WIP34:调整 WePiggy 协议主营方向,专注主流资产借贷,逐步下架长尾资产,开发和部署预言机风控模块 / Adjust the Main Business Direction of WePiggy Protocol, Focus On Mainstream Asset Lending, Gradually Delist Long-Tail Assets, Develop and Deploy Oracle Risk Control Module

1 、前言

提案编号:WIP34
提案名称:调整 WePiggy 协议主营方向,专注主流资产借贷,逐步下架长尾资产,开发和部署预言机风控模块
提案作者:Core Devs
有关提案:无
替换提案:无

2 、摘要

本提案中,核心开发团队根据社区关心的一系列协议和资产安全问题,提议调整 WePiggy 协议主营方向,专注主流资产借贷,逐步下架长尾资产,开发和部署预言机风控模块,并对原因以及动机进行了详细地阐述。

注意:本提案为加急提案,讨论期 1 天,正式投票期 1 天。

3 、动机

逐步下架一些长尾资产,既是回应近期一些借贷用户对于部分资产流动性等风险的关切询问,也是当前 WePiggy 社区较为强烈的共识。

尽管这一举措有可能导致 WePiggy 协议的存款市场规模在短期内有所下降。但是从长期而言,有助于向用户和社区明确树立 WePiggy 协议将专注主流资产借贷,立志成为全网络最为安全的借贷协议的印象,提升外界对于 WePiggy 协议安全性的信心,增强更多用户使用WePiggy协议的意愿。

同时,WePiggy 协议开发团队将在近期开发和部署预言机风控模块。该模块在监测到主预言机有可能出错的前提下,为用户的资产安全提供一道额外“防火墙”。

4 、正文

4.1 调整 WePiggy 协议发展方向

以 CHE 的资金事件为契机,众多社区用户在不同场合,向核心开发团队表达了他们对于 WePiggy 借贷协议目前上线部分资产的担忧,也在论坛、社交媒体上,提出了对于协议发展方向的一些建议,并与核心开发团队形成了共识:

希望通过下架流动性不足,资金量小,价格波动大的各类长尾资产,将 WePiggy 协议的资金风险降至最低,成为最安全和纯粹的主流资产借贷协议。

另一方面,WePiggy 协议如果放弃长尾资产,尽管在风险隔离、协议资产安全方面得到提升,但也会在短期内限制协议所服务的用户范围和资产类别。

基于以上考虑,核心开发团队认为最合理的方案是:

当前的 WePiggy 借贷协议作为主协议支持加密货币市场中的主流核心资产。与此同时,核心开发团队将尽快规划和开发针对长尾资产的专用借贷产品,以完全隔离主流核心资产和长尾资产之间的风险。

4.2 逐步下架 “长尾资产”

长尾资产是指:与主流资产、基础资产、稳定币这些资产相比,市值,交易流动性,交易量相对较差的资产。

为了形成一个明确的规范,我们以 Coinmarketcap,CoinGecko的数据作为依托,流通市值排名在100名以后的非稳定币资产,定义为长尾资产。

另外,由于 WePiggy 是多链部署的借贷协议,各链的 Gas 币种是该链上的核心资产,在该链享有最好的流动性。其风险与该链的风险高度绑定。所以,尽管其市值排名未必靠前,但是不在下架的范畴。协议通过之前设置的极其保守的参数来控制风险。

基于以上判断,我们对目前已上线的所有资产进行梳理,以下资产应将被调整参数,逐步下架:

1、YFII (网络:ETH)
2、xLON(网络:ETH)
3、MASK(网络:BSC)
4、NULS(网络:BSC)
5、HPT(网络:HECO)
6、MDX(网络:HECO)
7、CHE(网络:OEC,执行中)
8、dQUICK(网络:Polygon)

4.3 下架标准流程

规范下架的标准流程,有助于用户理解资产下架所带来的影响。

由于存在社区用户的信息不对称问题,所以,凡是可能会影响到用户资产的调整,应该采取更为温和的调整方式,逐步执行,并做出充分的解释:

第一步:设置该市场的 WPC 分配奖励为 0 WPC/区块

这将有助于推动相关用户取款、还款。

第二步:关闭该市场的存/借功能

关闭市场的存款/借款功能,取款以及还款功能不受影响;借贷协议前端将折叠下架资产,但是用户可以在“我的资产”页面找到下架资产,直至用户没有存入或借取任何该资产。

第三步:准备金率调整为:100%

准备金率提升至 100%,意味着用户的存款将不会有任何的存款收益,以推动相关用户取款。同时,用户取款会推高借款利率,如此将会推动相关用户还款。

第四步:分3周,将该资产的最大质押率调整为:0%

若当前仍有用户使用该资产作为质押物借取其它资产,为了尽最大可能减少因下调质押率所产生的强制清算规模,核心开发团队建议分 3 周执行;若期间用户已经没有质押该资产进行借款的行为,将立即完成质押率调整。

