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Flex is a fixed-rate lending protocol inspired by Liquity V2, operating as a CDP-style decentralized money market. Borrowers create a Trove by locking collateral (e.g., yvUSD), choose a fixed interest rate for the borrowed asset (e.g., USDC), and pay an upfront fee; rates are adjustable but subject to cooldowns and fees. Liquidity is maintained through redemptions: when idle funds are insufficient, the protocol auctions collateral starting from the lowest-rate Troves to raise the borrowed asset. Lenders deposit into ERC-4626 tokenized vaults (Curated Vaults), where curators allocate funds across markets and manage a liquidity buffer, earning interest, upfront fees, and auction surplus while absorbing liquidation bad debt. Anyone can liquidate undercollateralized Troves, repaying debt proportionally to receive collateral plus a bonus.

Tags:

DeFi Lending Fixed Interest Rate Lending

Formerly:

The Sink

Founded:

2024

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Flex