Amnon

thinking out loud the point in self custody of stocks (or any RWA) is not the self custody it's that you can give the asset to whoever will pay you the most we dont earn 3% on our TSLA stock only bc the custodian doesnt transfer us the interest it generates on it if you can move your stocks from one custodian to another, on a saturday night, in 3 seconds, just because they'll pay you 10 bps more, that's a big deal so yea, tokenized stocks is a BIG DEAL and who will be the safest custodian that pays the most? could it be yearn? time will tell

well it did ... and the real fun starts this week, with the new Flex yBOLD loop

with the twitter algo back, im getting prime DeFi summer vibes again. simpler times... anyways, before the blessed DeFi summer 2.0 arrives, figured i'd recap Flex + share a short v2 update for those in the back 🧵🧵🧵

ok i hate to keep shilling this friendless yvUSD market, more markets coming soon, but yvUSD's currently extra cooking courtesy of @3janexyz incentives and with the household Flex combo: up to 38% APY at avg rate, or ~30% APY to take the entire 800k debt current loopers are printing too hard, they cant keep getting away with it!

the fact that Flex markets can get to 100% utilization has some pretty interesting implications for looping take yvUSD. assume - yvUSD yield = 5% - lenders want 4% - borrower loops 10x Flex (100% util) lenders earn 4% <--> borrowers pay 4% borrower earns 14% TradDeFi (80% util) lenders earn 4% <--> borrowers pay 5% borrower earns 5% same loop but almost 3x yield beyond being more profitable, Flex enables looping strategies that aren’t viable in TradDeFi so, asset issuers with yield-bearing collateral, we’re actively reaching out, but pls don’t wait! reach out and we’ll help you launch a market

200k more USDC liquidity was just deployed when you loop it though, time to notice your rate is high enough to avoid getting redeemed

Flex brings the best of all worlds no rate spikes for borrowers; they choose their own rate higher yield for lenders; markets can reach 100% utilization lenders stay fully liquid; not dependent on idle liquidity safer operations; markets are immutable and isolated first market is yvUSD/USDC. ~5.5% APR on yvUSD, loopers make honest work, lenders earn above market rate early days

@_alfred_butler and myself started working on a collection of defi skills for agents Alfred already used it to buy himself an ENS name and to swap ETH to USDC using @EnsoBuild and deposit the USDC into @yearnfi an army of ai agents is coming to defi incredible times ahead!

@flexmeow early supporters 🫶 the proposed token allocation is below - please take a look and confirm it matches expectations! equally weighted groups: 1. unaudited MVP users 2. unaudited beta users 3. SQUID voters 4. early contributors to those who stood early: you’re the kind that matters. may you choose to stand again! script + JSON results in the first reply

vibe building the @flexmeow later today on @leviathan_news. monday/thursday out - thesday in. join me for FREEDOM-TECH TUESDAYYYYY

one thing that may prove unexpectedly useful in @flexmeow is that markets can reach 100% utilization traditional lending markets target ~80%, so: - borrowers pay ~5% - lenders earn ~4% in Flex: - borrowers pay 4% - lenders earn 4% is that ~25% more capital efficiency?

deployed the flexmeow.com unaudited beta over the weekend new features include: - yvWETH-2/USDC market - auctions explorer - docs, risks, github & X links audited beta next

aaand we have our first settlement! taker bot is open sourced @ github.com/flexmeow/dutch-ta… if you are a shekels getter you can fork that repo and start participating in flex and yearn auctions - lots of money at the table!

so, auction did end up expiring with no takes. i did do a tiny manual take (without finishing the tx in a USDC/ETH profit) and that was not enough to encourage MEV bots to join so, building a @ApeFramework (silverback) taker bot it is! shout out to claude for the dutch ui

Flex for Dummies -- Flex as a tutoring hall imagine a big tutoring hall with many independent tutors it’s a special hall where the student decides how much he wants to pay! if a student comes in and there’s a free tutor, the lesson starts immediately if a student comes in and there are no free tutors, he can take the tutor of the student that is paying the least, as long as he’s willing to pay more than him (even mid lesson!) and if one of the tutors wants to leave (also even mid lesson), he can just pack up and leave -- now in nerd-speak Flex as a lending market imagine a lending market with many independent lenders it’s a special market where the borrower decides how much interest he’s willing to pay! if a borrower comes in and there’s idle liquidity, the loan is issued immediately if a borrower comes in and there's no idle liquidity, he can take liquidity from the borrower paying the lowest interest, as long as he’s willing to pay more (even while that loan is active!) and if one of the lenders wants to exit (also while loans are active), he can just withdraw his liquidity * utilized liquidity is freed by redeeming (i.e., selling) the borrower's collateral -- why this works capital always flows to where it is most valued borrowers get to choose their own fixed interest rate. those who want stability pay for it, those who dont accept higher interruption risk lenders get to earn higher returns while always keeping their capital liquid and never have to choose between yield and liquidity