Drama erupts around the Waves blockchain project and trading firm Alameda (via _vishalchawla and Timccopeland)
on the Waves blockchain he linked to Alameda that had borrowed over $30 million in WAVES. He reckoned the funds were being used to short the token., calling them a conspiracy theory.What Alameda was likely doing
Funding rates are the amount of money that’s paid out to traders who are taking long or short positions. Essentially, if the majority of participants are going long, then they pay a small amount of their open trades to those who are going short. When this happens, funding rates can climb and provide a potential source of money for those shorting the token. This mechanism is used to keep the price of the perpetual token in line with the spot price.
The proposal asks for the community to vote on a liquidation rate of 0.1% for all those who borrowed WAVES and USDN — an algorithmic stablecoin known as Neutrino USD that’s backed by the WAVES token — on Vires Finance, the largest lending protocol on the Waves blockchain. This would target Alameda’s funds, according to Ivanov’s investigation.
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