models ? .. is that correct..
Revenue should be higher long term if the CR is higher because there is more collateral on the balance sheet to be deployed and earn cash flow. The lower the CR the revenue/seigniorage is higher shorter term to FXS and more reflexive as demand for FRAX would directly translate to FXS price. But longer term revenues are definitely higher at higher CRs. There's simply more collateral to deploy to earn revenue.
this, this, and this. we have 1.15:1 with full collat and 15% credit ratio, versus 1:.85 .... so you have the capital efficiency, but you also have more collateral staying in the system which impacts the size of frax as well. more collateral = more earnings on that higher collateral
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