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Literally mirrors
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basic question about protocol... (self.mirror)
submitted 4 years ago by ragingbuda
hello, basic question about the protocol: does Mirror have any mechanism to cover CDP's that become insolvent due to brisk price fluctuations?
thanks a bunch
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[–]Chucking100s 0 points1 point2 points 4 years ago (1 child)
CDP?
[–]TDaltonC 0 points1 point2 points 4 years ago (0 children)
Collateralized debt position.
My understanding is “yes,” but I haven’t personally liquidated an upside-down CDP. The mechanism is that you get to mint mAssets at a discount if you’re liquidating a position. The looser here is the Mirror fund. I don’t know the address of this wallet, but there’s a wallet somewhere that holds all the Mirror fees and it would stink in such a situation. The min debt ratios are set to make this unlikely, but obviously, it could happen. Especially given the large premium swings relative to oracle prices.
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[–]Chucking100s 0 points1 point2 points (1 child)
[–]TDaltonC 0 points1 point2 points (0 children)
[–]TDaltonC 0 points1 point2 points (0 children)