More information got dropped by @AndreCronjeTech on the new @flyingtulip_ stablecoin $ftUSD 🌷 :
tldr: $ftUSD is the native ecosystem stablecoin and backed by a low risk Defi strategy with hard collateral of $USDC
How $ftUSD is created
- Each $ftUSD minted with depositing 1:1 $USDC
- $USDC backing the stablecoin are supplied to Aave, earning 3-5% range APR
- Loan is taken against the position in $S > staked on Beets LST $stS > $stS redeposited in Aave to lower margin requirement, earning in total net 4% APR
> 7-9% APR stablecoin
You can do 1 of 2 things in the stablecoin
1) use $ftUSD as the main stablecoin to use inside flying tulip ecosystem, from perps, order book settlement and liquidity
2) stake $ftUSD to get yield (~9% APR)
Unstaked $fUSD yield is accrue to protocol (and later to buyback $FT token)
Another interesting dynamic mirroring the OI and stablecoin injected and used in the ecosystem as a directional upside to the native ecosystem token and protocol growth
upward and onward 🌷
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