own redeemable stable?
Wouldnt it make liquidity less sticky?
You mean like if it issued frxUSD or something? 🤔
Would it be a two token system like sfrxETH and frxETH
Well FRAX and sFRAX are that two token system. I was just throwing ideas out there since you brought up a fiatcoin.
Can you tell me whether or not I am midcurving this?
The "swap facility" for a hypothetical frxUSD would be to dollars. On-chain, there would be a clear preference for liquidity for FRAX.
You’re not midcurving ser. FRAX is basically a hybrid stablecoin after v3. It used to be a fractional stablecoin with an algorithmic component backed by FXS. But after the gov vote to move to 100% CR, now FRAX is a fractional stablecoin between blue chip crypto collateral and fiat/RWA/tbill collateral based on the IORB rate. Basically if you wanted to have a new way to think about it: imagine the fractional part of FRAX is now represented as the demand for IORB yield in sFRAX. The rest is crypto collateral.
Exactly like that
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