On the morning of November 6, 2025, the wise sages at Lista DAO decided it was time to throw caution to the wind and launch an emergency governance vote-because who doesn’t love a little drama? The vote, officially labeled LIP 022, will run until November 9 at 12:12 PM, but who’s counting? The vote is set up through the ever-reliable Snapshot platform. In case you were wondering, 18 veLISTA token holders-yes, all 18-have voted so far, and shockingly, they’re all in favor of the liquidation. The only thing missing is popcorn.
The proposed measure targets the rampant borrowing rates in vaults managed by MEV Capital and Re7 Labs, where collateral assets like $sUSDX and $USDX are in a mysterious state of non-repayment. It’s a mystery! A suspense thriller! The list of culprits is still not clear, but it’s likely a twist straight out of a bad financial soap opera.
In their infinite wisdom, Lista DAO explained that this forced liquidation will save us all from “potential losses” and ensure that “healthy market conditions” prevail in the on-chain peer-to-peer lending ecosystem. Because, obviously, a healthy market is what we all crave after a good liquidation session. 🧑⚖️
📢 LIP 022 – Emergency Vote: Enabling Forced Liquidation for USDX Market (re7 vault)
This proposal is being put forward as an emergency one-hour vote, following a request from the vault curator, to enable forced liquidation mechanisms for the USDX/USD1 market.🔹The @Re7Labs…
– Lista DAO (@lista_dao) November 6, 2025
Timeline of Events
9:23 AM UTC: It was a crisp morning when Lista DAO made a public announcement about borrowing rates hitting 800% in the MEV Capital USDT Vault and Re7 Labs USD1 Vault. Apparently, no one thought to pay back anything. The vaults have been silent on the repayment front, and Lista DAO called for some action from the vault managers to avoid further “market chaos.” A noble gesture, but no one was holding their breath.
We are aware and have been closely monitoring the @MEVCapital USDT Vault and @Re7Labs USD1 Vault, where collateral assets ($sUSDX and $USDX) continue facing abnormally high borrowing rates without repayment activity.
As an on-chain P2P lending protocol, Lista Lending has been…
– Lista DAO (@lista_dao) November 6, 2025
10:55 AM UTC: Re7 Labs, perhaps in an attempt to salvage some dignity, provided a proposed plan via Discord to tackle the vault issues. Their plan? Forced liquidations, of course! Lista DAO then proceeded to make a big announcement, saying that a governance vote was on the horizon. A vote on what, you ask? Why, liquidation, naturally. Isn’t it always about the liquidation?
Update:
We’ve received a public statement from @Re7Labs in our Discord regarding their proposed plan for asset handling the USDX market. Link:
In light of this update, Lista DAO will soon initiate a governance vote to proceed with the market liquidation…
– Lista DAO (@lista_dao) November 6, 2025
11:08 AM UTC: PancakeSwap, always one to stay on top of things, tweeted that it was “monitoring the situation.” They advised users to review their positions in the affected liquidity pools, just in case you forgot where you had your money. Safety first, after all! Stay “SAFU” – it’s a thing.
Our team is also aware of the situation involving the affected vaults and are monitoring it closely. Please review and monitor your positions involving these vaults on PancakeSwap. We’ll continue to stay updated and share information as needed.
Stay SAFU.
– PancakeSwap (@PancakeSwap) November 6, 2025
11:15 AM UTC: The governance vote (LIP-022) was launched, giving everyone 60 minutes to decide whether the forced liquidation should proceed. In a rather brilliant twist, the proposal includes adjusting the oracle prices of USDX to match outstanding loan amounts, triggering a liquidation of affected positions. It’s an elegant solution, really. Because nothing says “we’re in control” like adjusting prices and triggering liquidation.
11:50 AM UTC: MEV Capital, ever the responsible financial institution, acknowledged the problem and implemented a few mitigation measures. They set the allocation cap to zero and tweaked the Interest Rate Model, likely hoping that would solve everything. Oh, and for those of you keeping score at home, this situation is eerily reminiscent of the $93M loss at Stream Finance. It’s almost like déjà vu. But don’t worry, they’ve learned their lesson, right?
USDT/sUSDX markets have experienced elevated borrow rates with limited repayment activity.
Recent MEV Capital actions:- Set allocation cap to 0 for this market- Updated the Interest Rate Model (IRM) to adjust borrowing incentives
ListaDAO’s community is voting to update the…
– MEV Capital (@MEVCapital) November 6, 2025
The final outcome of this grand adventure will hinge on the vote, which will determine whether Lista DAO proceeds with the oracle override and forced liquidation process. And, in case of any last-minute liquidity issues, don’t be surprised if things get heated before the vote even concludes. Who needs suspense when you can have liquidation?
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2025-11-06 17:05