Biweekly Update #14
Whether markets are up or down, we continue to buidl. We have some major developments that expand the usability and strategies you can employ on Strips.
- STRP price: $1.06 (-1.8%)
- STRP circulating supply: 3,709,297
- STRP circulating market cap: $3,895,400
- Number of holders: 1,379
Simplified staking and bridging: you can now bridge assets to Arbitrum, swap, and stake directly from the Strips app. This streamlines the process for users and lets you fully manage your staking position all from one interface. Details on how to do so here.
Strips debt financing IVO: with the help of Solv, Strips successfully launched the first debt financing in DeFi, raising $2M that will be used to scale and expand our liquidity facilities. The bond IVO was fully subscribed and we have already deployed the liquidity to our markets. Details of the offering can be found here.
New proposed market: Anchor. The Anchor 19.5% UST vault on Terra is implementing a dynamic rate change. We think this presents an opportunity for Strips.
- The UST interest rate will be modified up to 1.5% every month based on Anchor collateral yields vs interest owed until it finds a sustainable equilibrium.
- We think this is a major opportunity for Strips to be the only IRS platform in DeFi that allows trading and hedging on this $17B market that now has a dynamic yield.
- If successful, this will drive volume on Strips. We return all this trading profit to our holders and stakers of STRP token, driving intrinsic value to our native token. Please read here for more detail on how we return profits to STRP stakers.
Trading Vaults: we are going to release a series of predefined trading strategies (vaults) that users can simply deposit USDC into and immediately begin benefiting from. Full write-ups for each strategy will be released prior to their deployment.
Closing the Aave-USDC market: due to lack of volume and a desire to concentrate our liquidity resources towards our most in-demand markets, we’ve made the decision to close the Aave market on Strips. Further explanation here.
Tokenomics Updates: Our goal is to help stabilize and grow STRP token price while always keeping the long-term health and success of Strips front of mind.
- Proposal to lower current Strips rewards emissions by 50%. This should have a noticeable impact on reducing the STRP token selling pressure from mercenary bots and traders that farm and dump the token.
- Proposal to increase wash trade protection from 10 blocks to 100 blocks. This will further limit predatory token-harvesting behavior, which dilutes rewards for good-faith traders and stakers.
- Proposal to use the Strips treasury wallet USDC balance to farm on Anchor to earn 19% yield and use the interest proceeds to buy STRP tokens.
We also have released an educational series of YouTube videos (linked here) that help users understand how to start trading interest rate swaps on Strips. User education will continue to be a major focus of ours.
The information presented here is meant for educational purposes, and is not investment advice. Any past performance, projection, forecast or simulation of results does not necessarily indicate any investment’s future or likely performance. The information and publications are not intended to be and do not constitute financial advice, investment advice, trading advice or any other advice or recommendation of any sort offered or endorsed by STRIPS Finance.