DeFi

My completely redacted take is most projects with some kind of complex game theoretic modeling of many protocol parameterz is silly and we need more PID controllers that have zero governance.

USD0++ suffered a depeg last night. Why do vault curators on @morpho think it was a good idea to hard code a bond with a 4 year duration to $1? 🤷‍♂️

@usual likely may have to unlock the collateral and arb USD0++ for a profit to stabilize markets.

If your vault has USD0++ exposure, I'd sit out for now.

By the way this cast was in reference to the whole @usual depeg.

@letsgethai is right there. RAI is right there.

Borrow against LSTs and Optimism native assets to mint HAI- an over-collateralized & free-floating stable asset

By the way this cast was in reference to the whole @usual depeg.

@letsgethai is right there. RAI is right there.

https://warpcast.com/fiatisabubble/0xd3ee05ac

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RAI was the OG on Ethereum mainnet. Still has light use due to gas fees, but is now ossified and *only* backed by ETH.

My issue with crypto folks is we don't do anywhere near enough to promote and use these "reflex bond" stables. It's a novel concept we built and created, and we should do more to support them.

I also read that @usual quietly changed the redemption rate in their docs. It allegedly was 1:1 until yesterday 🥴

I tried to read up on HAI but it went over my head. Usual's stablecoin component was fairly easy to understand. It however gets super messy with USUALx and USUAL*

What's RAI now? 😅