A week into the pre-deposit campaign and already > $6m in the relend USDC vault.
📈 Currently highest native apy among all @MorphoLabs's USDC vaults
🌜Earn Relend Units on top of USDC yield
🤝 Borrow vs partners' collateral: @fraxfinance, @AngleProtocol and more coming soon 👀
Relending ELI5
📜There is a village with a Chief, 10 villagers and 1 Village Bank.
🏦The Village Bank holds $1000 in cash.
The Chief owns all the houses.
👩🌾Villager 1 borrows $1000 and buys a house from the Chief, Chief deposits the money back into Village Bank.
👨🌾Villager 2 borrows $1000 and buys a house from the Chief, Chief deposits the money back into Village Bank.
Repeat with all 10 villagers.
The Chiefs bank balance now reflects $10 000.
Each of the villagers now owns a house🤯.
Village Bank holds fractional reserves of $1000
Village Bank is owed $1000 by 10 villagers,
total of $10 000 in credit.
Village Bank holds 10 houses as collateral.
Village Bank AUM: $21 000
🌀This is relending. We are bringing this to DeFi.
#relending
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and decided to share some Airdrop points with you
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will add 100,000 points to a 100 random people 🎲
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@aisuperapp the missions on the wheel don’t work right. I follow you but it says I didn’t complete the mission and the same with sharing the post. I only get credit for some missions sporadically