Video yükleniyor...
Video Yüklenemedi
𝗗𝗲𝗺𝘆𝘀𝘁𝗶𝗳𝘆𝗶𝗻𝗴 𝗙𝗹𝘂𝗶𝗱: the most efficient DeFi protocol. We're excited to unpack Fluid's game-changing innovations: - Lending + DEX fusion - Liquidity↔Logic separation - Position & Liquidation aggregation into ticks ⇒ All unlocking 0.1% liq fees & 98% LTVs 1/
29,552 görüntüleme • 1 yıl önce •via X (Twitter)
13 Yorum

2/ Fluid's growth. Since its launch last year, Fluid took DeFi space by storm: ‣ Grew its Lend/Borrow protocol Vault to $1B TVL ‣ Enabled trading on top, doing up to 20% of Ethereum DEX volume ‣ Became #2 DEX on Ethereum All thx to design unlocks↓

3/ Fluid design break-throughs. A. Fluid liquidates: ‣ At higher LTVs, up to 98% ‣ With lower discounts, as low as 0.1% ‣ Just enough to make positions safe B. Fluid DEX liquidity comes from Vault's collateral & debt, collapsing opportunity cost. How is this possible?↓

4/ Fluid high-level architecture. At Fluid's core is *Liquidity Layer* where all assets are stored, and on top of which subprotocols (Vault & DEX) are built to tap into the same liquidity. This design allows to combine DEX & Lending, pushing capital efficiency to its limits.

5/ Liquidity Layer. On a high level Liquidity Layer is a regular lending protocol, but it serves Fluid's subprotocols instead of users. It has withdrawal and borrowing limits that help keep rates stable, especially during black swan events.

6/ Fluid Vault. Each Vault is a predefined pair of collateral and debt tokens. User can borrow X by supplying Y and keeping X/Y ratio healthy. Thanks to Liquidity Layer, collateral can be reused across other Vaults, while both collateral & debt can be supplied to Fluid DEX.

7/ Ticks. In Vault, positions are aggregated into ticks, according to debt/collateral ratio Just as UniV3 ticks revolutionized AMMs, Fluid ticks are reimagining lending—enabling 98% LTV with 0.1% liq fees, best parameters on the market How? Via unique liquidation mechanism:

8/ What is a liquidation? When User borrows X against Y, if Y drops user can be liquidated. Liquidator "buys" user's collateral at discount to repay debt. Traditionally liquidations happen separately per position and users lose more collateral than needed. But not in Vault↓

9/ Liquidations in Vault. Fluid groups positions into "ticks" (by debt/collateral ratio): no more separate positions. Liquidation threshold tick = ratio above which positions can be liquidated. On a pic below positions don't move; liquidation tick changes as price fluctuates.

10/ Ticks are sorted from riskiest to safest. One liquidation step affects ALL positions in the tick that's being liquidated. Liquidations start from the riskiest tick and go down, until all positions moved to the current liquidation threshold tick.

11/ Here you can see an example animation of how initialization and liquidations of positions are happening in Vault subprotocol.

12/ Read the full deep dive here:

13/ Stay tuned for the second part of our Fluid series: deep-dive on Fluid' DEX. We will cover the design of "smart" collateral/debt, which allows Fluid to use its liquidity *simultaneously* for both borrowing & trading, with today's volume reaching $300M+/day.

14/ Special thanks go to @DeFi_Made_Here and to @MixBytes for their invaluable feedback.
