Whales piling into SGB?

[Seoulite]

I have no idea how they would track and measure this, which makes me suspect it is just nonsense hype. But I will post it here anyway because of the hopium.

[Guest]

29 minutes ago, Seoulite said:

I have no idea how they would track and measure this, which makes me suspect it is just nonsense hype. But I will post it here anyway because of the hopium.

Haven’t heard of others but this could be Flare Finance ahead of the ExFi drop. I’m seeing corresponding loan fees being distributed.

[Guest]

7 hours ago, Seoulite said:

I have no idea how they would track and measure this, which makes me suspect it is just nonsense hype. But I will post it here anyway because of the hopium.

Following up further, as of right now, the TVL in WSGB on Flare Finance is ~ 31.8M. I think it's almost definitely that.

From the System Stats table in Flare Loans on Songbird. Feel free to correct math below.

• Borrowing Fee is 3.25%
• TVL: ~ USD 31.8M  (see above)
• Collateralization: 193%
• Total CAND Supply: 18.77M USD

So from the above - 

• Daily borrowing fee (as of today)  = (365√3.25 - 1) * 100 = ~0.323%
• CAND loaned: ~ 16.48M (based on collateral ratio and WSGB locked. The rest of the CAND must be lying in wallets)

Total income being distributed = Borrowing Fee + Redemption Fee. I didn't pay attention to how Redemption Fees are calculated but I think those distributions are in SGB.

Interest distributions over the past 24 hours = 0.323% * 16.48M = 53223 CAND. Multiply by your Pool Share in DFLR staking pool and you'll get the Total Accrued CAND per day.

As of today, 1 DFLR gives you 0.00017% of those interest fees, which is around $0.09 (9 cents)

Obviously there is a lot of SGB buying to make the best of the ExFi drop on 12/12 and so I expect to see the loans drop after that, but once S-Assets are enabled, I think we will see a lot more liquidity.

 

Edited December 1, 2021 by Ripley