This is so interesting, the ultimate arbitrage! The project makes money, card users find it convenient and also make money, and everything happens on-chain. I sorted out the business logic behind @BrahmaFi's U Card http://Swype.fun. First off, Swype maps the collateral positions of DeFi lending protocols (supply side) into credit limits, avoiding the need for users to sell tokens or pre-deposit balances. Brahma only has borrowing permissions and doesn’t touch asset ownership. When you swipe the card, the backend confirms the collateral position → borrows USDC → settles via the issuer (Visa). The extra on-chain step is compressed into a few hundred milliseconds, making the user experience no different from a regular credit card. Here’s the key part! Collateral assets continue earning annualized yields from Aave/Euler; if APY > borrowing APR + 0.5% execution fee, it creates a positive spread, meaning passive income—the ultimate arbitrage, woc. The project’s revenue mainly comes from the 0.5% service fee + Visa’s share, without adding interest rate spreads. Borrowing limits are directly determined by the lending protocol’s LTV & Health Factor. If market prices fluctuate and hit the threshold, liquidation is handled by the protocol, fully automated and transparent on-chain. Since this is a true credit card, it doesn’t involve regional restrictions like the U Cards issued by CEXs. Plus, your collateral position is completely untouched and uncontrolled by Brahma. The registration process is super smooth, the UX is really well done (everything is clearly explained, and there’s Chinese). I first staked 101 USDC on AAVE, then followed the process to register + KYC (screenshots included). Once KYC was verified, I got the card number, linked it to Apple Pay, and started using it freely. The credit limit was 76 U (which works out to 1.3x overcollateralization). What I like most is that this card isn’t region-restricted. CEX cards always run into compliance issues, you know— this region works, that region doesn’t, super inconvenient. Joined the group a couple of days ago, and today’s iced Americano was sponsored by Swype! So smooth!!! A good card is one that works well! I also have a bold idea— Could this be used for cashing out? Like credit card withdrawals, then repaying on-chain with U. Sounds too good to be true. Comment below for invite codes!!