Delisting AGIX from Liqwid

This proposal aims to remove the AGIX token as both collateral and a debt token within the Liqwid protocol as a result of AGIX’s upcoming token merger.

Following a successful vote, users will have only the option to close all of their AGIX positions (with AGIX token as collateral or as debt).

On June 28, 2024, at 12h00 UTC the LTV will be turned to zero, creating an instant liquidation of these AGIX positions.

Reasoning for removing AGIX token as collateral for any other market except ADA:
The AGIX token is currently undertaking a merger with OCEAN and FETCH tokens as part of the newly formed ASI Alliance. Following this event, a new token will be created and AGIX will no longer be supported. Full technical details into the deployment time for the Cardano native token version of their new ASI token has not been communicated to the core team at this time to my knowledge.

As a result of this token merger the price of AGIX will be impacted especially since Binance the largest AGIX market is delisting this token on July 1st, 2024..

This also comes with critical risks to the Liqwid oracle system. For these reasons we propose a full delisting of AGIX before this event occurs.

Wind-down steps for AGIX as collateral, implemented after a successful vote

After this vote, the Liqwid Core Team will:

  1. Modify the front-end to prevent users from:
  • Adding more AGIX as collateral.
  • Increasing the debt of existing AGIX-backed loans
  • Opening new AGIX-backed loans
  1. Users with existing AGIX-backed loans will still be able to repay their loans, withdraw AGIX collateral, or add new collateral. Loans with multi-collaterals (incl. AGIX) will be able to function normally for the non-AGIX part.

  2. Develop and communicate clear information to users about the status of AGIX following the successful on-chain vote on Discord and Twitter.

  3. On Friday, June 28, 2024 at 12h00 UTC, the Liqwid Team will change the parameters to liquidate all the AGIX positions.

Do you support this proposal to delist AGIX from the Liqwid protocol?

  • Yes
  • No
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