I didn’t get any allocation in the token launch, but got liquidated on Venus first and lost 245U! A hard lesson
This afternoon, I participated in the #Predict token launch and planned to use leverage through Venus to reduce risk and control my exposure. But I didn’t get any allocation—instead, I got liquidated first and lost about 245U.
I just used Grok to review the whole process
1. At 16:16, I deposited 5315 USDT on #Venus and received about 200,000 vUSDT as collateral.
2. At 16:28, I borrowed 5.65 BNB. The BNB price was about 751 at the time, putting the debt value at around 4243 USD.
3. Venus’s USDT collateral factor (CF/LT) is 80%, so the maximum borrowing capacity was just 5315 × 0.8 = 4252 USD. I had nearly maxed it out (about 99.8%), leaving almost no safety buffer.
4. The BNB price peaked at 753.95, bringing the debt value to around 4260 USD—directly above the liquidation threshold. A price increase of just 0.4% triggered the liquidation.
5. The liquidation bot executed through the Atlas Protocol’s `metacall`, calling the Venus Liquidator to liquidate my position.
Liquidation results (on-chain data):
- Debt repaid by the liquidator: 2.825 BNB (about $2090)
- Collateral taken from my account: about 87,963 vUSDT (worth around $2335)
- The difference was about $245, Venus’s standard liquidation incentive of around 10%
- Including other losses, I ended up losing about 400U in total
- I still have about 112,000 vUSDT left
- Worse still, the liquidation was executed at a price of around 753, while BNB has now fallen to 740. That means an additional loss of about 13U per BNB. Since 2.825 BNB were liquidated, that adds up to about 37U in extra losses.
A hard lesson:
I intended to use leverage to reduce the risk of participating in the token launch, but I overleveraged and couldn’t withstand even a 0.4% price fluctuation. I missed out on the token launch and got liquidated first.
This afternoon, I participated in the #Predict token launch and planned to use leverage through Venus to reduce risk and control my exposure. But I didn’t get any allocation—instead, I got liquidated first and lost about 245U.
I just used Grok to review the whole process
1. At 16:16, I deposited 5315 USDT on #Venus and received about 200,000 vUSDT as collateral.
2. At 16:28, I borrowed 5.65 BNB. The BNB price was about 751 at the time, putting the debt value at around 4243 USD.
3. Venus’s USDT collateral factor (CF/LT) is 80%, so the maximum borrowing capacity was just 5315 × 0.8 = 4252 USD. I had nearly maxed it out (about 99.8%), leaving almost no safety buffer.
4. The BNB price peaked at 753.95, bringing the debt value to around 4260 USD—directly above the liquidation threshold. A price increase of just 0.4% triggered the liquidation.
5. The liquidation bot executed through the Atlas Protocol’s `metacall`, calling the Venus Liquidator to liquidate my position.
Liquidation results (on-chain data):
- Debt repaid by the liquidator: 2.825 BNB (about $2090)
- Collateral taken from my account: about 87,963 vUSDT (worth around $2335)
- The difference was about $245, Venus’s standard liquidation incentive of around 10%
- Including other losses, I ended up losing about 400U in total
- I still have about 112,000 vUSDT left
- Worse still, the liquidation was executed at a price of around 753, while BNB has now fallen to 740. That means an additional loss of about 13U per BNB. Since 2.825 BNB were liquidated, that adds up to about 37U in extra losses.
A hard lesson:
I intended to use leverage to reduce the risk of participating in the token launch, but I overleveraged and couldn’t withstand even a 0.4% price fluctuation. I missed out on the token launch and got liquidated first.