OKX Star responds to questions about its lending mechanism: We will review the underlying design of the mortgage lending platform and welcome comments

BlockBeats news, on August 30, OKX CEO Star posted on social media in response to an OKX user's recent question about the lending mechanism of Floki's automatic currency exchange for buying and selling, saying, "1. OKX current mortgage lending is a C2C market between users. OKX only provides a platform to help users with borrowing and earning needs match;

2. 100% reserve is a basic principle of OKX. When the loan amount exceeds the deposit amount, the platform's automatic currency exchange mechanism will be triggered due to the 100% reserve requirement;

3. OKX certainly limits the maximum loan amount and does not allow it to exceed 100%;

4. Due to the market activities of this currency, a large number of depositors redeemed at that time, resulting in the loan amount exceeding 100%, which triggered the automatic currency exchange;

5. The health of the loan currency is an indicator of whether the collateral is sufficient, which is related to the currency price and has nothing to do with whether the automatic currency exchange is triggered;

6. The OKX team will review the underlying design mechanism of the mortgage loan platform to see if there is an optimization plan, and everyone is welcome to give more suggestions.

Regarding how to select the account for automatic currency exchange and the reminder email, OKX will respond after investigating it clearly. 」