Executed successfully: SIP-36 Mint XAI to silos. Summary of changes.
06 Feb 2023, 13:49
Executed successfully: SIP-36 Mint XAI to silos
Summary of changes
- Borrow $XAI with USDT or DAI collateral at 2% fixed interest rate. Each of these two silos has 500,000 XAI available to borrow.
- Borrow XAI with the following assets at a variable interest rate:
- cbETH: 500,000 XAI
- wstETH: 500,000 XAI
- OHM: 100,000 XAI
- gOHM: 400,000 XAI
- By minting additional 1M XAI to USDC silo, utilization has dropped to 55%. $XAI borrowing APY is expected to settle at 2.7%.
Why borrow $XAI?
When you deposit XAI into the XAI/FRABP Curve pool, you have two yield-generating opportunities:
- Stake/lock LP tokens on Convex Frax for 12.2%-15.6%
- Stake LP tokens on Convex for ~7%
Here is a detailed guide on how you can take full advantage of XAI.
Depositing XAI generates a bonus slippage
Sometimes slippage can be positive. You can deposit up to 1M XAI single-sided (without adding USDC or FRAX) and receive bonus 0.13% in more LP tokens. The bonus slippage happens when the pool is imbalanced, which is the case right now (40% XAI / 60% FRAX-USDC).