there a case where the "collateral" assets are swapped out of the various POL pools and the protocol is just left with FRAX? For example we are counting the Cruve AMO as protocol backing, but if the USDC is swapped out then the backing for FRAX will just be FRAX. I'm sure I'm missing something here
The FRAX in the Curve AMO is clearly not counted as collateral. Selling FRAX into the protocol’s liquidity on Curve is basically the same thing as 1 to 1 redeeming FRAX from the protocol.
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