In April of 2022, Frax launched FPI, an inflation-pegged stablecoin that is 100% collateralized. Frax farms with protocol owned liquidity to earn profits in order to keep its stablecoin pegged to the BLS' 12 month CPI-U metric. As inflation goes down, the system gets to capture more profits. If inflation goes up, the system uses some of those profits to bring the FPI peg up. Frax also airdropped FPIS, a governance token for the FPI system that stands to capture value accrual and profits from the FPI system. On February 20, Frax launched veFPIS, a staking system that enables holders to lock their governance tokens for a yield, currently sitting at 170% APY. While governance is not live yet, it is worth highlighting that the FPI system has generated nearly $2M in profits since launch, and a governance proposal on how to distribute this revenue to FPIS holders is likely on the horizon. Keep an eye out for a report dropping tomorrow that dives into all things FPIS. |
Our latest report, covering basis trading on dYdX, is free! Trading the basis on perps offers the potential for positive returns while mitigating many risks typically associated with crypto assets. The report finds that dYdX has tremendous potential value for basis traders. The collapse of FTX highlighted a prime benefit of dYdX: self-custody. With the enablement of multiple collateral types, a spot market, and even lending, dYdX could continue its push to siphon market share from centralized trading venues. Check out the full report now! |
Trading the basis on dYdX perps offers the potential for positive returns while mitigating many risks typically associated with crypto assets. |
Jump Crypto has seemingly recovered 120.69k wstETH and 3.21k rETH ($225M of assets) from the infamous Wormhole Exploit that occurred one year ago. |
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