Synthetix Abandons Old EtherCollateral Mortgage Contract

Synthetix, the synthetic asset protocol, has announced that it is deploying the old EtherCollateral mortgage contract as the multi-collateral loans contract has been running stable for 6 months, according to official sources. The deprecated parts are: Skinny Ether Collateral (SIP-35) and Ether Collateral v3.0 (SIP-85). Users with outstanding loans under this contract will be required to repay and close their existing loans by 00:00 UTC on June 25, 2021, after which time all remaining loans will be liquidated. Once the liquidation is opened, any user who has outstanding loans will be penalized with their ETH collateral. Therefore, users with a large number of loans need to repay them immediately.