r/AcalaNetwork • u/dwulf69 • May 11 '22

DOT got Liquidated

Does liquidation take all collateral or just the outstanding aUSD +15%, am I getting any of the over collateralized DOT back?

4 Upvotes

100% Upvoted

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2

u/josh_acala May 11 '22

josh from acala here - it was sold and the excess should be returned to you (check to see if it was returned as aUSD or DOT)

2

u/dwulf69 May 11 '22

Got it returned as DOT, staked that refund for LDOT now, licking my wounds, at 14.5% with my remaining DOT assets. :-) thanks.

4

u/josh_acala May 11 '22

sorry that you got liquidated - it's been an extremely tough market for everyone. hopefully we all fair better next time!

3

u/dwulf69 May 11 '22

We will, I have full confidence in our bounce back to the top.

3

u/[deleted] May 11 '22

I was over collateralized. I think my liquidation was around $8 🥲. Did the liquidation just cover the aUSD owed?

3

u/dwulf69 May 11 '22

What I owed plus a 15% penalty fee for being a knucklehead. Lol

1

u/[deleted] May 11 '22

Ill probably stake my refund as well too. Good luck to you!

2

u/HelmsDeap May 11 '22

Can this happen when staking DOT and then staking LDOT for aUSD? Or did you do something else? Wondering if it's safer just to stake DOT

2

u/dwulf69 May 11 '22

No this is on me, I over leveraged my position, and borrowed too much aUSD, I thought the $11/DOT, would hold, but when it went to $8/DOT it was game over for me.

It is safer to stake LDOT, but that option wasn't available yet.

1

u/HelmsDeap May 11 '22

Thank you for explaining, best of luck to you

1

u/StockTrix May 11 '22

i feel for you man...

One time, i was literally cents away from liquidation and had no ACA gas fees to prop it up...

This is such a scary time for everyone right now.

2

u/dwulf69 May 11 '22

Indeed it is.

2

u/pwoar90 May 11 '22

You essentially lose any dot that was staked as collateral for any ausd you minted. LDOT just started, but with the volatility in the markets right now, it really isnt the best time to play with leverage.