- What is fDAIEach asset supported by the Flux Finance Protocol is integrated through a fToken contract,which is a representation of balances supplied to the protocol. - fTokens,such as fDAI,are a fork of Compound V2s cTokens,with additional functionality to support permissioned assets. - What Makes fDAI UniquefDAI is minted when users deposit DAI on Flux Finance. - By doing so,the users DAI will become available to borrowers,and the user will earn the DAI supply rate. - fDAI increases in value relative to the underlying DAI,meaning users can redeem more assets over time as interest is earned. - The interest rate earned by lenders fluctuates and depends on the markets utilization i.e. - the percentage of deposited assets that have been borrowed.History of fDAIIn January 2023,Flux was announced as a decentralized #lending protocol that can support permissionless cryptoassets alongside permissioned tokens. - The protocol was initially developed by Ondo Finance,a software development firm in #DeFi ,before being sold to Flux Finance.Flux is governed by the Ondo #DAO ,in which ONDO holders vote to upgrade its code and alter its risk parameters. - In February 2023,the protocol was initialized and its supported assets and parameters were selected in a genesis vote. - fDAI was among the first assets to be selected,alongside fUSDC and fOUSG. - Markets for these assets opened shortly after.What can fDAI be Used ForBy minting fDAI,users earn interest and gain the ability to use fDAI as collateral. - fDAI can be transferred to effect change in ownership. - Transferring fDAI means transferring your balance of the underlying DAI inside the Flux Finance protocol. - Transfers that would result in negative account liquidity for borrowers on Flux Finance will fail.What’s Next for fDAIAs a permissionless yielding asset,fDAI can in turn be used as collateral at other lending protocols,and offers an alternative settlement option between parties..
Summary of the coin Flux DAI
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