is limited to 30,000,000 bitCNY.
Force-settlement is disabled.

11
中文(Chinese) / 2022年1月10日 bitCNY 参数调整:ICR下调至185%
« on: January 10, 2022, 02:02:03 pm »
2022年1月10日 bitCNY ICR从195%下调至185%

调整原因:
准备 6.0 湄公河版本升级,逐步过渡到新的运营模型

目前参数:
初始抵押率(抵押线) ICR 185%
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%
最少有效喂价人数 3
喂价人清单
1.2.183     hiquanta
1.2.35248   in.abit
1.2.987999  zapata42-witness
1.2.1031601 btspp-witness


借款功能目前开放,债务上限 3000 万 bitCNY
强清功能目前关闭

12
2022-01-05 bitCNY parameter update: ICR reduced from 210% to 195%

Reason:
To prepare for the Mekong update (BitShares 6.x) and migrate to a new model smoothly.

Current parameters:

ICR (Initial collateral ratio) 195%
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%
Minimum feeds 3
Price feed producers list:
1.2.183     hiquanta
1.2.35248   in.abit
1.2.987999  zapata42-witness
1.2.1031601 btspp-witness

Borrowing is enabled. The maximum supply is limited to 30,000,000 bitCNY.
Force-settlement is disabled.

13
中文(Chinese) / 2022年1月5日 bitCNY 参数调整:ICR下调至195%
« on: January 05, 2022, 01:44:17 pm »
2022年1月5日 bitCNY ICR从210%下调至195%

调整原因:
准备 6.0 湄公河版本升级,逐步过渡到新的运营模型

目前参数:
初始抵押率(抵押线) ICR 195%
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%
最少有效喂价人数 3
喂价人清单
1.2.183     hiquanta
1.2.35248   in.abit
1.2.987999  zapata42-witness
1.2.1031601 btspp-witness


借款功能目前开放,债务上限 3000 万 bitCNY
强清功能目前关闭

14
2021-12-30 bitCNY parameter update: ICR reduced from 240% to 210%

Reason:
To prepare for the Mekong update (BitShares 6.x) and migrate to a new model smoothly.

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%
Minimum feeds 3
Price feed producers list:
1.2.183     hiquanta
1.2.35248   in.abit
1.2.987999  zapata42-witness
1.2.1031601 btspp-witness

Borrowing is enabled. The maximum supply is limited to 30,000,000 bitCNY.
Force-settlement is disabled.

15
中文(Chinese) / 2021年12月30日 bitCNY 参数调整:ICR下调至210%
« on: December 30, 2021, 01:41:00 pm »
2021年12月30日 bitCNY ICR从240%下调至210%

调整原因:
准备 6.0 湄公河版本升级,逐步过渡到新的运营模型

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%
最少有效喂价人数 3
喂价人清单
1.2.183     hiquanta
1.2.35248   in.abit
1.2.987999  zapata42-witness
1.2.1031601 btspp-witness


借款功能目前开放,债务上限 3000 万 bitCNY
强清功能目前关闭

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