On-Chain Lending simplified to buying a token
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Update: after further auditing the refund list, we were able to equitably extend buyer coverage all the way to the pause tweet at 2:18pm ET (block 69006486), past the original 2:05pm cutoff. If you bought in while the price was still down, before we paused, you're covered. Refunds will be going out shortly via direct airdrop.
Thank you for the patience
Refund Update:
Anyone holding when the exploit hit AND anyone who bought in during it is covered.
Window: blocks 68988520–68998599 (Sep 21, 1:48–2:05pm ET). Snapshot: 68988519.
$428K, the whole treasury, will go back pro-rata over the next few hours ~57% of each net loss.
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Refund Update:
Anyone holding when the exploit hit AND anyone who bought in during it is covered.
Window: blocks 68988520–68998599 (Sep 21, 1:48–2:05pm ET). Snapshot: 68988519.
$428K, the whole treasury, will go back pro-rata over the next few hours ~57% of each net loss.
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Update
After a lot of deliberation, I’ll push out a prorata refund later today based on supply held at time of exploit (block number to be confirmed shortly) I sincerely tried to get this project going but I don’t want to leave a bad taste in anyone’s mouths at all going forward.
This was a failed experiment and I want to make everyone as whole as I can
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Update
Looking into how the exploit occurred, someone essentially kept looping the loans at a scale that we had not anticipated, this attack was economic in its nature, we are currently weighing between relaunching and pro-rata refunding using the funds collected in the treasury ~392k as of writing
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Loans.fun retweeted
Looking into how the exploit occurred, someone essentially kept looping the loans at a scale that we had not anticipated, this attack was economic in its nature, we are currently weighing between relaunching and pro-rata refunding using the funds collected in the treasury ~392k as of writing
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Update on $LOX.
An address ran the leverage loop at scale. We paused borrowing to stop it. The contracts held: accounting never broke, and repayments stay open.
We are assessing next steps more updates soon
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Launch tax is over. $LOX buys are 2.5% from here, same as sells. In 30 minutes, snipers and early buyers paid about $497K in launch tax directly into the lending pool.
The pool now holds $980K, and that cash backs every LOX.
The pool is the bank
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A quick explainer on how the $LOX pools lending engine works
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Launch Information will be posted soon, there is no token currently beware of any copycats.
The pool is the bank
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The Pool is the Bank
Permissionless lending onchain doesn’t have to be a complex machine with a million moving parts.
If we rethink lending from the ground up, the entire system can be compressed into the most fundamental primitive in DeFi:
A simple liquidity pool.
This is @Loansdotfun
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Loans.fun retweeted
I’m incredibly excited to keep building this out and will be sharing launch details through the official @Loansdotfun account soon.
There is NO $LOX token live right now. Please do not trust any copycats or unofficial contract addresses launched in the meantime.
Thank you all for the interest. This is going to be a lot of fun.
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Loans.fun retweeted
Any USDG not currently deployed through Loans.fun can earn additional yield through Morpho instead of sitting idle.
The pool is designed to work 24/7: external yield when borrowing demand is low, and lending yield when demand is high.
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Loans.fun retweeted
The “trick” behind @loansdotfun is using the cash side of its liquidity pool to fund overcollateralized loans.
Buying $LOX lends USDG to the pool no separate vault, receipt token, or lending position. When a borrower removes that USDG, $LOX reprices downwards creating a discount.
The discount attracts buyers, whose USDG replenishes the pool and creates capacity for more loans.
When existing loans repay principal plus interest, the pool is refilled at a higher baseline and the loop begins again. Now able to give out even more loans.
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Loans.fun retweeted
Permissionless lending onchain doesn’t have to be a complex machine with a million moving parts.
If we rethink lending from the ground up, the entire system can be compressed into the most fundamental primitive in DeFi:
A simple liquidity pool.
This is @Loansdotfun
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