Pause BCH Borrowing/Raising Borrowing Rate Until BCH Hard Fork

BCH Hard Fork

Due to the BCH hard fork on BSC coming on Nov 15, users in our protocol will be affected in different degrees. As protocol team, we can hardly take a firm stand on this issue. However, there are still two actions we can take.

  • Pause BCH borrowing to allow BCH supplier withdraw their token easier
  • Raise the borrowing rate of BCH to decrease its utilization rate

Both of them are to provide more liquidity for BCH supplier to withdraw. As a Defi protocol team, we cannot take any of the action unilaterally to provide liquidity just because someone is in need (though it’s a special case), unless the community gives a green light.

Further details and background will be added to this thread.

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The upcoming fork is on Nov 15, the BCH will be fork into Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN) .
You can only get both forked BCH by depositing BCH into your binance account.
The binance tech guys already confirmed that , the snapshot can’t take place on the BSC chain.
That means, if your $BCH is at Cream bsc (supplied or borrowed), you will not get the fork.

binance announcement for your reference:

Since the Liquidity on Cream for BCH is 0 now, the supplier can’t withdraw any BCH from the protocol, and that means even if they want to get the bch fork, they can’t. I think it’s great and fair that cream protocol can take action to help the supplier with more liquidity.

Raise the borrowing rate of BCH to decrease its utilization rate

Raise the borrowing rate of BCH to decrease its utilization rate。

i love this choice

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I don’t think we should do anything for 2 reasons. 1. this is part of the risk of lending your assets 2. People that borrowed the BCH are probably depositing it back into their Binance accounts to claim the forked tokens themselves and we would be exerting unnecessary influence on our users.

This is part of the market. you lost. tough luck.

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1, Hard fork is a specific event happened unexpectedly after the supply of bch. it is not a risk.
2, If borrower get bch back to binance to get the fork, i think it should be fair to lift the ceiling of the borrow apy, to really let the MARKET decide what’s the rate should be, not by the ceiling.

  1. Unexpected events are part of the market, you made a decision and didn’t account for the possibility and you didn’t withdraw your BCH in time. You want the platform to benefit you but in this case it’s zero sum where we have to put another of our users at a disadvantage. We have to take a stand of neutrality.

  2. Interest rates are set platform wide so making any change would affect every single token and should not be taken lightly or rushed. The model was just changed a few weeks ago if I remember correctly so I think you’ll have a hard time convincing everyone to change them again