Dear users,
In order to improve the security of Bit.com's Unified Margin (UM) mode and better enhance the user experience, Bit.com plans to start the UM trading system upgrade on April 28, 2022 (Maintenance time will be announced soon, please pay attention). After this upgrade, the denomination currency of collateral in the UM mode will be changed from USDT to USD, and the risk control indicator of the UM account will be changed from USDT index to USD index for calculation.
Note: Classic mode users are not affected by this change.
The following dimensions will be changed after maintenance:
1. USD account is added to the asset page
USD account will be added to the asset page, the original USDC account will be removed, and the USDC balance will be converted to USD balance with the ratio of 1:1.
The past USDC fund records can be found through the USD account, and the past USDC trading records will be retained and can be queried.
2. Description and calculation of account level terms under the UM mode
For the terms and formula in account level of UM mode, the original USDT index price will be replaced by the USD index price.
For example.
The Old [Total Collateral] | The New [Total Collateral] |
The USDT value of total collateral which is the sum of all collateral currencies calculated with haircut ratio in the unified account. | The USD value of total collateral which is the sum of all collateral currencies calculated with haircut ratio in the unified account. |
3. Haircut Ratio
The haircut ratio of USDT is changed from 0% to 0.1%.
Besides, the haircut ratio of USD is 0%. Now that USDC is included in the USD stable currency basket, all the stable coins in the basket will adopt the same haircut ratio as USD. Therefore, USDC (formerly 2%) will adopt the USD discount rate (0%)
The Old Haircut Ratio | The New Haircut Ratio |
USDT 0% | USDT 0.1% |
USDC 2% | USD 0% |
4. Risk Control Rules
4.1 Change of auto-repayment and forced repayment process
USD is added to the auto-repayment and forced repayment process, and the liability repayment sequence in the forced repayment process is changed.
The Old Sequence of Repayment | The New Sequence of Repayment |
1.USDT | 1.USD |
2.USDC | 2.USDT |
3.BTC | 3.BTC |
4.ETH | 4.ETH |
5.BCH | 5.BCH |
4.2 Forced Liquidation
The sequence of the 4 steps of forced liquidation in regular mode has been changed (the process in portfolio margin (PM) mode remains unchanged for now)
The Old Procedure of Forced Liquidation | The New Procedure of Forced Liquidation |
1.Forced order cancellation | 1.Forced order cancellation |
2.Sell available assets | 2.Derivatives forced liquidation |
3.Repay liability | 3.Sell available assets |
4.Derivatives forced liquidation | 4.Repay liability |
5. API changes
The API in Unified Margin mode has been changed:
* GET /um/v1/accounts
The unit of the amount field has been changed to USD, the old USDT field will remain for compatibility with the old client, but the value will be equal to the USD field.
The USDC balance is no longer displayed (USDC has been removed)
* GET /spot/v1/accounts
USDC balances are no longer displayed (USDC has been removed)
Here at bit.com, we strive to provide you with the best trading experience.
Bit.com Team
April 24, 2022
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