In order to improve the user experience of Savings service and Margin Trading, and to provide lenders and borrowers with more market-oriented and competitive interest rate, The OKEx Savings service and Margin Trading are due for an upgrade on Dec. 2, 2021 . This upgrade optimizes the logic for interest rate , and the interest rate is determined by the marketization auction logic instead of the ratio of the amount of deposited and borrowed. After the upgrade, Savings users need subscribe to offers ,and only after a successful subscription, the assets will be obtain interest. The loan limit will be expanded ten times. Users of Margin Trading will pay the interest determined by the auction every hour, and will no longer be differentiated according to the user's fee level. The lending limit still retains the grade gradient of fee level , and will be expanded to twice the current limit after the upgrade . At the same time, we will gradually expand the levels of quotas according to market liquidity and lending scale. For more details, please refer to: Business Rules for OKEx Savings service. Savings service upgrade : 1、Transition stage——15:00 pm UTC on Dec.2 , 2021 to 16:00 pm UTC on Dec. 5, 2021 The purpose of this stage is to determine the amount and interest rate level when the bidding logic comes into effect. The Savings service upgrade will start at 15:00 pm UTC on Dec.2 , 2021. During the upgrade, subscriptions and redemptions will not be available from 15:00 pm UTC on Dec. 2 to 19:00 pm UTC on Dec. 2, 2021; Starting 16:00 pm on Dec. 2, all assets in Savings will be displayed with the most competitive APY. However, these new rates will only come into effect on Dec. 5, 2021. Until then, users will earn interest based on previous rates (interest is calculated and distributed every hour), the interest payment time will change from 18:00 to 19:00 every day to every hour. Users will receive interest generated on Dec. 2, 2021 between 16:00 pm to 17:00 pm UTC, on Dec. 2, 2021. Interest generated on and after 0:00 on December 3 will be paid on hour. Subscription and redemption functions will resume at 19:00 am UTC on Dec. 2rd, 2021. Users will then be able to change the subscription mode and interest rates of the placed subscription orders, The interest rate set by the users will determine whether the assets can be successfully loaned after the bidding logic officially takes effect. 2、Effective stage——after 16:00 pm UTC on Dec. 5, 2021 The auction will officially come into effect at 16:00 pm UTC on Dec. 5, 2021. The marketplace assesses borrowing demand every hour and sorts bids according to the “minimum lending APY”, from the lowest to the highest bid. The highest value of the bid is set as the “current lending APY”.The system then follows the rules below based on these parameters: - If the minimum lending APY current lending APY, the loan will be successfully lent at the current lending APY. - If the minimum lending APY > current lending APY, the lending will fail and there will be no interest - If the minimum lending APY = current lending APY, the loan may be partially lent or failed. When the minimum lending APY is the same as the current lending APY, success of the loan will depend on the principle of time priority i.e. based on who applies for it first. Example：Total loan amount is 200BTC，three Savings users hung up their subscription orders： user amount of auction the minimum lending APY amount of successful loan current lending APY A 100BTC 10% 100BTC 20% B 200BTC 20% 100BTC 20% C 100BTC 30% 0 - After the matching, the interest rate set by user A is lower than the current lending APY, so all his 100BTC can be successfully lent, and the interest is charged at the interest rate of 20%. The interest rate set by user B is equal to the current lending APY. However, since the total loan amount is only 200BTC, user B can only successfully lend 100BTC and charge interest at the rate of 20%. Because the interest rate set by user C is higher than the current lending APY matching all borrowing needs, user C fails to lend and cannot receive interest within this hour. User C can continue to participate in interest rate matching in the next cycle. If the auction is successful, the time of participation is considered T and the interest rate from T to T+1 hours is settled immediately. For Margin Trading users , interest is calculated and deducted on hour at the current lending APY. OKEx reserves the right to take emergency actions during unexpected events. Any actions and related progress will be communicated via announcements and emails. For any inquiries regarding this upgrade, please feel free to contact us in the official OKEx Telegramgroup or via the Support Center. OKEx, Nov. 30, 2021   Click Here to Download OKEx App >>> Click Here for OKEx Twitter >>> Click Here to Join OKEx Official Community >>>