YFI’s Andre Cronje Releases New DeFi Project, But You Can’t Ape In This Time
As Yearn Creator Andre Cronje promised to release a new project when fees on Ethereum Network fall to single-digits, he has finally delivered in the form of Fixed Forex.
* No token
* Not audited
Introducing Fixed Forex (USD, EUR, ZAR, YPY, CNY, etc) https://t.co/Dcoa83G4ej
— Andre Cronje 🦀 (@AndreCronjeTech) July 2, 2021
However, this time, Cronje has removed any ability for degenerates to ape in the project and any chances of accusing Cronje of rugging them by having no token to bet on the price, as happened with LBI and EMN. As Fiskantes notes, “No token no apes.”
No token, audit has not been completed, and the contract is experimental, reads the disclaimer on Cronje’s blog post about Fixed Forex (USD, EUR, ZAR, JPY, CNY, etc.).
Fixed Forex is designed to be an immutable, decentralized stablecoin framework.
Its key features include zero governance (or multisig), zero-configuration, zero fees, and zero value extraction.
To prevent the liquidation of all the funds during drawdown events, Cronje has introduced gentle liquidations in the project by repaying only the absolute minimum amount of debt so that a users’ position is brought back to even.
In the project, Loan-to-value ratios (LTVs) are derived from Compound, Aave v1, Aave v2, and Iron Bank. “As these systems add or update their accepted collateral, so does Fixed Forex dynamically update,” he noted.
As for minting caps, meaning just how much liquidity a user can mint against given collateral, they are derived from available on-chain liquidity — the higher the on-chain liquidity, the higher the minting caps.
“The full release will be based on curve.fi’s crypto pools, to allow for a decentralized forex market,” wrote Cronje.