Day 1 of Fluid DEX Lite 🍿.@0xfluid

RT @0xfluid: Introducing Fluid DEX v2 🌊. We’ve taken inspiration from everything in DeFi to build something beyond just a better DEX — we'r….

Smart Collateral / Smart Debt stable vaults on @0xfluid are printing 💰. sUSDe-USDT/USDC-USDT vault at 10x max leverage made 34% organic APR last 30 days (sUSDe yield + trading fees + supply APR - borrowing rate) . If you take into account 30x boost for Ethena S3 points on

4/ Dune dashboards:. - Fluid DEX: - Fluid liquidations: - Detailed stats:

3/ Average leverage of positions in the vault jumped from 3.2x to 4.2x after recent market rout but in spite of high leverage liquidation volume was insignificant. Thanks to 88% liquidation threshold & unique mechanism of liquidations on Fluid.

2/ Fees APR of LPs in this vault jumped to 500%+ due to increase of trading volume and dynamic trading fees: Unfortunately it doesn't mean that LPs make money: ETH price drop and rebalancing losses were still too high to be offset by swap fees

Last 2 days only $247k ($81k + $166k) of collateral were liquidated in USDC-ETH/USDC-ETH vault on @0xfluid (Ethereum). This vault provides liquidity to Fluid ETH-USDC dex pair that facilitated 30% of all ETH-USDC trading volume on Ethereum yesterday with just $6M TVL 👀 🧵👇

RT @DeFi_Made_Here: Just realized that @0xfluid is also the second biggest DEX by fees generated on Ethereum. I know I sound crazy but with….

10/ Dune dashboard: In Part II of this thread we'll analyze "degen yields" with RSUP governance token.

9/ Risks.One of the major risks is potential bad debt accumulated on lending platforms (mostly due to depegs of crvUSD / frxUSD). Insurance pools (IP) manages liquidations and assumes the risk of bad debt. 55% of reUSD supply is sitting in IP currently -> rather safe.

8/ Another options is just to buy discounted reUSD on the market ( @CoWSwap limit orders are ok) and farm it. btw some juicy bribes are deposited on @VotiumProtocol -> more CRV rewards for LPs next epoch.

7/ 50% of all redemptions were on crvUSD/WBTC pool, so you can try to deposit to other pools to increase your chances. If redeemed you can move your reUSD to Insurance pool or LP and continue farming RSUP rewards.

6/ Redemptions are a good source of revenue for Resupply: ~2/3 of revenue comes from redemption fees (0.5%). At the expense of end users unfortunately.

5/ Redemptions make sense if reUSD is trading below $0.99. And bots are working hard. Since protocol launch they redeemed 21M+ of reUSD (~50% of current reUSD supply). If reUSD price is at $0.99 a borrower loses ~0.5% of position value + his debt is repaid = no RSUP incentives

4/ Issues:.reUSD can be redeemed by anyone with 1% fee split 50/50 between the borrower and the protocol. Redemption model is communal -> your CDP can be redeemed fully / partially anytime:

3/ Stable farming strategies:.1️⃣ Buy 100% crvUSD/frxUSD, deposit to Resupply, borrow reUSD, put reUSD into insurance pool -> Up to 50% APR.2️⃣ Buy ~78% crvUSD, deposit to Resupply, borrow reUSD, buy ~22% of scrvUSD and LP reUSD-scrvUSD on Convex/Yearn -> Up to 55% APR.

2/ Resupply deposits your collateral (crvUSD or frxUSD) into Curve Lend or Fraxlend earning passive yield (1-4%). reUSD borrowing rate is dynamic = MAX(50% underlying lending rate, 50% "risk-free rate", 2%). Debt is incentivized with RSUP, CRV & CVX tokens - up to 25% extra APR.

1/ How it works:.1️⃣ Deposit crvUSD or frxUSD to Resupply.2️⃣ Mint and borrow reUSD (95% max LTV).3️⃣ (Optional) Leverage in 1-click. Don't do that !!!.4️⃣ Farm borrowed reUSD in Insurance pool (28% APR) or in reUSD LPs on Convex / Yearn (up to 30% APR currently).

Resupply ( @ResupplyFi ) is a new project launched by Convex and Yearn recently. It allows to mint and farm reUSD - stablecoin backed by yield-bearing lending pool tokens on Curve Lend and Fraxlend. You can earn up to 50% APR currently. Really? 🧵👇