We secure the users’ collaterals and value of their assets. Therefore, we have developed the mechanism called Comprehensive Clearing which ensures the Target Prices towards USDDex holders and keepers. It is designed to freeze the work of the Platform and carefully shut it down avoiding all possible system errors enabling USDDex holders and UGCSC users to receive all their lawful assets and values. The access to this process is regulated by USDDEX voters and is controlled to be engaged only in force-major or other serious situations like hacking attack, security system violations, continuous market instability or system upgrades.
Below we indicate three main stages of the Comprehensive Clearing (CC) function process. At the first stage CC gets activated. How?
First, USDDex Management selects and appoints to the position of clearers any actors at its own discretion. It is a major part of clearers, having deemed an event as a sever attack or a preplanned technical upgrade, who is eligible to launch the CC process. At this point UGCSC creation and deployment gets stopped, the Price Feed is blocked at a given fixed value and this value serves as a basis for proportional calculation of the users’ claims and requests.
On the second stage the users’ claims are to be processed. It supposes to take some time for keepers to complete and clear the proportional claims in accordance with the fixed value. As soon as it is done all USDDex or UGCSC holders can request a fixed amount of Ether due to their stablecoins or smart contracts.
The third stage involves the collateral call. If any (or all) holder of USDDex or UGCSC intends to withdraw his/her assets they can claim their collateral and exchange their Platform assets for an amount of Ether equally to the value of their USDDex and/or UGCSCs assets calculated on the USDDex target price.
For example, USDDex Target Price is 1 USD, The ETH/USD exchange rate is 200 at a day of Comprehensive Clearing engagement. Suppose, a user holds 1000 USDDex as of CC day. Then the first two stages shall be performed. At stage three the user can claim 5 ETH and get them back. We do not put any time restriction on the period of the final claim application.
Published at Sat, 09 Mar 2019 12:17:44 +0000
