After the unfortunate news of the @algogard protocol winding down its operations, we've shared on the Folks Forum a plan to allow users to withdraw their $GARD deposits on Folks Finance before Gard's sunset event.
Check it out 👇
forum.folks.finance/t/gard-s…
🚨#algofam🚨
We have some unfortunate news to share regarding the GARD Protocol.
After a lot of reflection, the team has recently come to the unfortunate decision to wind down the protocol.
More here: algogard.com/news/gard-sunse…
#algofam
In the last 24 hours, a user created a CDP leaving bad debt. The situation is actively being looked into.
Out of an abundance of caution, users may remove liquidity from DEXs.
Updates will be shared when possible.
UPDATE: The oracle that was being used provided inflated pricing data for a brief moment. As a result, one user was able to borrow more $GARD than they should have been able to for the amount of collateral supplied.
As a result, #GARD is now relying on @FolksFeedOracle.
Updates will be shared when possible.
UPDATE: Pricing data is continuing to work as expected. The team has also collaborated with the user who unwittingly experienced the issue. The user was trying to loop (gain leverage) on their position without a full understanding of what they were doing. This confusion was compounded by the inflated pricing data relayed by the previous oracle. The issue has been resolved and the funds the user obtained after liquidating the GARD have been recovered. The GARD team will repay the bad debt from this incidence as quickly as possible given the recovered funds were in ALGOs and significantly less than the GARD borrowed (slippage). The GARD team is committed to transparency and has shared all relevant information with the community as soon as possible to help it's users make educated decisions. No user funds on the GARD dApp were affected.
🚨Fellow GARDIANS🚨
We have some important announcements you all should be aware of including GARDIAN V2 updates, upcoming IP restrictions, and what to look forward to ahead! 🚀
More here: algogard.com/news/gard-impor…#Algorand#AlgorandDeFi$ALGO$GARD
🚀 Lending Pools APYs have taken off!
Today, we'd like to provide more insight into how, together with @pact_fi@wormholecrypto & @algogard, we have incentivized deposits into Lending Pools with the Targeted DeFi Rewards. 💪 @AlgoFoundation
Check out our infographic 👇
🚨Rewards Are Live🚨
Targeted #DeFi rewards from @AlgoFoundation are live on our partner's platforms. 🚀
Here's a breakdown of the $ALGO boost:
☑️ 127.5k $ALGO / $GARD lending pool on @pact_fi
☑️ 62.5k $GARD / $USDC lending pool on @pact_fi
☑️ 41,829 $ALGO / $GARD liquidity pool on @pact_fi
☑️ 40k $GARD / $USDC pool on @HumbleDefi
50k of our allocation not allocated yet.
A special thank you to our partners who contributed the following to $GARD liquidity pairs:
💰75k $ALGO from @FolksFinance
💰72k $ALGO from @pact_fi
💰40k $ALGO from @HumbleDefi
Make sure to check out these pools! The more they're
utilized, the more rewards there will be next period!!
Follow along at this address: VTQXTVQ4ASLQJDAGQWVH2VPJY3H4IZ2BFNYG6WJZ3OGU2QIBJJYLWIINVQ