Float Protocol
@FloatProtocol
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Floating, low-volatility currency for web3 🧙♂️, by a team of anonymous researchers 👨🎓 An auction every day.
The future
Joined January 2021
🔖 It's all about design. 💪 Float can endure a lot more than you might think of. ❓ How do we know? ✅ We made sure of it by rigorously simulating all kinds of market volatility including black swan events. ⛵️ It's high time you leave the pegs behind and Float safely with us
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Considering switching to ETH, then losing the peg... Sounds familiar, doesn't it. Auctions next?
MakerDAO is considering a $3.5 billion ETH market buy, converting all USDC from the peg stability module into ETH.
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Float is a must have for every protocol that values decentralization and treasury diversification. ✅ Decentralized ✅ Volatility resistant ✅ Battle tested
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Every few months we get to have an event that makes Float's fundamentals start to resonate stronger and stronger within the web3 community. There will be more of these.
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Float has endured a lot of ups and downs since launch and it has since proven that its design is reliable and working flawlessly. And as we see the power and hold centralized entities have over this space, Float is once more showing the importance of being fully decentralized.
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👑 The perfect collateral The value of Float fluctuates over the long term, but is very stable in the short one. This means that you can keep market exposure as Float tracks the markets and sleep without having to worry about positions back by Float. Minimal liquidation risk.
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💸 Float doesn't have a peg Markets are extremely volatile and outside inflation means pegging introduces a lot of risks. Hence, Float's value was designed be a representation of both the value of its collateral and the interest in holding the asset itself. No peg is the way.
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🎇 Float is fully decentralized Float was designed to be web3 money - a decentralized currency, backed by a basket of assets that could not be manipulated. Think of what happens to other stablecoins if their centralized collateral gets frozen. Float is immune to that.
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The core of web3's premise is decentralization. And yet the majority of the money legos we build and interact with are centralized. Float has been addressing this issue for over an year now. Here's how and why it matters to you 🫵 🧵
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🥁Float Protocol (@FloatProtocol ) is now listed on https://t.co/s4S2fUscgP🥁 📍Treasury: $756k (#100) 📍Members: 3.2k (#90) We welcome the @FloatProtocol community to DeepDAO😇 Check out the listing here: https://t.co/sjFp5mEVM7
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🚨 Be careful everyone - a fake telegram channel has surfaced spreading lots of fake information. Please make sure all your information is coming from our official telegram channel shared below 👇 https://t.co/Z2kT4yGLHu
t.me
Low-volatility currency for web3
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Always on the lookout for talented devs!
💜 @FloatProtocol are on the look out for a Solidity Developer to join their team. For information and how to apply, please visit our discord jobs channel 👉 https://t.co/HewzGRUTlv
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The legendary @el33th4xor basically describing what Float is and why it matters for the web3 economy
My thoughts and takeaways today: 1. We need a decentralized stablecoin. Fiat-backed stables are subject to legal seizure and capture. A decentralized economy needs a decentralized stablecoin whose backing store cannot be frozen or confiscated.
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The results from our 2nd audit performed by @CertiKTech are in! Spoiler alert - it's all good 👍 If you want to know more, check our medium post below 👇 https://t.co/FjKV8ZDRI4
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Float Protocol Pool 90 on @RariCapital pool suffered effects from a lack of liquidity in the Uniswap V3 FLOAT/USDC oracle which lead to severe price manipulation. Here's a post mortem thread on what and how it happened 🧵 1/14
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As such we currently calculate there was 1 depositor of $25k DAI in user funds lost at this time, but are still collecting further information for a follow up proposal. 14/14
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The depositors primarily impacted were Float Protocol's treasury diversification funds, FRAX AMO, and FEI PCV deposits. 13/14
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Who was in the pool? At the time of attack, we had not yet incentivised deposits and BANK deposits were not impacted (they could not be borrowed). 12/14
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- The orchestrating contract still contains 250k USDC and 5 fFLOAT. 11/14
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- At this point they were then able to deposit FLOAT into Rari Fuse at a vastly increased rate and borrow other assets, before selling the FLOAT back into the Uniswap V3 pool to return the price. 10/14
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