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LobsterDAO 🦞

If that’s the case then the best thing is actually to borrow USD since denominating the debt in CHF would mean you would have to pay more back if CHF strengthens.

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LobsterDAO 🦞

We believe that in a down cycle market is where Frankencoin has the big advantage. Because one of the largest problems in crypto is that prices tend to start correlating in downwards movements. By having a wider collateral base we believe that we can avoid this to an extent and have a more stable system

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LobsterDAO 🦞

Page 27ff is outlining the mechanism: https://app.frankencoin.com/thesis-frankencoin.pdf#page38

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LobsterDAO 🦞

It doesn't per se. However anyone who is minting needs to be willing to defend that price at any time. So the price discovery/liquidation is shifted from an oracle to the community as it is profitable to liquidate someone.

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LobsterDAO 🦞

I think it's a pretty cool concept. Don't yet understand it fully but like the idea.

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LobsterDAO 🦞

Still cheaper than anywhere without the incentives last I checked (earlier today)

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LobsterDAO 🦞

Mhm ya i see. Like when borrowing i usually prefer to take only that risk and not some market risk for some random token on top of it

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LobsterDAO 🦞

more on rEUL

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LobsterDAO 🦞

Unless I'm misreading the Euler website on my phone, you'd be getting effectively paid for it, yeah

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LobsterDAO 🦞

Unless I'm seeing it incorrectly on mobile, Euler has supply wbtc borrow udsc for an effective positive borrow rate. @euler_mab could confirm though

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LobsterDAO 🦞

Sweet, I shall have a look!

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LobsterDAO 🦞

Cool! Will shoot you a dm!

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LobsterDAO 🦞

Prime market you can borrow 20m USDS for < 10%.

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LobsterDAO 🦞

Hey Lorem! I'm the Managing Director of the Frankencoin Association, if you have any questions on how Frankencoin works AMA. We're just getting started so still pretty small (already the largest Swiss Franc stablecoin however). Our goal is to have a stablecoin actually backed by the Swiss economy instead of just having cryptos as collateral.

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LobsterDAO 🦞

There is also Prime market on Aave where Ethena is very limited, rates are following similar trends even if the risk-adjusted is not the same here

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LobsterDAO 🦞

That would be awesome.

Who wants to use a currency (USD) that lost 80% of its value against CHF in the past 40 years as a store of value.

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LobsterDAO 🦞

I like the approach for RWA collaterals where there might not be onchain liquidity but it does bring its own kinds of risk related to pricing since there is no oracle, as you need to trust the market to always price the assets, but very interesting concept and curious to see how it works in more down cycle market.

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LobsterDAO 🦞

I’d love to be able to use CHF safely onchain 🇨🇭

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LobsterDAO 🦞

How does the protocol know the value of the security token?

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LobsterDAO 🦞

Btw, as we have all those lending luminaries in here: I'd love to get your feedback on what you think about Frankencoin's oracle-less approach to collateralized lending. The idea is to allow swiss security tokens (Switzerland allows to issue securities such as equity natively on chain) as collateral and thereby creating a system that is really secured by the Swiss economy instead of "just" crypto.

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LobsterDAO 🦞

Put Wbtc, borrow wbtc, sell wbtc.
As a bonus argue with taxman you did not actually sell *your* wbtc.

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LobsterDAO 🦞

you're speculating on EUL price with this mechanism - APR on frontend reflects current market price. you need to consider where will EUL be in 6 mo? you can ragequit at any time though for a fee.

if its lower than current price, your borrow will be as expensive as anywhere else.

if EUL moons in 6mo your borrow may be the most profitable borrow you've made. you could also ragequit at breakeven and leave the trade there.

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LobsterDAO 🦞

your usd borrow is incentivized with rEUL, which has a linear unlock period of ~6mo from claim

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LobsterDAO 🦞

So basically I'd borrow usdc against wbtc, then sell my usdc for CHF (basically go short usd) and then even get paid for it?

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LobsterDAO 🦞

🫣 had just completely forgotten that sparklend is the makerdao thingy😅

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LobsterDAO 🦞

SparkLend is also 12.5%

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LobsterDAO 🦞

Oh, didn't know that!

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LobsterDAO 🦞

Also important to highlight than on Aave rates are also "size-adjusted". Meaning it is possible to borrow like 300m in USDT and not spiking the rate even 2%

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LobsterDAO 🦞

basically the thumb rule is that if there is a lower borrow rate, LPs are earning less than what is trending on the wider DeFi market, on the same risk spectrum.

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LobsterDAO 🦞

Dark blue is usdc rates day to day. Dark purple is gearbox rates

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