Victoria d’Este
Printed: Could 16, 2025 at 11:11 am Up to date: Could 16, 2025 at 1:40 pm
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Could 16, 2025 at 11:11 am
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Cyrille Brière discusses f(x)Protocol’s merchandise like fxSAFE and fxUSD, providing leverage with out borrowing prices and a scalable, decentralized finance path with out conventional techniques.
What in case you may get leverage with out borrowing prices, and keep absolutely on-chain with minimal threat? On this interview, Cyrille Brière, contributor at f(x)Protocol, explains how the mission is answering these questions with merchandise like fxSAVE and fxUSD, whereas paving a path for scalable, decentralized finance with out counting on conventional techniques.
Are you able to share your journey into Web3?
I purchased my first crypto in 2017. I noticed them explode on the finish of the 12 months after which lose a variety of worth in early 2018. I type of misplaced monitor of it and went again to crypto throughout DeFi summer season. I used to be actually interested by DeFi at first to make a yield on stablecoins as a result of I wasn’t very snug with volatility. I needed to make a yield with stablecoins.
In order that’s what I did throughout DeFi summer season, and there have been some fairly loopy yields at the moment. And by doing so, I fell in love with the DeFi ethics. I liked the paradigm shift—proudly owning your property and being answerable for them. That sense of accountability is one thing I preferred lots.
And simply how thrilling the entire ecosystem is, due to being permissionless, and the way anybody can construct on high of anybody. I really like that. There’s at all times new stuff coming, extra environment friendly issues, higher yields, decrease threat—it’s very thrilling. That’s how I obtained into DeFi.
I additionally began being concerned with a bunch referred to as DeFi France—as a result of, as you would possibly hear, I’m from France. I contributed by organizing meetups about DeFi in France, and that’s how I obtained concerned and began contributing to DeFi protocols too.
What impressed the creation of f(x)Protocol, and what issues is it attempting to unravel?
First, I ought to say—I didn’t create f(x)Protocol. I joined the mission later as a contributor. However what impressed it within the first place was the USDC depeg in 2023—if I recall accurately—as a result of crash of Silicon Valley Financial institution.
At that time, there simply weren’t many choices on the time. That’s when the thought got here to create one thing new. f(x) was born from that. It brings a brand new strategy to the stablecoin drawback—a really capital-efficient stablecoin that’s actually decentralized, principally uncovered to decentralized property.
How can fxSAVE be positioned because the go-to DeFi financial savings product for stablecoin holders?
I imagine it already is. I don’t know if I shared the hyperlink to stableyields.information within the doc I made for you, however in case you have a look at it, fxSAVE is the primary yield amongst stablecoin methods.
You possibly can see fxSAVE has the perfect yield, higher than many others. So, how is it the go-to? As a result of it’s a stablecoin that earns. The important thing with fxSAVE is that the yield is natural. It’s not only a excessive yield—it’s sustainable. It comes solely from the income generated by the protocol.
No token inflation. No fancy factors packages that create pretend incentives. It’s only a sustainable protocol that earns revenue and distributes it to the secure stakers and token holders.
What methods may entice conventional finance customers to fxUSD and Expositions?
For fxUSD, it’s about having a robust risk-reward ratio. TradFi buyers, and actually any investor, are on the lookout for that. Being uncovered to a decentralized stablecoin means you don’t depend on any particular person or firm. You don’t have to belief anybody—every little thing is on-chain, and you may monitor it on a regular basis. You possibly can even automate stuff to remain secure.
So utilizing fxUSD is a no brainer, when it comes to threat. We’re in a position to ship very aggressive yields, and it’s all on-chain. Meaning higher yield, decrease threat.
As for xPOSITIONs, what we provide is capital effectivity. You possibly can leverage your ETH or BTC with out borrowing or funding prices. Only a one-time opening price, one-time closing price. That’s it.
That is nice for BTC miners, for instance—they’ve huge BTC publicity and don’t need to promote. They could want capital however nonetheless need to preserve their BTC. The identical goes for ETH whales, protocols, and so forth. If you wish to keep uncovered at a minimal value, you should use f(x).
How can the protocol incentivize long-term engagement with out gamification or level techniques?
We don’t do the gamified stuff. Now we have a token and emissions, and customers can select in the event that they need to earn actual yield or emissions. However we don’t want tips to draw TVL. It’s been rising steadily.
