❗️ Knight Lending - BUSD Deprecation Plan❗️

With BUSD support coming to an end in February, the lending network will also be taking the necessary steps to reduce risk and exposure to BUSD. Ola, the protocol behind the lending network, has released the timeline for changes coming to the supply and borrow rates.

Due to the fast approaching deadline, the timeline and changes will be quick and large to incentivize borrowers to repay their loans and free up liquidity so lenders can withdraw their BUSD.

Below is the summary of the changes coming.

Jan 4th
-Reduce supply rates for lenders.
-Increase interest rates for borrower

Jan 11th
-Reduce supply rates to 0 for lenders
-Further increase interest rates for borrowers

Jan 18th
-Further increase interest rates for borrowers (if needed)

Ola Announcement: ⁠https://discord.com/channels/881188546168385566/881193752931225650/1188791634998079509