Spark announced that it will shut down its lending protocol, SparkLend, on the Gnosis Chain on September 14. Upon implementation, all outstanding loans on this instance will immediately become eligible for liquidation. Users must repay their debts before September 14 to avoid liquidation. This move aims to reduce Spark’s overall risk exposure and eliminate ongoing maintenance costs.
Spark to Shut Down SparkLend on Gnosis Chain on September 14
TechFlowShare
Summary
Spark announced a protocol update, confirming the shutdown of SparkLend on the Gnosis Chain on September 14. All outstanding loans will become liquidatable after the change. Users are urged to repay their debts before the deadline. This move is part of Spark’s strategy to reduce risk exposure and lower maintenance costs. This on-chain update underscores the importance of acting promptly to avoid potential losses.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.