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Introducing the first ever XRP backed CDP - Enosys Loans! Enosys Loans is a friendly fork of Liquity V2 (Liquity), deployed on Flare ☀️. Secured by decentralized price feeds from the FTSO and protected with live monitoring through HypernativeLabs, Enosys Loans brings the battle tested functionality of Liquity V2...

85,038 Aufrufe • vor 8 Monaten •via X (Twitter)

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So what exactly is Enosys Loans, and why should you be interested? Enosys Loans is an upcoming Collateralized Debt Protocol utilizing assets on the Flare ☀️ (FXRP, wFLR, stXRP, sFLR, etc) as collateral to mint a stablecoin (CDP). This differs from a traditional lend/borrow market like Kinetic.Market☀️ in that the Loans protocol itself is the counterparty to the loan, rather than a pool of user assets that are allocated for lending. In Enosys Loans, borrowers set their own interest rates, with 75% of the interest being paid to that collateral asset’s stability pool. (The remaining 25% is split between Enosys and the APY Cloud.) CDP holders can stake their CDP into one of the collateral branches' stability pools to earn real yield from the protocol, as well as incentives paid out in rFLR and APS. While in the stability pool, CDP staked by users may be used to cover debt during a liquidation event. If this happens, the value of the CDP used to pay the debt is rewarded with 1.05x its value in the collateral asset. Here is an example: A user takes $10,000 worth of wFLR and opens a new loan, taking debt of $5,000 CDP at a user set interest rate of 4%. Their wFLR being used as collateral is automatically delegated to DeFi Oracles, and they continue to receive delegation rewards and FlareDrops, claimable through Enosys. The user then takes $4,000 CDP and places it in the stability pool for FXRP, earning a share of 75% of all fees generated by the FXRP branch, as well as a share of rFLR and APS incentives being rewarded to that stability pool. They take the remaining $1,000 CDP and pair it with USDT0 in the Enosys DEX V3 LP, now earning swap fees, rFLR, and APS incentives based on their share of active liquidity on the CDP/USDT0 pair. A liquidation event happens on the FXRP side and $100 CDP of the users stake is used to cover the debt, leaving the user with a reward claim of $105 worth of FXRP at the liquidation price. So, the user is now earning delegation rewards, FlareDrops, CDP interest yield, FXRP liquidation yield, CDP and USDT0 swap fees, rFLR incentives and APS incentives. All at a user set interest rate of 4% on the initial debt. #XRPFI

Ēnosys

48,697 Aufrufe • vor 10 Monaten

We are thrilled to announce the upcoming launch of Enosys Loans, a friendly fork of Liquity V2 by Liquity, deployed on the Flare ☀️. This marks a historic milestone in the DeFi landscape as the first-ever Collateralized Debt Position (CDP) protocol to leverage XRP (FXRP) as collateral to mint a stablecoin. Initially supporting FXRP and wFLR as collateral - but with plans to expand support to include staked XRP (stXRP from Firelight ), FBTC (Bitcoin bridged to Flare), and other assets - Enosys Loans is poised to unlock unprecedented utility for major cryptocurrencies like XRP and Bitcoin in decentralized finance. By harnessing Flare’s advanced infrastructure, including the Flare Time Series Oracle (FTSO) for decentralized collateral pricing, Enosys Loans is set to redefine how non-smart contract assets participate in DeFi. Unlocking DeFi for XRP For the first time, XRP holders can use their assets as collateral in a CDP to mint a new stablecoin, enabling participation in DeFi applications such as lending, borrowing, and yield generation while still maintaining exposure to the underlying FXRP. This is a transformative step for XRP, which, due to the XRP Ledger’s lack of native smart contract functionality, has historically been excluded from the broader DeFi ecosystem. The planned inclusion of FBTC will further extend this capability to Bitcoin, unlocking the potential of two of the most valuable cryptocurrencies-representing trillions in market capitalization-for DeFi use cases. A Friendly Fork of Liquity V2: Proven and Enhanced Enosys Loans builds on the robust foundation of Liquity V2, a leading CDP protocol on Ethereum known for its efficiency, low fees, and user controlled interest rates. By forking Liquity V2, Enosys inherits its battle-tested mechanics while tailoring the protocol to Flare’s unique capabilities. This friendly fork enhances Liquity’s model by integrating Flare’s decentralized infrastructure, ensuring Enosys Loans is optimized for scalability, security, and interoperability. Flare FTSO: Decentralized and Reliable Price Feeds A cornerstone of Enosys Loans is its use of the Flare Time Series Oracle (FTSO) for decentralized collateral pricing. Unlike traditional oracles that may rely on centralized data sources, FTSO aggregates price feeds from independent signal providers, delivering highly accurate and tamper-resistant data for assets like FXRP and FBTC. This ensures that Enosys Loans maintains precise collateral-to-debt ratios, protecting users from volatility and enabling trustless, secure borrowing. With the FTSO’s ability to scale to thousands of data feeds (as seen with FTSO V2), Enosys Loans is future-proofed for supporting an expanding range of collateral types. Delegation Rewards and FlareDrops In keeping with the Enosys ethos, all wFLR that is used as collateral will be delegated on the owners behalf. This wFLR will receive delegation rewards and FlareDrops which will be claimable by the owner when distributed by the Flare systems. Expanding Collateral Options Enosys Loans will initially support FXRP and wFLR as collateral, enabling XRP holders to mint a stablecoin for use in Flare’s DeFi ecosystem. However, the protocol’s roadmap includes support for stXRP, FBTC, and other F-Assets, creating a versatile platform that caters to diverse user needs. This expansion will position Enosys Loans as a multi-asset CDP, allowing users to leverage a variety of high-value cryptocurrencies while maintaining the protocol’s decentralized and trustless ethos.

