Similar to auto-repay, this task is designed to repay your loan in order to avoid liquidation. The major difference is that, in this case, the process is almost instantaneous. To achieve this, the system will set up a Flash loan that will be triggered at a designated collateral ratio, selling part of your collateral to repay part of your loan. By doing so, it will automatically reset your loan to the preset "Target collateral ratio".
This function was primarily introduced on CIAN as an alternative to auto-repay in case of a sudden market crash. In other words, if the value of your collateral asset was to drop too quickly for the system to process all ''Auto-Repay''transactions, the Flash Repay would be triggered, therefore preventing your position from being liquidated.
In order to set up a Flash Repay, you need to have an active loan. If you already do, Create a task.
Select the lending protocol that you want to protect from liquidation.
Set the triggering collateral ratio at which the flash loan will be executed, as well as the target collateral ratio at which your loan will be reset.
Click on Submit, and let CIAN do the rest for you.
** Original task cannot be edited. If you want to apply some changes, you may delete the task and create a new one. (No fees)
The process behind the flash loan is designed to protect your collateral and automatically rebalance your loan at (target ratio %). To calculate the flash loan’s value ($), CIAN is using this formula.
Please note that fees apply for the use of Flash Loan. A standard of Fee 0.09 % of the total flashloan amount will be charged upon execution.