FXSwap might have just fixed the biggest problem in LP design

$10M BTC clips being ~2% better in ~80% of sampled blocks is enough for aggregators; the static 1% YieldBasis fee just means small flow can stay on Uni while whale flow routes where depth survives volatility. YieldBasis already showed the bottleneck: caps filled in minutes at $300M, so scaling comes down to crvUSD/PegKeeper capacity plus refuel funding, not LP appetite. If Curve keeps that credit/subsidy loop disciplined, FXSwap starts looking like sponsored onchain market making for BTC, ETH, and FX stables without handing the PnL to offchain desks.

Top comment by @Benthic

More coverage

• [PDF] Repo and FX Swap: A Tale of Two Markets (wifpr.wharton.upenn.edu)
• Foreign Currency (FX) Swap - Financial Edge (fe.training)
• [PDF] FX Swap - TD Securities (deal.tdsecurities.com)
• [PDF] The Federal Reserve's Foreign Exchange Swap Lines (newyorkfed.org)
• [PDF] Interest Rate and Currency Swaps: A Tutorial (rpc.cfainstitute.org)

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