Choose-your-fixed-rate loans. From @yearnfi
onchain
Joined May 2024
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Flex retweeted
on @flexmeow you choose your own fixed rate, infinite term
catch is you could be redeemed - when lenders or higher paying borrowers want liquidity, they redeem existing positions, starting from the lowest paying ones
gm
quick Flex opportunities update
yvUSD liquidity available:
- ~276k USDC at avg rate (~21% APY at max loop)
- ~600k USDC at 5.2% borrow (~19% APY at max loop)
yBOLD liquidity available:
- ~142k USDC at avg rate (~25% APY at max loop)
- ~211k USDC at 2.9% borrow (~22% APY at max loop)
yvcrvUSD liquidity available:
- ~44k USDC at avg rate (~45% APY at max loop) - ~100k USDC at 1.2% borrow (~43% APY at max loop)
yvWETH liquidity available:
- ~10 WETH at 0.4% (~30% APY at max loop)
🐈⬛🐈⬛🐈⬛
the yvUSD market is a great showcase of how a Flex market matures
~600k USDC of liquidity seems large enough for real competition between loopers to emerge
utilization reaches 100% quickly, but the avg borrow rate starts low
over time, loopers redeem each other and the avg rate rises until the market finds its clearing price and starts to stabilize
in this case, loopers seem to target ~15% APY
with yvUSD earning ~6.2%, they can afford to pay around 5% to borrow
and because Flex runs @ 100% util, lenders earn that full ~5% -- no idle liquidity drag (at 90% util, they'd earn ~4.5%)
looking at similar loops elsewhere (eg siUSD on Morpho), there still seems to be room for borrow rates to move higher
as the market grows and larger loopers enter, that should happen naturally
the yvUSD market is a great showcase of how a Flex market matures
~600k USDC of liquidity seems large enough for real competition between loopers to emerge
utilization reaches 100% quickly, but the avg borrow rate starts low
over time, loopers redeem each other and the avg rate rises until the market finds its clearing price and starts to stabilize
in this case, loopers seem to target ~15% APY
with yvUSD earning ~6.2%, they can afford to pay around 5% to borrow
and because Flex runs @ 100% util, lenders earn that full ~5% -- no idle liquidity drag (at 90% util, they'd earn ~4.5%)
looking at similar loops elsewhere (eg siUSD on Morpho), there still seems to be room for borrow rates to move higher
as the market grows and larger loopers enter, that should happen naturally
been prompting a lil
added some more data visuals to the UI:
- market rates & utilization over time, shows the magic of markets @ 100% util (S/O @JxyHelper)
- claimable fees (currently accumulating for token lockers)
- protocol metrics over time
- movable containers -- so can always fit the Flex logo into the screenshot
more to come!
def check out @Yieldzio
superpower tool for 🧑🌾
~20% on yvUSD
~20% on yBOLD
~60% on yvcrvUSD
~30% on yvWETH
fixed rates
1-click
ETH pumping
life is good
Awesome stable farms from .@flexmeow are now one-click supported on Yieldz. io!
> Flex allows farmers to select a fixed borrow rate
> Flex is unique in that it allows users to loop up even if the market is max borrowed
> Selecting a borrow rate above existing position rates allows the system to redeem the lower interest rate positions and to open up your position
> Flex lenders benefit by having more of their lent assets utilized giving them the best yieldz
> Yieldz by default assumes an interest rate one tick above 50% of the total borrowed amount per market, but users can easily select their desired rates in the UI
the (small) eagle has landed 🦅
big eagle will take a few more days
welcome the new Future of France frontier 🇫🇷
yvWETH-2 loop on Flex
this @yearnfi WETH vault earns >3.5% by running looping + carry trade strategies across @aave, @Morpho, @CurveFinance, @LiquityProtocol, and more
allocations are auto-optimized and monitored 24/7 by bots (AI!!!!). less frequently, also by humans
WETH seed not here yet, but seems imminent
welcome the new Future of France frontier 🇫🇷
yvWETH-2 loop on Flex
this @yearnfi WETH vault earns >3.5% by running looping + carry trade strategies across @aave, @Morpho, @CurveFinance, @LiquityProtocol, and more
allocations are auto-optimized and monitored 24/7 by bots (AI!!!!). less frequently, also by humans
WETH seed not here yet, but seems imminent
yesterday was the first ever liquidation on Flex 💦
a Trove backed by yBOLD slipped 0.17% below the max CR of 110%
a liquidator repaid the max allowed amount of debt to bring the Trove back to the configured "safe CR" of 120%, for a ~0.66% fee (~17 USDC)
the looper lost 3.5% of his equity
compare that with a liquidation on eg Morpho, where the position would get fully liquidated, with a fixed liq fee of 2.62%
the looper would have lost 27% of his equity
in this case, getting liquidated on Flex was ~87% less destructive
partial liquidations + dynamic liq fee in action
loop vs hold vs lend: yvUSD case study
assumptions:
- yvUSD pays 6%
- loopers want 15%
loop (10x) --> earn 15%
hold --> earn 6%
lend --> earn 5%
now imagine yvUSD takes a 5% loss
loop (10x) --> lose ~50% (excluding liquidation costs)
hold --> lose ~5%
lend --> no loss*
so same collateral, but different R/R