DeFi

No Channel Channel.

found a promising project backed by fidelity & coinbase ventures at sub 20m

ape now do research later?

while digging into Liquity, I stumbled upon another stable: USDaf

had not heard about it before. looks promising, but intertwined w 3 tokens, which also makes it kinda scary? idk

backed by fidelity & coinbase? so must be something?

USDaf’s yield comes from on-chain liquidity flows between 3 tokens: AMPL <> SPOT <> USDaf (no CeFi, no funding rates like u see at ethena. only "organic" yield from market activity)

AMPL is a stable w volatile supply, SPOT is like a stable tracking CPI, USDaf a CDP (minted thru SPOT)

→ When AMPL supply grows, users trade AMPL for SPOT at a discount which stabilizes the system and vice versa
→ SPOT serves as collateral, allowing borrowers to unlock liquidity by paying interest
→ USDaf holders earn sustainable yield, directly sourced from borrower demand. USDaf redeemable against $1 of protocol collateral (I guess this collateral could be wiped and not redeemable anymore? idk)

yield looks juicy

https://www.asymmetry.finance/