f - High & Sustainable USD yield x & s - Liquidation Protected Leverage with Minimal Funding Cost $fxUSD $FXN By @aladdindao https://xitter.twitterapi.xyz/t.co/cVz9RALhej
Aladdin DAO
Joined April 2023
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The era of the "Liquidation Alert" email is over.
Introducing FX100: The world’s first 100x Non-Liquidatable Perpetual Engine.
We are moving the market to a new equilibrium, where leverage is high, but survival is prioritized.
Goodbye, liquidations. 👋
Volatile markets bring more activity on f(x).
More activity 👉 more fees.
Part of the fees go to veFXN, paid in wstETH.
This week: 23.63 wstETH and still counting
Upcoming APR: 48%+
Over 78% is already locked.
Lock FXN for your share 👇
fx.aladdin.club/v2/lock
f(x) Protocol retweeted
My take on $FXN from a fundamentals perspective.
Today, its P/FCFt is near an all-time low (ATL).
What does that mean?
- The market value of $FXN locked in veFXN is historically low
- Relative to the revenue accruing to veFXN holders
In other words, veFXN holder revenue is trading at a historically low valuation multiple.
Not a financial advice.
f(x) Protocol retweeted
BTC keeps bouncing but won't break out.
If you're long, that means waiting. On a perp, waiting has a running cost: funding comes out of your position whether price moves or not.
On f(x), a leveraged BTC or ETH long/short pays 0% funding. Hold it a week or three months, the carry is still zero.
And if BTC wicks lower while you wait, the liquidation brake trims your leverage before you get liquidated.
Good breakdown from @DeFiSaver. One more for the list of places to short ETH or BTC with stablecoin collateral: sPOSITION on f(x).
Deposit fxUSD, pick wstETH or WBTC, choose up to 7x. The position opens in one transaction, with no funding fee under normal conditions.
In case market decides to wick against you, you won't be liqudated thanks to f(x)'s Liquidation Protection.
It also doesn't depend on Aave's risk parameters.
Trade: fx.aladdin.club/v2/trade
$USDC and $USDT still have LTV 0 on Aave V3 and V4.
What does that mean if you have an existing short position - or want to open one?
📉 Existing short positions on Aave V3:
If you manage your position through DeFi Saver, you may notice a lower displayed Safety Ratio following the LTV change.
That change alone doesn’t move your liquidation price. Aave V3’s liquidation thresholds remain unchanged, so the LTV reduction itself hasn’t brought your position closer to liquidation.
However - you no longer have the ability to generate new debt with your collateral. This means that regular Borrows are unavailable, along with tools that increase leverage by borrowing (such as DeFi Saver's Boost tool).
This also means using the Debt Switch tool doesn't work - as it would require generating new debt (in the other asset)
On the other hand, regular debt pay backs, along with repaying with collateral functions as per usual - and you're also able to withdraw collateral as per usual.
For our automations tools - this means that automated repays work without issue, while automations that utilize the Boost tool won't work until the LTV is back to normal.
📉Existing short positions on Aave V4:
On Aave V4, existing positions continue using the collateral factor from before the change, so their Health Factor and liquidation price aren’t immediately affected.
But attempting to borrow more or withdraw collateral forces the position to use the new 0% collateral factor. If it fails the resulting health check, the action is blocked.
If $USDC / $USDT are your only collateral, that refresh would leave your position with no collateral value counted toward its Health Factor while debt remains -so the action is blocked.
This affects Borrow, Boost, Debt Switch and partial Repay using collateral, including automations that perform these actions.
Why Repay too? Even though it reduces debt first, it still needs to withdraw collateral afterward. If debt remains, that withdrawal fails the refreshed health check.
You can still supply funds and pay back debt using wallet funds - and we'd also note that you can use DeFi Saver's Close tool, which fully unwinds your position and withdraws the remaining collateral in one transaction.
BTC keeps bouncing but won't break out.
If you're long, that means waiting. On a perp, waiting has a running cost: funding comes out of your position whether price moves or not.
On f(x), a leveraged BTC or ETH long/short pays 0% funding. Hold it a week or three months, the carry is still zero.
And if BTC wicks lower while you wait, the liquidation brake trims your leverage before you get liquidated.
Leverage trade with 0 funding: fx.aladdin.club/v2/trade
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f(x) Protocol retweeted
Another weekend sell-off.
Brutal for leverage traders, and the pattern is getting too familiar.
@aladdindao kept seeing that pattern. On f(x) Protocol, we built xPOSITION to reduce liquidation risk by automatically rebalancing leveraged positions.
