Ethereum Credit Guild

Reminder: the @CreditGuild is being deprecated. Borrowers should repay their loans as soon as possible. All outstanding lending terms will be offboarded on September 30 (originally the 23rd, has been extended)

𝗖𝗿𝗲𝗱𝗶𝘁 𝗚𝘂𝗶𝗹𝗱 𝗗𝗲𝗽𝗿𝗲𝗰𝗮𝘁𝗶𝗼𝗻 I regret to inform you that the Electric Development Co has made the decision to deprecate the @CreditGuild and cease further development work. It’s been clear for some time now that the protocol has failed to achieve a sustainable level of traction. While a shutdown appeared the most likely outcome, with the encouragement of advisors I began to explore other options, most notably an acquisition. In the end, we arrived at a deal that will be made public soon once the terms have completed legal review. Please understand that I will not be able to share any details about this deal publicly until review is complete. We are making the deprecation announcement now so that borrowers have time to close their positions in an orderly manner, lenders can rebalance their capital and avoid further opportunity costs, and coincentives partners can avoid misallocation of resources. Deprecation will proceed gradually so as not to place undue burden on borrowers, according to the following steps: 1. Halt ongoing GUILD rewards and coincentives, effective immediately 2. Prevent new mints in the UI while allowing repayment of outstanding loans (happening ASAP) 3. On Monday, September 23, offboard all remaining lending terms, closing all outstanding loans and allowing remaining lenders to withdraw 4. After all auctions from step 3 complete, pause protocol smart contracts, preventing new mints and borrows at the contract level 5. Sweep the surplus buffer and distribute it to GUILD holders To all Credit Guild lenders, borrowers, and stakers, thank you so much for taking the time to learn about our work and for using the protocol. If you have any questions about the shutdown process, don’t hesitate to reach out here or on Discord. Beyond that, I’ll always remain more than happy to talk shop with our former GUILD holders, discuss ideas, and help out where I can like making introductions in the industry.

27% redemption rate means it’s a good time to buy OD and lend on the @CreditGuild — Redemption price increase will tend to push market price upward, and you can earn ODG + GUILD rewards (plus lending interest) while you wait

Join us next Tuesday for a chat with @reserveprotocol about the new eUSD market on Credit Guild and ETH+ collateral in the existing pools. eUSD pool is live already, coincentives kicking off soon, stay tuned! twitter.com/i/spaces/1yoKM…

twitter.com/i/spaces/1yoKM…