How to Avoid Liquidation
Last updated
Last updated
To avoid liquidation, you can periodically monitor your risk level, and if it becomes too high, you can repay your loan, which will automatically lower your risk level status. Alternatively, you can subscribe to the Notification feature available on Scallop, which will notify you when your account is subject to liquidation or when your account's risk level status exceeds the safe threshold.
In Scallop, you can set notifications to remind you if the risk level of your obligation account surpasses the safe threshold you previously determined. Scallop collaborates with Notifi to assist users in maintaining the health of their obligation accounts.
To use this feature, you first need to connect your wallet. Once your wallet is connected, you can press the bell icon.
Subsequently, a modal will appear, and you will be asked to enter your email or Telegram account to receive notification messages from Scallop.
After entering your email or Telegram username, click "Next," and you will be prompted to sign the transaction. There is no need to worry; this transaction signing does not incur any fees.
After signing the transaction, you will be asked to verify your email first. If you do not verify your email, you will not receive notifications if your account's risk level exceeds the safe limit.
You will be asked to choose three alerts:
Scallop Announcement: This alert will notify you about the latest updates from Scallop.
Liquidation Alert: This alert will notify you that your obligation has been liquidated.
Obligation Risk Alert: This alert will notify you when the risk level of your account exceeds the threshold you previously set.
In the image above, there are already two values, 50% and 80%, which you can choose as the threshold for your notifications, or you can enter your threshold in the custom field. For example, if you set your threshold at 70%, you will receive notifications when your risk level percentage exceeds 70%. However, if it remains below 70%, you will not receive any notifications.
You can also view the history of alerts that have been successfully sent to your email or Telegram.
Visit the Notifi Docs to see information regarding the privacy of your email account or Telegram username.
