Does anyone have insights on why FDUSD borrowing periodically goes

Question

Does anyone have insights on why FDUSD borrowing periodically goes

crazy?
90+% of FDUSD is sitting on Ethereum because FirstDigital, like Paxos (for BUSD), decided to mint them as ERC20 tokens despite primary user being (binance exchange)
only a minimal amount of FDUSD is bridged to BSC, and obviously with the high gas fee on ethereum, the FDUSD activities there are mute
But what I'm trying to figure out is who is borrowing FDUSD with 60% APY and for what purpose? like is there some yield farming or events with FDUSD out there we don't know about?
It's also impossible to find a decentralized bridge with decent liquidity for FDUSD, the only one out there has 130k FDUSD worth of liquidity
So are people just withdrawing directly from Binance CEX as a way to onboard FDUSD to BSC?

#blockchain #cryptocurrency #english #venus

0

10.03.2024