Q&A

Q：How does the platform select the lowest interest rate?

A: These matchmakings are completed by off-chain algorithms, while contracts are responsible for verification. The off-chain algorithm ensures the optimal solution, while the contract only guarantees the correctness of the results, without verifying whether it is the optimal solution.

Q：How to ensure that those with high interest rates are prioritized during repayment?

A:We use an off-chain algorithm to help you accurately match, and verify through contracts. This can ensure that the more repayments, the lower the remaining interest rate.

Q：How to determine the priority of repayment？

A: The repayment priority order is carried out off-chain, with priority given to repaying high-interest rates. The contract does not verify the order.

Q：How does the platform determine the price of collateral?

A: We prioritize using Chainlink to obtain the floor price of collateral. For collateral for which floor prices are not available at Chainlink , we use three independent nodes to obtain floor prices from multiple NFT markets and feed them into the contract, which is only used if two or more nodes feed the same price.

Q：How are the proceeds from auctions distributed?

A: In our algorithm, auction earnings are distributed based on the shares owned by each person, rather than the amount of money loaned. The share represents the proportion of collateral, and each person's share is determined by the percentage of collateral they own.

Q: How does Singular stay secure?

A: Currently, we have adopted a multi-signature wallet which is called Safe{Wallet} to perform contract upgrades and other operations. Besides, we use a time-lock with 24-hours latency for visibility on privileged operations.This approach not only improves the security of our system but also enhances the reliability of our service. You can also check out our Audit Reports.