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Another thread on Frax CR with some help from M
: https://twitter.com/StableScarab/status/1666901224615182336?s=20
14 ответов
Question on this... if FXS price ultimately influences CR due to PoL (fxs/frax), does this mean that FRAX backing will always be tied to FXS even though the algorithmic portion has been removed?
Question on this... if FXS price ultimately influe...
@samkazemian are you able to provide clarity on this?
Question on this... if FXS price ultimately influe...
As long as there is some amount of FRAX-FXS POL then technically yes, the price of FXS does change the CR. But for example, you could have an overcollateralized CR of 105% and then have 5% of the collateral as FRAX-FXS POL and thus if most of it lost value, the terminal CR would still be 100%. So the answer is yes, FRAX-FXS POL does change the CR. Any kind of LP changes the CR that isn't stable-stable. That's just how LPing works. So any kind of POL does change the CR yes. Just like how FEI had FEI-ETH POL and their CR kept dropping as ETH price dropped. Some people might remember that from last year. It's important to note though that FRAX-FXS POL has a lot of advantages: it costs less than perpetually emitting FXS for renting the liquidity. And more importantly, it prevents FXS price from ever actually going to real $0 like LUNA. That's because even if everyone decided to sell their FXS into the POL, the price would "only" go down around 90%. That's just equivalent to the protocol effectively buying back every FXS in existence. A pretty good deal in my opinion. The POL is actually very useful right now because it acts as a de facto buyback for people that actually want to sell at such low prices. The protocol buys back the FXS at these prices and lower if more people sell. So overall, while it does change the CR, it has some incredibly profitable dynamics for the protocol itself.
As long as there is some amount of FRAX-FXS POL th...
Appreciate the response Sam. I am not personally concerned at all, just trying to make sure that I properly understand the mechanics of it all!
Appreciate the response Sam. I am not personally c...
Yes I'm not concerned either. It's good the POL is there because even without a TWAMM buyback, it is acting as a de facto buyback. Obviously with a TWAMM buyback it increases the rate of the buyback even more. But POL itself essentially is a buyer of FXS on the entire xy=k curve.
Yes I'm not concerned either. It's good the POL is...
Was this the source of the recent burn then?
Was this the source of the recent burn then?
It's from the protocol owned FXS yes. Overall at these prices, I think even TWAMM buybacks are justified.
It's from the protocol owned FXS yes. Overall at t...
I did my part and DCA'd again, there isn't an alt bag I am happier to carry rn.
As long as there is some amount of FRAX-FXS POL th...
And as the POL earns trading fees the minimum possible price of FXS goes up.
It's from the protocol owned FXS yes. Overall at t...
show me vote. letstart the buying
Yes I'm not concerned either. It's good the POL is...
That's a good idea. The DAO has a golden opportunity to accumulate cheap FXS.
Was this the source of the recent burn then?
Was there a burn or just the protocol bought back fxs and the treasury keeps it ?
Was there a burn or just the protocol bought back ...
Burn, here is the TX: https://etherscan.io/tx/0x6d37da81e4eb6da7318db053b03e99c06fb4badc140ec840d9ccd14dd226b25a It was about 107k FXS
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