Ēnosys

323,550 Aufrufe • vor 11 Monaten

What is an Automated Market Maker (AMM)? ************* Notes: The video is attached. Links to the shorts on other platforms are in the second Tweet. Voting on fees using your LP tokens is limited to the 8 biggest LP holders. For auctions, the discount gets you close to 0% but not effectively 0%. The math example couldn’t exist in reality based on G3M. It is just an example to explain the process. ************* Imagine a robot (AMM) that's always ready to help you trade your money (assets) with others on a special online platform (the XRP Ledger's decentralised exchange). This robot doesn’t need to find someone else to take the other side of your trade; it just makes the trade happen using a big pot of money (pool) it manages. How Does it Work? Trading: You can swap one type of money (asset) for another anytime you want, using the robot’s pot of money. The robot uses a special formula to decide the swap rate. Creating a Pool: Anyone can create a new pot of money for two different types of assets if it doesn’t exist yet, or add to an existing one. Rewards for Pool Creators: People who add money to the pot (liquidity providers) get special tokens (LP Tokens) as a thank-you. These tokens can be used to: • Get a share of the money in the pot back, along with some extra (fees collected). • Have a say in changing the robot’s settings, like trading fees. • Bid to get a temporary discount on trading fees. Risks and Rewards: If many people are swapping money and the pot stays balanced, the people who added money to the pot earn some passive income from the fees. But, if the value of the assets changes a lot, they might lose some money. More Technical Bits: Exchange Rate: The robot adjusts the swap rate based on how much each asset has in its pot. If it has a lot of one asset, that asset becomes cheaper to swap. Trading Fees: The robot charges a small fee for each swap, which goes to the people who added money to the pot. Voting on Fees: People with LP Tokens can vote to change the trading fee; the more tokens you have, the more your vote counts. Auction Slot: There’s a special feature where you can bid to get a discount on trading fees for a day. You bid with LP Tokens, and if you win, you (and up to 4 friends) pay no trading fees for 24 hours. LP Tokens: These are special tokens you get for adding money to the pot. They can be traded, used to vote on fees, or redeemed to pull your money out of the pot. Deleting an AMM: If all the money gets pulled out of the pot, the robot (AMM) gets deleted. But, it can be recreated by adding money to the pot again. In a Nutshell: An AMM is like a robot banker that helps people easily swap different types of money using a big shared pot. People who add money to the pot get special tokens and can earn fees from the swaps, but there are some risks if the market changes a lot. They can also vote on settings and bid for fee discounts. If the pot empties, the robot goes away but can be brought back by refilling the pot. Let’s look at an Example: Step 1: Creating a Money Pot with the AMM Robot Alice creates a new money pot (AMM) using the robot. She chooses two types of money: US Dollars (USD) and XRP. She puts in: 1000 USD 10 XRP In this example, we assume an exchange rate of $1 per XRP for easy math. Alice gets special tokens (LP Tokens) from the robot as a thank-you for adding money to the pot. These tokens prove she added money and can be used later to get her money back, plus some extra if the robot earns fees. Step 2: Bob Makes a Swap Bob wants to swap his 100 USD for XRP. He doesn’t have to wait for someone to take his offer; the robot does it instantly using the money in the pot. The robot uses a formula to decide how much XRP Bob gets for his 100 USD, ensuring it's a fair rate based on how much USD and XRP are in the pot. Step 3: Earning Fees The robot charges Bob a small fee, let’s say 1%, for convenience. So, Bob pays 1 USD as a fee, which stays in the pot. Now, the pot has more money than it started with, which is good for Alice because she can earn that extra when she uses her LP Tokens. Step 4: Alice Withdraws Her Money After some time, Alice decides to take her money out of the pot. Thanks to the fees the robot earned from Bob and others, the pot has grown to: 1101 USD 9 XRP Alice uses her LP Tokens to claim her share of the money in the pot. If she puts in 100% of the original money, she gets 100% of what’s in the pot now, including the extra earned from fees. Step 5: Voting and Discounts Alice can also use her LP Tokens to vote on things, like changing the robot’s fee. And, if she wants a discount on fees, she can bid for a special 24-hour discount slot using her LP Tokens. Conclusion In this example, the AMM robot helped Alice earn extra money by providing a convenient way for Bob to swap his USD for XRP. Alice took on some risk by putting her money into the pot, but she earned fees from Bob’s and others’ trades as a reward. Bob enjoyed the convenience of instant, hassle-free trading. And the AMM robot managed it all automatically!

Daniel "CEO of the XRPL" Keller

238,486 Aufrufe • vor 2 Jahren