This sounds really similar to an idea I posted a few months ago: Make Frax the first bank of DeFi
I still think providing under-collateralized loans to protocols is an interesting idea but the challenge is evaluating the creditworthiness of the borrower and pricing the risk correctly. I still think we can consider deals like this but because we currently don’t really have ways to make these sorts of evaluations there needs to be a “margin of safety” where the risk/reward is very clearly tilted in our favor.
Tbh I would like to see something like this happen. I’ts a whole new domain to explore and could imagine scenarios that turn out very well for Frax- a lot of Frax’s current success has come from our partnerships and there’s clear benefits to becoming the place protocols come when they’re in need of capital for business operations.
That being said I don’t know if I’m in a position to judge if this is +EV or not. I’m not very familiar with Perpetual Protocol and as presented I’m not sure this meets the threshold of being something that’s obviously good for us from a risk/reward POV. I actually don’t necessarily care that much about the APR but there just needs to be some clear benefit in making the deal. That could come in the form of a higher than market APR but could take some other form, possibly something specific to the partnership.
In some ways the biggest benefit I can see is just starting to explore this whole space of under-collateralized protocol loans which as far as I know no one is really doing at this point but if this is the right deal to get started with that or not I don’t really know.