The price of Maple Finance's MPL token has plunged, and project leaders are now pledging a major system upgrade. With depositors facing steep losses, the changes can't come soon enough. sndr_krisztian reports.
has 80% of all loans to one borrower – Orthogonal Trading. This number was 14% as of Aug. 31, below the threshold, according to Sherlock’s statement.
Every credit pool on the platform has a separate fund called “pool cover” that acts like insurance to cover the first losses – or at least a part of it – in the event of a default. To make sure that the pool’s manager acts responsibly and does their best to prevent any defaults, they must lock up assets in the pool cover.M11 Credit has assets worth less than $1.
Still, savvy investors sniffing trouble may move fast to withdraw from the pool cover before a default, depleting the fund to compensate creditors.
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