免责声明: 因最大质押率调整造成的清算,属于市场行为,协议没有补偿义务。

4.4 开发和部署预言机风控模块

准确可靠的预言机是一个借贷协议赖以生存和发展的基础设施,是用户资产安全的重要保障。目前主流借贷协议出于成本和专业分工的考量,都已经放弃使用自有预言机,转而采用更为专业、可靠的去中心化预言机 Chainlink 提供的喂价。

目前由于各种原因,OEC、Solana、以及 Cardano 等网络尚未正式部署 Chainlink 预言机。因此,也就孕育了一些其他的预言机项目,并为网络中的协议或应用所广泛使用。但这些预言机往往难以提供与 Chainlink 水平相近的喂价服务,存在向集成的协议或应用推送严重偏离市场的币种价格信息的可能。

为了尽可能减少预言机错误报价所引发的一系列资金安全和异常清算问题,WePiggy 开发团队正在开发独有的预言机风控模块。该模块由自主研发的备用预言机,主力预言机监控机器人,以及借贷协议紧急风控合约三个部分共同组成。当备用预言机与主力预言机之间发生巨大价格偏差时(此时主力预言机有可能出错),协议的借款功能将被自动关闭,但不会影响存款、取款、还款和清算功能。这将有效避免更多的债务产生,为用户的资产安全提供一道额外的“防火墙”。

五 、选项

1、支持此计划
2、不支持此计划

--------In English----------

WIP34:Adjust the Main Business Direction of WePiggy Protocol, Focus On Mainstream Asset Lending, Gradually Delist Long-Tail Assets, Develop and Deploy Oracle Risk Control Module

1. Preamble

Proposal Number: WIP34

Proposal Title: Adjust the Main Business Direction of WePiggy Protocol, Focus On Mainstream Asset Lending, Gradually Delist Long-Tail Assets, Develop and Deploy Oracle Risk Control Module

Proposal Author(s): Core Devs
Related Proposals / Dependencies: N/A
Replacement Proposal / Replaces: N/A

2. Abstract

In this proposal, the core development team proposes to adjust the main business direction of the WePiggy protocol based on some issues that the community is concerned about, focus on mainstream asset lending, gradually delist long-tail assets, develop and deploy oracle risk control module, and elaborates the reasons and motivations.

Note: Urgent proposal , the duration of the Proposal Discussion Stage is 1 day, the Proposal Voting Stage is 1 day.

3. Motivation

The gradual delisting of some long-tail assets is not only a response to the recent concerns of some borrowers about the liquidity of certain assets and other risks, but also the current strong consensus of the WePiggy community.

Although this may cause the deposit market size of WePiggy protocol to decline in the short term. However, in the long run, it will help create the impression to users and the community that WePiggy protocol will focus on mainstream asset lending and aim to become the most secure lending protocol. In addition, it will increase the confidence of DeFi users outside WePiggy community in the security of WePiggy protocol and increase the willingness of more users to use WePiggy protocol.

At the same time, WePiggy protocol core development team will develop and deploy the oracle risk control module in the near future. This module provides an additional “firewall” for the user’s asset security when it detects that the primary oracle may go wrong.

4. Specification

4.1 Adjust the Main Business Direction of WePiggy Protocol

Taking the CHE incident as an opportunity, many community users expressed their concerns to the core development team on various occasions about some listed assets of WePiggy lending protocol. At the same time, they have made some suggestions on the development direction of the protocol in governance forums and on social media, and have formed a consensus with the core development team:

It is hoped that by delisting various long-tail assets with low liquidity, trading volume, and market capitalization, WePiggy protocol will minimize assets risk and become the safest and purest mainstream asset lending protocol.

On the other hand, if WePiggy protocol gives up long-tail assets, although it is helpful for risk isolation and asset security, it will also limit the user groups and asset classes served by the protocol in the short term.

Based on the above considerations, the core development team believes that the most reasonable solution is:

The current WePiggy lending protocol serves as the main protocol to support mainstream core assets in crypto market. At the same time, the core development team will plan and develop special lending products for long-tail assets as soon as possible to completely isolate the risk between mainstream core assets and long-tail assets.

