that’s my post. protocol controlled frax is not made out of thin air, it is backed by USDC yes. sorry if that wasn’t clear
Great post. Where did you get all the figures from?
thanks! the numbers are from @seba_tldr https://stats.frax.academy which is not maintained by the frax team. the CR calculation there is different though
Interesting. Yeah I see there a CR ratio of 89.39% is calculated as the non-PC frax (outstanding frax) / stable_exogenous_assets + volatie_exogenous_assets. I would have presumed all of that would be USDC but I wonder what makes some of it count as a 'stable exogenous asset' and other as a 'volatilte exogenous asset'
a stable exogenous asset is an asset like USDC/USDP/USDT etc. FRAX is backed by USDC but Frax provides liquidity to exchange FRAX to other stables so it has to own other stables to do so. volatile exogenous is volatile holdings like ETH or volatile LP holdings. it’s all covered on the subsequent tabs and all sourced on-chain. if you have any specific questions, happy to DM
Ah, you mean the other tabs in stats.frax.academy? Yes, I'm clicking through now and seeing balances linked through to addresses which is cool.
Might also take you up on that DM sometime since I'm very interested to understand all these calculations better. Thanks! Might be a while though since I still have a bunch of backlogged other tasks I'm trying to get rid of :)
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