On August 30, OKX Xu Xingxing replied to the issue of "users questioning the OKX lending mechanism":
1. OKX current mortgage loan is a C2C market between users. OKX only provides a platform to help users with borrowing needs and earning needs match;
2. 100% reserve is a basic original responsibility of OKX. When the borrowing amount exceeds the deposit amount, the automatic currency exchange mechanism of the platform will be triggered due to the requirement of 100% reserve;
3. OKX of course places a limit on the maximum amount of currency borrowed, and it is not allowed to exceed 100%;
4. Due to the market activity of this currency, there was a large number of redemptions by depositors at that time, resulting in the borrowing amount exceeding 100%, which in turn triggered the automatic exchange of coins;
5. The OKX team will review the underlying design mechanism of the mortgage lending platform to see if there is an optimization plan. We also welcome your comments.
Xu Xingxing: Based on the principle of 100% reserve, when the borrowing amount exceeds the deposit amount, the platform's automatic currency exchange mechanism will be triggered
2024-08-30 05:43:19
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