DeFi

Last week, @flatmoney launched on @base. It's a cool protocol, which creates a delta-neutral position between the two markets within Flat Money.

To get $UNIT, you deposit $rETH and get the $UNIT flatcoin, which earns trading, funding rate, and liquidation fees.

28.8% vAPY isn't bad for the first week.

Steady growth, decentralized roots.
A based UNIT of currency.
https://flat.money/

Head of Community @nexusmutual | Safe Governance delegate | Researching risk in DeFi

It's a new protocol, but I wanted to experiment, so I deposited 1 $rETH ahead of their public launch (because I was snooping and saw the UI was live). Their flatcoin started at 1 rETH in value and I got in before the market dropped, so I was able to offset the market risk since $UNIT is effectively short $rETH.

My $UNIT is worth more than 1 $rETH now. If the market pumps hard, it could be worth less than 1 $rETH.

In USD terms, it should grow in value over time. As a $UNIT holder, I'm betting that volatility will net me more fees than any value I lose to the Perps Market over time.

$UNIT is nice for ETH heavy portfolios 👌