Waves, a blockchain used to create custom crypto tokens, will implement a user-approved plan to navigate the liquidity crisis on its primary lending platform, Vires.Finance.

More than three-quarters of Waves’ governance token holders voted in favor of the “DeFi Revival Plan,” which allows account holders with balances of more than $250,000 (in both USDT and USDC stablecoins) to choose whether to withdraw their money from Vires.Finance or keep their funds on the platform until market conditions improve.

The hope is for the platform to slow user withdrawals, easing liquidity pressures that have made it difficult for the lender to keep up with requests for funds to be returned.

Waves founder Sasha Ivanov says the agreement is a testament to the power of democratized finance.

“Amid the ongoing crypto winter, it is essential to remember and highlight the core values of decentralization, immutability, freedom from institutional greed and inclusivity that underpin the blockchain sector,” Ivanov said in a press release. “Unlike other platforms, Vires.Finance and Waves keep weathering this storm – largely thanks to the loyal and decisive community that always has the last word in the matter.”

The “DeFi Revival Plan” is the latest of several community-focused initiatives aimed at resuscitating Vires.Finance. The early April de-pegging of its Waves-based USDN (USD neutrino) wiped out nearly $200 million in USDN market capitalization, leading to a prolonged bank run that triggered the platform’s liquidity crisis. Although Ivanov took on about $500 million of overextended loans into his own wallet, the platform still has debt outstanding to its users.

According to the plan’s terms, users who choose to get repaid now will be able to exchange their positions for USDN with a 365-day vesting period and an additional 5% liquidation bonus. Those who opt to keep their funds on the platform will have a 0% annual percentage yield on all funds above $250,000 in USDT or USDC and will receive repayments for their loans as market conditions allow.

In a bid to prevent another liquidity crisis, Vires.Finance will also adopt a dynamic limit system that will react to the platform’s conditions.

Insolvency issues have plagued many crypto lenders and exchanges over the past several months after the crash of the terraUSD (UST) stablecoin and its sister token, LUNA, sent shock waves throughout the crypto ecosystem. The rattled investor confidence in the market triggered a sudden rush of withdrawals that blindsided trading platforms. Since then, major players such as Three Arrows Capital, Celsius Network and Voyager Digital have filed for bankruptcy while many more platforms have struggled to avoid a similar fate.