@pacman

Thank you @VitalikButerin sharing his thoughts on better decentralized Stablecoin. We’ve been thinking about the same 3 structural constraints while building @protocol_fx. $fxUSD / $fETH is the final answers for it. 1️⃣ USD dependence USD-tracking works short term, but long-term resilience needs independence from any single nation’s index. Our approach: • $fxUSD tracks USD today, but the f(x) invariant is not USD-native • The invariant is expressed in collateral value, not USD assumptions • USD is a coordination layer — not the system’s source of truth Note: f(x) invariant : Total collateral value = fxUSD (longs − shorts) + xPOSITION (long leverage) + sPOSITION (short exposure) We also explored a non-USD path via $fETH / $xETH, operating in ETH-native terms. ($fETH ≈ low-volatility floating ETH if ETH +10% → $fETH +1%) We thought ETH is the neutral unit of account we need on the long run. fETH is perfect stable for decentralized world. @VitalikButerin What do you think?

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