I have already spoken about the SUN token redenomination in a previous post.
As more and more market exchanges are transitioning from the old SUN token (now called SUNOLD) to the new SUN token, the market is shrinking and will soon disappear in favor of the new SUN token (called SUN).
If you use the defi Justlend to stake your SUNHOLD in supplying liquidities or if you use SUNHOLD as a collateral for borrowing you should consider exit now.
Here is their announcement:
We plan to gradually close the SUNOLD market through four stages, and expect to lower the collateral factor of SUNOLD to zero in around a month. Below are the the four stages scheduled:
Stage I: June 21, 2021
We will adjust the reserve factor of the SUNOLD market from 30% to 100%.
This means that the supply APY of the SUNOLD market will be lowered to 0 and users will no longer earn interest on the SUNOLD supplied.
Stage II - IV: June - late July, 2021
We will adjust the collateral factor of the SUNOLD market from 50% gradually to 0%.
This means that the assets users are able to borrow by supplying the same amount of SUNOLD will shrink, and the account with SUNOLD enabled as collateral will be exposed to higher risks of liquidation if the price of SUNOLD falls. So please keep an eye on the risks associated with your account.
