>[Fuji allows] users to draw loans against Bitcoin used as collateral [...] Loans are paid out in FUSD — an over-collateralized USD pegged stablecoin backed by Bitcoin

If Bitcoin's price doesn't remain stable, then you lose some or all of your BTC:
- When Bitcoin's price rises, your FUSD falls in price, which means you lose some BTC.
- When Bitcoin's price falls, you lose all of your Bitcoin collateral, because it's now worth less than your loan.

This is an efficient, but transparent, scam.

The icing on the cake:
>deployed on the Liquid Network [sidechain].

Affinity scammers are slowly realized that they need to appear like Bitcoin maximalists to get the most profits (cf. the use of "non-custodial"). But they haven't quite figured out that stablecoins are hated by maximalists.

orthzar

Nice! Are you aware of any resources that compare this to the Zero protocol over on RSK/Sovryn?