f(x) Protocol · interactive mechanism simulation

stETH collateral sits in a shared treasury and is split into fETH (beta ≈ 0.1, "floating stablecoin") and xETH (the leveraged residual) whose NAVs always sum to the reserve. Crash the ETH price and watch the Rebalance Pool absorb volatility to keep the system solvent without liquidations.
Stakers deposit stETH Treasury 0.0 ETH reserve fETH (β≈0.1) NAV 1.000 ETH xETH (leveraged) leverage 1.10× fETH holders stable, low-volatility xETH holders zero-funding long Rebalance Pool stability mode: off
Treasury (stETH)
0.0 ETH
Collateral ratio
200%
xETH leverage
1.10×
ETH spot price
3000 USD
Parameters — edit me
0.10
50%
130%
1.0/s
Controls

Illustrative simulation. Mirrors the researched f(x) Protocol mechanism (shared stETH treasury, fETH/xETH volatility tranching, Rebalance Pool stability mode), but deposit sizes, price paths and timing are simplified for visualization — not live onchain data. Part of The Onchain Experiment Atlas.