FX100 brings that same thinking to perps with a different mechanism: 15 minutes of liquidation protection from entry.
Testnet is live and you're still early: fx100.club
New rewards have been added to the @Morpho f(x) Protocol Ecosystem Vault
Deposit USDC and earn 15.54% APY
APY
Curated by @RockawayX
Deposit: app.morpho.org/ethereum/vari…
The @nvidia story broke on a Sunday with every equity market closed.
Crypto took the first hit. Thin books, ETH -5%, BTC down to $73.7K, lowest since August.
$1B+ liquidated. 140K+ traders wiped. 90% of it longs.
liquidations on f(x): ZERO
xPOSITIONs don't get margin called. When price moves against you, the liquidation brake rebalances your leverage and the position stays open.
Trade on f(x): fx.aladdin.club/v2/trade
f(x) Protocol retweeted
Is it just distribution? Not really. BOLD lags because the peg floats and the interest rate model is too much for people who just want to borrow in peace.
- The old story of CDPs not being scalable is BS. No, you can't mint trillions of an ETH backed CDP at once. So what? That was never the point. All they need is to be scalable ENOUGH, and mostly be decentralized and AT PEG.
- Now the question about BOLD. This is a brilliant model. It satisfies the decentralization part 100%, but the peg remains too floating: the redemption mechanism isn't responsive enough. And I still think the user set interest rate is just too complicated for most people who wanna borrow with peace of mind, without PVP and without trusting a third party not to fuck up with their money.
- Finally, I read comments about BOLD, LUSD, crvUSD... And no $fxUSD, which took a very balanced approach to the stablecoin trilemma with a very strong focus on what makes a stablecoin reliable and usable: PEG.
On one hand it's frustrating, on the other hand it's very exciting. @protocol_fx keeps growing, fxUSD is twice as big as BOLD and YET lots of DeFi users still don't know about it.
Aladdin DAO has been building DeFi CROPS aligned protocols since 2021 without VCs.
A few fxUSD facts:
- fxUSD reached a $127M market cap, now around $62M
- It handles natural growth and shrinking of the CDP design beautifully, with a perfect peg
- $fxSAVE, its main yield strategy, prints 8% APR, organically, onchain.
- It can be on/off ramped for free with @mtpelerin
- It can be minted 100% privately from shielded $ETH with @anondotinc
- It can be (un)shielded for free on @RAILGUN_Project
- Its Curve pool is often one of the most efficient. Just yesterday, it generated 40% of Curve's volume by itself.
ALT Data table detailing fxUSD price and significant market liquidation events from 2025 to 2026, with various monetary values and trader counts.
Why did DAI stop using only ETH as collateral? Why is BOLD by LQTY not as successful as USDT AND USDC? Is it just a distribution thing?
A massive driver to $ETH being an SOV would be to make it back money that can be used IRL
AKA an overcollateralized ETH-backed stable.
Gold had the gold standard, ETH should have the ETH standard which would further entrench its promise as a store of value, and let ETH also be useful for money by the means of backing money spawned from it.
xitter.twitterapi.xyz/defiignas/status/21186…
The market was brutal. f(x) was boring.
Zero liquidations.
$145.58M traded in the fxUSD/USDC pool in 24h.
fxUSD held its $1 peg. Rock solid.
fxSAVE kept earning 7.9% APR.
No drama. No surprises. Everything worked exactly as designed.
In DeFi, boring is a superpower.
f(x) Protocol retweeted
OH MY GOD
$fxUSD @CurveFinance
There’s a new sherrif in town on @CurveFinance. Adios 3pool!
ethereum:0x085780639cc2cacd35e474e71f4d000e2405d8f6
Zero liquidations at f(x).
Markets can be brutal. Your leverage shouldn't be.
Built for survival. Built for markets like these.
f(x) Protocol retweeted
Top 5 net yields at max leverage on Tangent right now 👇
It looks like it’s DeFi stablecoins season with @protocol_fx, @ResupplyFi, @LiquityProtocol, and @InverseFinance!
f(x) Protocol retweeted
You can now loop non-PT assets on Pendle ⚡
Jack up your $ETH staking, stablecoin or RWA yield in one click, with the top loops (minimum of $1M liquidity) at up to 56.76% APY right now
fxUSD/USDC is the most traded pool on @CurveFinance right now.
$57M in 24 hours. More than the next five pools combined.
fxUSD Peg: $1.001
78.40% of $FXN circulating supply is locked and earning 39.40% APR.
Paid in ETH.
If you haven't locked yours and want to start earning, do it here:
fx.aladdin.club/v2/lock