4.2 Gradually Delist Long-Tail Assets

Long-tail assets refer to assets with low liquidity, trading volume, and market capitalization, compared to mainstream assets, base assets, and stablecoins.

Specifically, based on the data of CoinMarketCap and CoinGecko, the non-stablecoin assets ranked after the 100th in market capitalization are defined as long-tail assets.

In addition, since WePiggy is a multi-chain deployed lending protocol, the Gas token of each chain is the core asset on that chain with the best liquidity. Its risk is highly tied to the risk of that chain. Therefore, although its market capitalization ranking may not be high, it will not be delisted. The protocol controls its risks through the extremely conservative risk parameters set previously.

Based on the above judgments, we have reviewed all the listed assets. The following assets should be gradually delisted:

1 YFII (Network: ETH)
2 xLON (Network: ETH)
3 MASK (Network: BSC)
4 NULS (Network: BSC)
5 HPT (Network: HECO)
6 MDX (Network: HECO)
7 CHE (Network: OEC, in process)
8 dQUICK (Network: Polygon)

4.3 Standard Operating Procedure (SOP) of Delisting

Standardizing the SOP of delisting helps users understand the impact of asset delisting.

Since there are information asymmetries for community users, any adjustments that may affect user assets should be made in a more moderate manner, implemented gradually and with adequate explanation.

Step 1: Set the WPC distribution reward of this market to 0 WPC/block

This will help push the relevant users to withdraw and repay their funds as soon as possible.

Step 2: Disable the deposit/borrow function of the market

Disable the deposit/borrow function of the market, the withdraw/repay functions will not be affected; the delisted assets will be collapsed in WePiggy’s App, but users can easily find the delisted assets in “My Assets” until the user does not deposit or borrow any such assets.

Step 3: Adjust the reserve factor to 100%

Increasing the reserve factor to 100% means that there will be no deposit income from users’ deposits to push relevant users’ withdrawals. At the same time, users’ withdrawals will push up the borrowing interest rate, which will drive the relevant users to repay their borrowings.

Step 4: Adjust the maximum LTV ratio of the asset to 0% over 3 weeks

As many users still have outstanding borrowings by using that asset as collateral. To minimize the scale of the liquidation caused by the reduction of the maximum LTV ratio, the core development team propose to implement it in 3 weeks; during which time the maximum LTV ratio adjustment will be executed immediately if there are no more users using that asset as collateral for borrowing.

Disclaimer: Liquidation caused by the adjustment of the maximum LTV ratio is a normal market behavior, and the protocol has no obligation to compensate.

4.4 Develop and Deploy Oracle Risk Control Module

An accurate and reliable oracle is the infrastructure on which a lending protocol operates and grows, and is an important safeguard for the safety of user assets. Currently, most of lending protocols have given up using their own oracles for cost and professional division of labor considerations, and instead use more professional and reliable decentralized oracle Chainlink.

At present, due to various reasons, OEC, Solana, and Cardano have not yet officially integrated Chainlink oracle. Some other oracle projects come out, and are widely used by protocols and applications on these networks. However, these oracles are not as good as Chainlink, sometimes, may feed abnormal prices to integrated protocols and applications.

To minimize a series of assets security and abnormal liquidation problems caused by the oracle’s abnormal quotation, the WePiggy development team is developing a unique oracle risk control module. This module is composed of three parts: a self-developed backup oracle, a primary oracle monitoring robot, and an emergency risk control contract for WePiggy lending protocol. When there is a huge price deviation between the backup oracle and the primary oracle (the primary oracle may go wrong at this time), the borrowing function will be automatically closed, but it will not affect the deposit, withdrawal and repayment functions; This will effectively avoid incurring more debts and provide an additional “firewall” for the security of users’ assets.

5. Option

Option 1: For the plan
Option 2: Against the plan

1 Like

This is a good idea, I support this move to improve the security and stability of the WePiggy protocol

1 Like

市场是瞬息万变的,特别是国际大环境,生息,缩表导致美金回流,市场上的资金会变少,这个效应虽然难说有多大影响幅度,但是早做准备,免得到时候来不及反应。

还有,我的观察,这两天的市场信号有点不好,有一些大户蠢蠢欲动的,大币也许影响不大,我担心本来就占份额不大的小币种突然瀑布,借贷量不大,存款量也不大,放着没多大收益,亏起来没底,得不偿失。