Release Notes 10/14/20 -- Stabilization Product
Updates to Loan Stabilization Product
Your borrower experience will display two new “modes”
- Stabilization Mode - Your loan will remain in this status until you lower your loan-to-value (LTV) below 83.33%. We recommend going lower as we know the market can be more volatile when we least expect it.
- Collateral Mode - Your loan will be in this status as soon as you originate your loan and until a stabilization occurs. It will automatically switch back to this mode once you have lowered your LTV below 83.33% and have converted back to non-stable assets.
Dashboard Widgets
- Your dashboard widgets will now display more contextual information when you are either approaching or in stabilization mode. or are and in stabilization mode.
Loan Details Page
- Your loan details page will now display more information regarding the health of your loan and proximity to a stabilization.
- New Information Section: You can now have a better approximation of the percentage market drop that would need to occur in order for a stabilization to take place. *This is only an approximation and should not be solely used to monitor the health of your loan.
Convert After Stabilization
- There is a whole new section (“Convert”) of your borrower experience that will appear after you have restored the health of your loan. This section will allow you to convert back to your original mix of collateral or any other collateral types that we support.
- You can access this section on the Loans page.
Other Updates in this Release
- Updated notifications to reflect new changes
- Users will need to be ID verified and enable 2FA to make deposits
- Other minor bug fixes and technical debt updates
Meet Our New Stabilization Product
We know you love crypto, but when it comes to crypto-backed loans we know you hate the volatility and that most of all, you hate being liquidated. Like you, we're of the belief that wealth should be preserved, not lost.
Designed with volatility and wealth preservation in mind, our new product will help preserve the value of your assets during a market downturn by automatically converting them to stablecoin in lieu of liquidation. Here's how it works:
THE RESULTS ARE IN
More than half of you who responded to our latest Twitter poll said market volatility has deterred you from taking out a crypto-backed loan.
We're hoping our new stabilization product changes that.
See all your accounts in one place
We've heard your feedback and have updated our platform to include a feature that allows you to view all of your accounts in one place.
If you have multiple accounts with SALT, you will be able to see this new feature after logging in. You can navigate back to this display via the drop-down menu in the top left-hand corner
Download a CSV
Now when you log into the platform to view your account, you can download a CSV file of your liquidation history in one click.
Release Notes 5/5/20
Liquidation Page Updates
- Added a "Liquidation Summary" providing details to help you understand the events that have taken place on your account
- Added an option to download a CSV of your liquidation history (more CSV options coming soon)
Minor user enhancements
Release Notes 4/21/20
Withdrawals are disabled when you have a pending payment
- This is to ensure your payment clears and you have an accurate view of how much collateral can be withdrawn from your account
Added interest only rule set, which prevents applications from jurisdictions with interest-only restrictions
User initiated loan payoff functionality added (see screenshot below)
- You can now request a loan payoff in the UI so you no longer have to contact support to pay off your loan
- You can calculate payoff with accrued interest for the selected day
- You can select: bank transfer/ACH; wire transfer; pay with collateral