cryptobanking

HAI market price has now officially went above it's redemption price of $1 for the first time. @letsgethai has been an excellent barometer of leverage demand as users borrow against LSTs, OP, and WETH. It seems after last weeks market crash no one wants to borrow.

Be greedy, when others are fearful?

/cryptobanking

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

Not exactly. HAI is a free floating token that is basically minted when users need credit. It isn't supposed to hold it's peg (nor do I think any other USD stable can), but adjust an interest rate to drive towards the target price.

you probably don’t think about liquidity enough // it is what it is  // build value, not valuation

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Not exactly. HAI is a free floating token that is basically minted when users need credit. It isn't supposed to hold it's peg (nor do I think any other USD stable can), but adjust an interest rate to drive towards the target price.

https://medium.com/hai-finance/hai-protocol-a-simple-overview-319fe53a8a0e

A slightly more technical explanation:

RAI was the original design but HAI is a fork for Optimism. Because it's allowed to float, it's a good barometer for credit expansion and contraction. RAI has been running for a while on mainnet and works well.

A slightly more technical explanation:

RAI was the original design but HAI is a fork for Optimism. Because it's allowed to float, it's a good barometer for credit expansion and contraction. RAI has been running for a while on mainnet and works well.

https://medium.com/reflexer-labs/stability-without-pegs-8c6a1cbc7fbd

Does this relate to whatever was happening with recent depegs?