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Napier: Benign esfrxETH holders incur more loss than expected

Payout
$0
Protocol
Napier
Disclosed
Feb 26, 2024
Source
sherlock

Napier's SFrxETHAdapter issues esfrxETH shares backed by sfrxETH; when a rebalancer requests a withdrawal from FRAX's redemption queue, FRAX charges a fee that temporarily reduces the vault share price, a loss intended to be pro-rated across all holders. Becau …

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