DeFi
DeFi Dynamics. Exploring the Future of Finance.
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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/
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