Flex

Choose-your-fixed-rate loans

[Flex @flexmeow]

https://t.co/2Yo8qakYC2

[corn🛸 @omgcorn]

Why you should let the @flexmeow design aesthetic into your life

5 minutes of me sliding through this UI like butter

[johnnyonline @johnnyonline_]

the 60% APY days are over (for now)

but the 30% APY days are still here!

current yvUSD loop numbers (max loop):
- ~$300k USDC available @ 2.3% borrow --> ~30% APY
- (for the humbler farmers) ~$640k @ 3.5% borrow --> ~20%

farmer's paradise 🧑🏻‍🌾🌾

[johnnyonline @johnnyonline_]

to those suffering from the rate spikes, your new home awaits

pick your fixed borrowing rate + get instant liquidity. also remove yourself from the mercy of msigfi

check out @flexmeow

[corn🛸 @omgcorn]

@flexmeow preserves the carry, with even zero spread sometimes. Check this out:

yvUSD (unlocked) yield is 4.46% right now. A 6x loop at 4% borrow rate is 8.80% APY

What's another stable we should make a pool for that is even higher?

[corn🛸 @omgcorn]

on @flexmeow you can adjust your fixed rate once per week, penalty free. So when you open your trove you don't need to feel locked in, you're not.

[johnnyonline @johnnyonline_]

if you're in 2.5% pivot to 3.5%

[johnnyonline @johnnyonline_]

the fact that Flex markets can get to 100% utilization has some pretty interesting implications for looping

take yvUSD. assume
- yvUSD yield = 5%
- lenders want 4%
- borrower loops 10x

Flex (100% util)
lenders earn 4% <--> borrowers pay 4%
borrower earns 14%

TradDeFi (80% util)
lenders earn 4% <--> borrowers pay 5%
borrower earns 5%

same loop but almost 3x yield

beyond being more profitable, Flex enables looping strategies that aren’t viable in TradDeFi

so, asset issuers with yield-bearing collateral, we’re actively reaching out, but pls don’t wait! reach out and we’ll help you launch a market

[yearn @yearnfi]

https://t.co/NRJHKDalH0

[CΞAZOR.eth mak'n 🥪s 🦇🔊 @Ceazor7]

So lets look at my @flexmeow results

I opened my trove about 7 days ago with

- 7787.48 yvUSD of @yearnfi
- I used this to borrow 6000 USDC
- i then stuck in yvUSD to get me 5927.31 yvUSD extra

a ~1.79x "loop"

I ran my trove for ~7 days at 0.4% borrowRate (crazy low)
The @newmichwill @CurveFinance looping UI wasn't live and i was playing it safe and lazy

While i slept, i got redeemed, likely some looper willing to pay more per block.

I demantled my zombie trove and recovered
1862.14 yvUSD that was not redeemed

leaving me at a balance of 7789.42 yvUSD,
-a profit of about ~2 yvUSD
(keep in mind that my USDC in that vault grew but i worry about that later)

Gas
0.0001ETH($0.20) Open Trove
0.0002ETH($0.50) Deposit borrowed USDC
0.0001ETH($0.09) Kill Zombie
3x Approves = ~$0.03

TBH.. im happy i came out in the green on this. But i would very much rather i was never redeemed. But thats what you get when you go degen

[tokenbrice.eth (🐜,🔍) @TokenBrice]

Got fully redeemed on @flexmeow test position and just closed my zombie trove for a marginal profit

Supplied 988.09 yvUSD ($1000.73)
Borrowed 500 USDC
Recovered 494.35 yvUSD ($501.44)

=> RESULTS:
- 493.74 yvUSD ($498.6774)
+ 500 USDC

= $ 1.3226 returns
- $0.68 of ETH gas spent
=== + $ 0.64266 net return, gas accounted for

Full redemption is like the worst case scenario here, and still it turned a marginal profit: 10/10, would recommend to fellow cat lovers, solid meowing experience

[johnnyonline @johnnyonline_]

200k more USDC liquidity was just deployed

when you loop it though, time to notice your rate is high enough to avoid getting redeemed

[corn🛸 @omgcorn]

@flexmeow getting a workout this morning

[Flex @flexmeow]

@newmichwill ser!🫡

[Michael Egorov @newmichwill]

Top UX

[Flex @flexmeow]

@CupOJoseph ser, why dont you hold yvUSD already

[Flex @flexmeow]

looping just got easier - no more finger workout!

the Flex looping UI is now live; 1-click looping via a flashloan

still plenty of liquidity available in the yvUSD/USDC market

earn up to ~55% APY, in 1 click

[Flex @flexmeow]

@llamaintern yes! https://t.co/HP2jaPEl9r

[johnnyonline @johnnyonline_]

@newmichwill yes. i liked it so much i did classic Flex

[Flex @flexmeow]

https://t.co/F5qz9e0VQy

[Jordi in Cryptoland @lordjorx]

Looping at fixed rates is underrated.

@flexmeow is a money market where borrowing rates are locked at the time you open a position.

@yearnfi is currently the main liquidity curator, rates are low right now, and the main collateral is Yearn's main vault token, which is yielding good.

The redemption mechanic is borrowed from @LiquityProtocol . Lowest-rate positions get hit first. But in this case, a borrower can redeem you if they are willing to pay more interest.

I will be using this one-click loop and it would also be cool to have a curator that actively manages rate positioning to keep our positions protected.

I'm also sure more collateral types will come soon (I'd love to see Senior tranches 🫪).