As many of you are aware, over the past several days, UST suffered from extreme price volatility and de-pegging.
On the Alpaca platform, we supported the PancakeSwap UST-BUSD LYF pool. To safeguard our users, opening of new positions have been disabled roughly about 12 hours ago (the morning of May 11th, Asia Time)
However, there was some bad debt occurred (3,976 USD) from existing potions.
To save the community and the team’s time, we propose that for this amount and any future bad debt amounts under 10k USD, the team will inform the community and exercise the Insurance Plan directly.
If the community agrees with this we will proceed with activating insurance plan without a vote.