Whilst scrolling thru @0xfluid stats to watch accounts being liquidated (it makes me feel better about myself), I stumbled up on this position.
And yes, you're seeing that right: 486x @ethena rewards!
So he's willing to eat -12% APY for nearly 500x rewards, not too bad!
@reservereverse@0xfluid Because lending out the full amount of WBTC doesn't earn nearly as much as lending out stables does.
So you could borrow stables for 8% and go do whatever in the market to try and earn above 8%, as opposed to earning maybe 1% on BTC
High networth individuals have seemed to realize that @0xfluid is a cheatcode for cheap debt on large $BTC positions.
Smart debt is easily one of the cheapest (if not the cheapest) ways to borrow against your BTC.
I imagine this guy can earn more than 8% on his stables π
@marquitostd@ethena I'm assuming they're not related but can't be sure. This is just a random wallet I found so it could be either or.
But theoretically, yeah you could do what you said
Whale sighted using Smart Debt π
Big boys know that its the cheapest debt for $BTC collateral
AND
an easy way to get @ethena rewards while paying very little to borrow.
Seems like a smart guy!
@zhusu and instead of pumping, it's going to explode from the water, hit you in the face, and concuss you as it sinks deeper back underwater.
At least that's what my sleep paralysis demon told me
Interesting thing here is the deliberation on bridges, since those used to be a point of contention amongst DeFi users.
So this might be your chance to convince the team of your bridge of choice!
A proposal to deploy $FLUID multichain is live
This proposal evaluates different bridging solutions such as native bridges, @LayerZero_Core, @SOCKETProtocol, and others