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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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.
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
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…
f(x) Protocol retweeted
OH MY GOD
$fxUSD @CurveFinance
There’s a new sherrif in town on @CurveFinance. Adios 3pool!
ethereum:0x085780639cc2cacd35e474e71f4d000e2405d8f6
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
f(x) Protocol retweeted
Same ethereum:0x7743e50f534a7f9f1791dde7dcd89f7783eefc39 but elevated on Pendle, with up to 64% APY up for grab 🔥
宝子们同一个 fxSAVE 到了 Pendle 上被拆成三种玩法，数字从 6.7% 到 64%，跨度拉得很大。
还是那句话这个数字第一眼确实容易上头，但先别急着选，越是夸张越要冷静！把底层看清楚，再决定往哪边站。
先看收益从哪来。
fxSAVE 本身是自动复利加 Delta Neutral 策略，连接 fxUSD/USDC 稳定池，收益来源主要是 xPOSITION 相关费用和储备收益，不承担传统方向性交易敞口。
换句话说，它不是靠赌行情方向赚钱，而是靠策略结构和协议运转产生回报。
当然，Delta Neutral 不等于没有风险，智能合约漏洞、稳定币脱锚、市场机制失效，都在需要评估的范围内。
这次的新市场，是 @protocol_fx 在 Pendle 上开的 fxSAVE 池，到期日 2027 年 4 月 29 日，LP 和 YT 都加了 FXN 激励。
同一个底层资产，被做成了三种不同预期的产品。
PT 显示 6.7% 固定回报，持有到到期日，拿的是市场隐含的确定收益，适合对收益有明确预期、不想承受波动的资金。
它的风险主要来自底层协议和市场本身。
YT 显示 28.45%，最高能拿到 31 倍收益敞口，本质是押注 fxSAVE 未来收益超过市场预期。
预期兑现，收益被放大；收益或者激励不及预期，买入的 YT 也会亏损。
倍数越高，这个赌注越重。
LP 显示 64%，做市赚取交易手续费，叠加 FXN 激励，数字最漂亮，但承担的东西也最多：流动性变化、价格波动、收益波动，都要一起扛。
而且这个 64% 要拆开看——里面有多少来自 FXN 奖励，激励能持续多久，市场成交量撑不撑得住，才是决定实际回报的关键。
还有一点要记住：页面上的 APY，是按当前条件估算出来的年化数字，不代表接下来半年都能保持这个水平，更不等于最终到手的利润。
激励会变，利率会变，市场也会变。
所以赚 6.7% 还是冲 64%，表面是收益选择，实际是对风险的判断。
选之前，把收益来源、激励结构、市场变差时自己要承担多少回撤，这三件事想清楚，再决定站哪边。@quipnetwork
f(x) Protocol retweeted
Oh my word. @protocol_fx $fxUSD $USDC LP on @CurveFinance is the top pool in volume traded BY A MILE! Nearly $41 million!
f(x) Protocol retweeted
Gm lads - blustery day here in ze subtropics!
-Gonna do some heavy sprints
-Lift weights
-Jump in pool
-Do @thedailydegenhq
-Accumulate more $FXN
-Geek out on some tokens on my research list ($TRUE, $WALLET, etc)
-Have giant homemade, foidmade feast
-Play Settlers Of Catan
-Go on moon-maxxing walk
-Go to sleep 💪🌙
What are ya'll doing this fine Sunday?
f(x) Protocol retweeted
The cleanest carry trade in DeFi right now that yields 40%:
Hold fxSAVE → 6.5%
Borrow USDC → 2.8%
Loop it → ~40% APR
$12M+ USDC sitting on Morpho waiting to be borrowed.
Details 👇
f(x) Protocol retweeted
sdFXN is the Stake DAO liquid locker for ethereum:0x365accfca291e7d3914637abf1f7635db165bb09 on @protocol_fx.
Mint sdFXN from FXN and stake it to collect f(x) Protocol fees in wstETH.
Its veFXN gauge voting power, 7.27% of the total, pays out on top in sdFXN.
Mint and stake: app.stakedao.org/lockers/fxn
f(x) Protocol retweeted
Aladdin community, fxSAVE looping strat is now live with an eye popping leveraged APY of 38% (at 10.5x lev)
The strategy supports size - with a max leverage of $1 mn possible and borrow amount of $9.92 mn
Have solid DD done about the loop with our platform and benefit from our automated, one click entry/exit, best price execution, fxSAVE loops
Only on Spiral Stake!
f(x) Protocol retweeted
Magic is real: ~28% APR on USDC.
How? fxSAVE × @nine_summits:
1️⃣ Deposit USDC
2️⃣ fxLOOP loops it up to 7x into fxSAVE and/or PT-fxSAVE
3️⃣ Poof ✨ 28% APR done
The real trick is starting with one of the most conservative yield-bearing stablecoins in DeFi.
What if your lowest risk stablecoin yield paid close to 28% APR, and you never had to manage a loop yourself?
Introducing fxLOOP: high yield, managed.
fxLOOP is 9Summits' latest strategy built on @protocol_fx's $fxSAVE and powered by @lagoon_finance
fxSAVE is one of the lowest risk yield bearing stablecoin around. And yet delivers significant yield.
fxLOOP, delivers 28% APR by looping fxSAVE and its PT strategies on Morpho.
As a user, deposit, relax and watch your portfolio grow.
Link in the next post.
f(x) Protocol retweeted
If you've been waiting for a nice little pullback to take an $FXN position this is likely a good one...
I try not to talk about price that much and just focus on ze fundamentals, but I firmly think this is the most asymmetric r/r in crypto right now...
$204M TVL vs
$3.8M market cap(!)...
And that is for one of the most interesting projects in defi currently-
With a proven, battle-tested, and extremely well-respected team-
With clear PMF, generating legit organic revenue from its operations-
At the forefront of the stablecoin + privacy + perps narratives-
With an insanely cool new defi primitive @FX100Perp in the final stages of testnet...
Obviously I'm bias because I work with them, but at the same time- I chose to work with them specifically because of all of the above :)
But yeah...
No degree of abject wordcelism can properly convey my boolishness and I will be accumulating as much as I possibly can at these prices as it should be VASTLY higher 💪
f(x) Protocol retweeted
$9 BILLION IN VOLUME. 2 MILLION POSITIONS OPENED.
Week Ten, FX100 Public Testnet Report.
- $9,127,235,292 in trading volume
- 2,050,886 positions opened
- 44,488 unique wallets
- 20,423 referral codes used
This week alone, traders added $1.68 billion in volume and opened nearly 225,000 new positions.
That’s two million positions where traders had time to decide what came next before liquidation decided for them.
Trade with a choice: fx100.club
