Ok, so if I get a loan, I can only borrow up to 70% of the value of the coins I put as collateral. However, if the value of the coins I put up for value drops, I may get liquidated. Ok got it.
With all that in mind, do the lending services give the people getting the loan a chance to add more collateral to maintain the 70% ratio or do you just automatically get liquidated?
Also, do you always get liquidated no matter what or is it up to the governance people?
How are liquidation decisions made? Is it automatic, like a strick smart contract or are people involved to make the final decision to liquidate?