• OKX explained its automatic exchange triggered by extensive Floki redemptions.

• The platform acknowledged notification issues and plans to enhance alerts.

• OKB token price remains stable despite recent concerns and clarifications.

Cryptocurrency exchange platform OKX has addressed recent concerns regarding its FLOKI Pledge Loan Mechanism. The clarification follows remarks from on-chain arbitrageur CryptoWilson, who noted an unusual spike in trading volume for OKX’s Floki trading pair starting from August 29, 2024. This led to automatic purchases of Floki at higher prices and forced sales of collateralized BES loans.

OKX clarified that the automatic currency exchange occurs when the pledge risk rate seems secure. They explained their mortgage loan system operates as a customer-to-customer (C2C) market, matching depositors with borrowers. This system maintains a 100% reserve principle.

关于 FLOKI 质押借币机制问题的调查与说明

Q1：在质押借币风险率安全的情况下为什么会触发自动换币？自动换币具体规则是什么？
OKX的活期抵押借币是一个存币用户和借币用户之间匹配的C2C市场，基于100%准备�…

The post OKX Floki Loan: Exchange Explains Auto-Exchange Trigger appeared first on Coin Edition.