Has FXS enabled frxETH looping on FraxLend?
If not - imagine frxETH adoption rate of change will accelerate given AAVE retrenchment and product mkt fit going into ETH Shanghai
Functionality should be similar to Euler
Here's what I'm thinking
frxETH APR at 8% and ETH borrow at 4% at a 75% LTV creates a 24% levered yield
Liquidation happens at 11% depeg
FXS accrues profit on frxETH yield and the ETH borrow rate
For every 1mm frxETH created that's worth ~$20mm to FXS w/ leverage to ETH price
They might be stuck in the 90’s, but we’ve innovated far far far from there at this point.
Crypto needs the same open atmosphere companies had in the Dotcom boom to grow.
Unfortunately its too late. Crypto isn’t going anywhere at this point.
We still need more action in the halls of congress though. Does your Senator have your back?
Remember all the extortion lawsuits around copyright and BitTorrent 10 years ago?
It’s all coming to DAO’s soon thanks to Ooki.
Except this time your not stealing a movie
You're buying “Howey’s oranges” and forming an unincorporated association.
[FrxETH]
No sugar coating it. We're coming to drink their milkshakes. We already drank Ankr's and we got after Stakewise's. Frax is going to be in the Top 3 in a few days.
One area that Frax is ALREADY on top of is the yield department. Printing 7.88% on the 30D avg.
[FrxETH]
74k frxETH. 17.7% increase over last week. and you may ask where are all these frxETH going? Well, I gotchu boo. 47.8% in sfrxETH collecting native ETH yield and 48.2% in the Curve LP printing FXS, CRV, and CVX.
[FraxBP Metapools (Stables)]
We saw an increase of 11% this week, solidly pushing past the $50M mark. Frax paid $59k in Jan to incentivize $923 of liquidity for each $1 of bribes spent. Pretty dam good.
[FRAXBP]
This week FraxBP is STILL rocking at 86% of the 3POOL. On the bar chart, you see we're $80M away from flipping 3POOL. Let's flip this already!
has changed in the last 8 years, could you have imagined what we have today?
What would it mean if there was just as much change coming? What does it mean for what we know and love today?
What does it mean for Tomorrow-Fi?
Are you able to see TomorrowFi?
@SalomonCrypto in his latest gives some clarity on this cycles promises, busts and how it will lead to the unicorns of the future.
First green weekly candle since the depegging of UST and everyone panic selling algorithmic stablecoins.
Frax held its peg perfectly during the most volatile market conditions we have ever seen.
Do you believe yet?
$FXS
4. Borrow FRAX (up to your desired level, we did 50% LTV)
5. Swap RAX for WETH + FXS (50/50)
6. LP into the UniswapV3 WETH/FXS pool (0.05%)
Do your own APR calc (or tune into the episode if you're feeling lazy).
This episode we decided to crank up the degen-o-meter quite a bit. We think you're going to like it.
Assets: sfrxETH, FRAX, WETH, FXS
How:
1. Turn ETH into frxETH
2. Stake frxETH to sfrxETH
3. Deposit sfrxETH to FraxLend
239/268
In fact its so small in terms of microcap, that if the team launched a NFT of their cute mascot, sold the NFT and used that to buy CRV and FXS for the treasury, they'd probably 3x their marketcap overnight...
108/268
I personally think that the race for the monolithic blockchain that is going to act as the core settlement layer is over.
Ethereum won that race.
The next races are:
1) Who wins out on L2s
2) Who wins out on niche app chains