Pablo 📐
@pablo_veyrat
Co-Founder @merkl_xyz 🥨, @AngleProtocol 📐
Proud European citizen building an open financial ecosystem 🇪🇺
参加 April 2012
299 フォロー中 4.7K ファン
On this, that's why @merkl_xyz has a feature that lets you reward lending protocol users based on utilization.
e.g 0% utilization -> stablecoin issuer pays its full NIM
100% utilization -> stablecoin issuer pays nothing
Incentives should scale with the revenue you generate
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Great and underrated point by @joakimhi.
Once a stablecoin is lent out, it gets redeemed and offramped via DEX swaps or CEXs (about 80%) -- so it's not the issuer paying that yield.
In my experience, that's exactly why stablecoin issuers struggle to make long-term structural yield-share economics work doing deals direct with lending protocols natively.
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