Our focus is on sustainable and natural improvement. However, there’s a type of long-term engagement in-built by means of tokenomics. Now we have veTokenomics, which is analogous to Curve or Pendle. So principally, you’ll be able to enhance your yield by locking tokens for longer.
What are the dangers of increasing collateral varieties past staked ETH, and the way are they mitigated?
We not solely take staked ETH but in addition Wrapped BTC. However we’re really not planning so as to add extra collateral proper now. Wrapped BTC already looks like a compromise. We’d slightly have a extra decentralized Bitcoin model—like tBTC, for example—however it’s not liquid sufficient but.
We wish fxUSD to be as resilient as doable, so we’re conserving it easy for now. Although, on BASE—which is much less decentralized by design—we’d discover extra unique collaterals. That depends upon liquidity. We’d like to verify costs can’t be manipulated.
What are the alternatives for cross-chain enlargement, like Arbitrum or Optimism?
There are many alternatives. However once more, we’re a small crew—we will’t be in all places. The following step for us is launching on BASE. That ought to occur in a few weeks.
BASE will permit for larger leverage. Proper now, on mainnet, customers can go as much as 7x leverage with minimal liquidation threat and no funding prices. On BASE, we may go even larger and perhaps add new collateral too.
We’re not planning to deploy on different chains ourselves proper now, however we’re blissful to see others fork f(x). One critical crew is engaged on a fork of BNB Chain utilizing Lista BNB as collateral. It appears to be like promising, particularly for the reason that collateral yield is excessive.
What sorts of recent monetary merchandise could possibly be constructed on high of f(x)Protocol?
Actually, the potential is large. I most likely can’t even think about every little thing that’s doable. However for certain there are alternatives for charge arbitrage, since we provide leverage with out borrowing prices.
You might carry trades utilizing f(x) for low-cost publicity as an alternative of holding a spot. There are protocols already utilizing FXUSD, particularly the regular yield methods. Different stablecoin initiatives are integrating FX into their very own techniques, too.
How will RWAs reshape DeFi, and what position can f(x)Protocol play?
RWAs are bringing conventional property on-chain and altering how stablecoins work. Numerous them are backed by off-chain property like T-bills. That creates reliance on human components, on firms we don’t know, regulated in methods we don’t absolutely perceive. And sooner or later, that belief breaks. It at all times does.
That offers us a technique to stand out. However there’s synergy too—RWA initiatives can profit from on-chain yield by means of f(x). Nonetheless, we present that you simply don’t want RWAs to create sustainable, scalable stablecoins. That’s the entire thought—f(x) challenges the idea that decentralized stablecoins can’t scale.
What position will AI play in DeFi, notably for protocols like yours?
We strongly imagine AI will play an even bigger and larger position, not in transferring funds, however in making funding choices. As extra AI brokers allocate capital, they’ll naturally lean towards f(x). Why? As a result of we provide low threat and excessive yield.
People lose cash principally resulting from emotion. AIs don’t have that drawback. They’ll simply select the perfect risk-reward setups—and that’s what f(x) delivers. It’s on-chain, dependable, and constant. Many of the different “yield-bearing” stablecoins nonetheless depend upon centralized asset managers or opaque methods. It’s a no brainer that AI will select f(x).
What developments are you seeing in decentralized stablecoins?
RWA-backed stablecoins are enormous proper now. Additionally, we’re seeing increasingly wrappers—tokens that wrap different stablecoins and name themselves yield-bearing. I feel these protocols will assist develop fxUSD’s TVL, as a result of we provide a sustainable yield with low threat. All the pieces’s on-chain, they usually can pull out anytime if one thing feels off.
Lastly, are you able to share the roadmap for f(x)Protocol?
We simply launched fxSAVE two weeks in the past—it’s the tokenized stability pool. It has already acquired $22 million in TVL and is rising properly. We additionally simply obtained listed on Pendle and Morpho.
Subsequent up is the BASE deployment. After that, we’re including new options—restrict orders and shorting choices for ETH and BTC, since we solely help lengthy leverage (as much as 7x) proper now. We additionally need to let customers mint the stablecoin instantly and use the protocol like an everyday CTP. That’s what’s coming quickly.
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About The Writer
Victoria is a author on quite a lot of expertise subjects together with Web3.0, AI and cryptocurrencies. Her intensive expertise permits her to write down insightful articles for the broader viewers.
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Victoria d’Este
Victoria is a author on quite a lot of expertise subjects together with Web3.0, AI and cryptocurrencies. Her intensive expertise permits her to write down insightful articles for the broader viewers.
