Anyone who's tried to loop RWAs knows it's hard because of settlement delays
Deleveraging a looped RWA position: N loops × T-day settlement = N×T days of unwinding
3F uses the BF mechanic which shortens redemptions from N*T days to T days
Yesterday's 3F BF auction was awesome bc RWA enjoyooors got to experience just this for the @paretocredit FalconX private credit vault, which has monthly redemptions
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