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Https://Twitter.Com/Nic__carter/Status/1496241081025024011?S=20&T=92PYkx-Urno7zyOC5VfbtQ @Samkazemian

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Someone should tell Nic Carter about FRAX AMOs. If he likes the BTC backing he'll really like how mature our ecosystem is. Although we hold mostly ETH over BTC, I think he'd come around to being a huge FRAX fan if there was a governance vote to accumulate wrapped BTC as well (which I'm very open to doing).

Samuel (Flywheel | Leviathan News)- Автор вопроса
Sam Kazemian ¤⛓️¤
Someone should tell Nic Carter about FRAX AMOs. If...

I’m pretty sure Nic likes FRAX, I’ll ask him about it

Samuel (Flywheel | Leviathan News)- Автор вопроса
Samuel (Flywheel | Leviathan News)
I’m pretty sure Nic likes FRAX, I’ll ask him about...

Nic should reach out to us. I like a lot of his writings. I think FRAX could (and should) look into expanding into the emerging BTC defi ecosystems with native FRAX stablecoins and have part BTC collateral like we have with ETH. Our collateral/investor AMOs are quite mature and sophisticated so adding another blue chip crypto like BTC is very easy to slide into the protocol's balance sheet per a governance vote if FXS holders approve.

Samuel (Flywheel | Leviathan News)
is it possible to acquire non-wrapped BTC?

yes you can just buy normal btc, but if FRAX was to use the value of that BTC to support its stable coin then it will need to be on ETH chain

4 years locked. veMAXI (as a millionaire)
so we are using ETH as collateral ?

We do have ETH per governance vote many months ago. We also own FRAX-WETH LP (which is de facto 50% ETH collateral) from our Olympus Pro bonds. This pair is entirely protocol owned and built up through OP bonds https://analytics.sushi.com/pairs/0xec8c342bc3e07f05b9a782bc34e7f04fb9b44502

Sam Kazemian ¤⛓️¤
We do have ETH per governance vote many months ago...

i understand we own ETH, but do we use it as FRAX collateral , or just a profit generating asset?

4 years locked. veMAXI (as a millionaire)
i understand we own ETH, but do we use it as FRAX ...

If you're using the strict definition of collateral which is minting/redeeming of FRAX in the system contracts, no we do not use it as that kind of collateral. But I was using the loose definition of the term which is ETH owned by the protocol through AMOs and liquidity pairs that backstop the FRAX peg.

Sam Kazemian ¤⛓️¤
If you're using the strict definition of collatera...

ok, make sense, so its just viewing our other assets as back up collateral , kinda

Sam Kazemian ¤⛓️¤
If you're using the strict definition of collatera...

you do know you can just buy wbtc now, it wont need a vote, you have the war chest

4 years locked. veMAXI (as a millionaire)
ok, make sense, so its just viewing our other asse...

yes, for example we do not count vlCVX as "collateral" because that is locked for months and cannot actually be used to stabilize the FRAX peg in open market conditions. Even though it is value in the protocol and we count it as profits, it is not collateral. The ETH however is liquid, it is deployed through AMOs, and it is not locked. So it is correctly counted as collateral.

Sam Kazemian ¤⛓️¤
Nic should reach out to us. I like a lot of his wr...

I love the idea of bitcoin collateral. But I feel like a lot of fxs investors are eth maxis and don’t think too highly of bitcoin.

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