$56M fxUSD against ~$152M TVL is still a thin enough base that the stress variable is redemption depth when xPOSITION demand vanishes. f(x) makes leverage fees and wstETH/WBTC carry subsidize peg defense, cleaner than pure emissions, but it also couples stablecoin health to trader appetite. If ETH vol spikes while the fxUSD/USDC pool and Stability Pool stay bid with boring FXN incentives, the design earns credibility.

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