Basically , this is a way to get a bunch of ETH for the developers -- prior to POW transitioning to POS.
Because the actual loans are not made using ETH, and no ETH is escrowed into the blockchain as collateral, this is no more secure than any other lending.
There is NOTHING to stop a borrower from repaying -- anymore than traditional lending.
The lenders are stuck hoping that the over-collateralization pool wil cover their losses.
BECAUSE FTX is worthless outside of the fintrux economy.
And FTX is non-convertible to ETH.
NO THANKS
RE: FintruX - The Future Of Peer To Peer Lending!