I’ve invested in *checks notes* 7 different un/undercollateralised lending products. Finally one is working. @WildcatFi has cracked it. We just used our pool to take a large position in the recently announced ENA pipe deal.

Without going into detail on the deal structure, we had several options, sell down some liquid ENA to fund it (I was very averse to this for reasons). Or borrow against liquid assets mainly ETH/SOL/BTC. But we wanted the optionality to sell those down later if needed.

The wildcat pool is paying 18% which is aggressive lol. But I knew we had several very good private LP deals in the works so I wanted to make sure we had these funds on tap as an option and tbh it worked out perfectly timing wise.

Now that this deal is closed we will open another pool with a slightly lower interest rate and see if we can refinance this, as it’s a 2-3 month wait before we get liquidity. We’ve also hedged the position with some options which eats into the APY + 18% 😭.

Despite the cost of carry on the deal, It’s still a very very good deal, because we had a lot of ENA we could supply in kind, we just needed cash to match it against.

In any case, this is fucking finally a protocol that has nailed this part of the uncollateralised stack and I’m glad we invested in @WildcatFi, I was ready to be hurt again when we invested, now I’m not sure what to do with myself lol.

Congrats to @functi0nZer0 ggwp.