Sonic announced that I am resigning from its board. I wish the new team well.
I’ve published a factual clarification of my role and responsibilities.
For the past 18 months, my primary focus has been building @flyingtulip_. That work continues. We have scaled to ~$70m TVL across all 3 systems, earning ~16% APY on USDC/USDT on Ethereum and ~8% on Sonic.
https://t.co/qOoqCZi8zI
Earn 4.59% on USDC/USDT on Ethereum via ftUSD
Earn 18.50% on USDC/USSD on Sonic via ftUSD
Margin based lending offers;
2.70% USDT on Ethereum
3.53% USDC on Ethereum
6.69% USDC on Sonic
Borrow rates on BTC & ETH less than 1%.
Maintenance Margin based lending means higher effective LTV, multicollateral netting. RFQ based liquidations means smaller haircuts and more time to respond.
0 subsidies, instant liquidity.
Only on @flyingtulip_
FT's first big drawdown event, equity account based lending only liquidated about ~$50k in liquidations, equity accounting meant far less liquidations (netted risk vs discounted collateral) and soft liquidations meant far smaller amounts (average liquidation sizes were $200-$2k), in LTV based system this number would have been 10x-20x higher.
Safer, less volatile, smaller haircuts.
https://t.co/Ux9p3maqCv