Chainfeeds Summary:
Saturn's current TVL is approximately $105 million, while Apyx's is $277 million. Therefore, if the token distribution ratio is similar in the future, Saturn will receive approximately 2.6 times more Points for every $1 of farming.
Article source:
https://x.com/2lambro/status/2057640475805556915
Article Author:
2lambroz.eth
Opinion:
2lambroz.eth: Strategy Inc. (formerly MicroStrategy) is a Nasdaq-listed company that transformed from an enterprise software business into a Bitcoin treasury company. Their strategy is: raise funds through the capital markets, buy Bitcoin, and hold it permanently. The question is: how do you continuously raise funds to buy more Bitcoin without diluting the equity of common shareholders (MSTR holders)? $STRC is Strategy's "Floating Rate Series A Perpetual Preferred Stock." You can think of it as a bond that never matures but pays dividends indefinitely. With a par value of $100 per share, Strategy hopes STRC will always trade close to $100. Its annualized dividend is approximately 11.5%, paid monthly in cash. 100 shares ($10,000) would yield approximately $1,150 annually, or about $96 per month. Strategy dynamically adjusts its dividend rate monthly based on 30-day VWAP and SOFR: when the price is below par value, the rate is increased to attract buyers; when the price is above par value, the rate is decreased. When the STRC price is above or equal to $100, Strategy issues new STRC shares and uses the proceeds to continue buying Bitcoin without diluting MSTR shareholders. Saturn's design philosophy is to completely separate the stable layer from the yield layer. USDat is the "dollar layer," a stablecoin 100% backed by tokenized US Treasury bonds provided by M0's [product name missing]. It is backed by US Treasury bonds, not STRC, so USDat holders bear no price risk associated with STRC. Its current market capitalization is approximately $105.7 million, with a target peg of $1. Users can deposit USDC or USDC at a 1:1 ratio to mint USDat through the M0 Swap Facility, but whitelisting is required. The redemption process is: USDat → Wrapped → Uniswap V3 Swap → USDC. Users not on the system can access USDat through the Curve pool. It's important to note that USDat does not derive any yield from STRC; it is merely a stable settlement layer. The actual yield occurs on sUSDat. Saturn also designed an "automatic de-risking mechanism" that has received little attention. The protocol dynamically rebalances between US Treasury bonds and STRC based on the Strategy's Loan-to-Value (LTV). When LTV is less than 28.57%, the asset allocation is 100% STRC to maximize returns; when LTV is less than 40%, it becomes 60% STRC and 40% US Treasury bonds, entering a risk-reduction phase; when LTV is less than 66.67%, only 20% STRC and 80% US Treasury bonds are retained, entering stress mode; and when LTV exceeds 100%, it completely switches to 100% US Treasury bonds, at which point returns drop to zero, but the principal is protected to the greatest extent. This means that as BTC falls and Strategy leverage increases, Saturn will automatically switch user reserves to safer assets. Returns may drop to zero, but the risk to the principal will be controlled. [Original text in English]
Content source 
