About the Fixed Forex category

Discussion related to Fixed Forex, forex requests, lp discussion, and development discussions

Introduction to Fixed Forex

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IBFF [faucet] has no approve function, where to approve the slp to do the deposit ?
IBFF faucet

Hello Andre and other community friends:
I read on the medium article about
“Stake in Iron Bank Fixed Forex and earn the native token IBFF (vested, veIBFF)”
I do not see an access to staking ib* in Iron Bank Fixed Forex, can you guys provide an access to this?
Appreciate it

Hi,

A few question…

  1. What is the price stability mechanism for the Forex currencies?
    Just depth of Curve pools or anything else?

  2. What is the liquidity of ibEUR based on?
    I thought it gets minted. So is there like a max amount of debt the system can carry?

  3. “Stake in Iron Bank Fixed Forex and earn the native token IBFF (vested, veIBFF)”
    Is this already available in the web UI?
    Cannot find it.

  4. “IBFF owners can choose to create a vesting lock, up to 4 years”
    Does the vesting lock just apply to my IBFF rewards or will I also be locking my LP token for up to 4 years?

1.1 Debt management. You mint with collateral at 1 EUR, so if price is > 1 EUR, you can make profit by minting selling, if price is < 1 EUR, you can buy back cheap debt and settle it.
1.2 Liquidations. As collateral prices increase, price tends downwards, as collateral prices decrease, price tends upwards
1.3 (not yet deployed). Curve stabilizers, the protocol can mint and burn into curve pools to maintain parity.

  1. Theoretically no, in practice, the protocol will mint/burn as much liquidity as to keep to the optimal utilization on the interest rate slope, data on slope available here

  2. No UI available (till official launch), UI’s make ease of accessibility too high and could lead to uninformed individuals losing money. The assumption is, if you know how to interact with these contracts via third party methods, you have the skillset to understand the risk.

  3. Only IBFF rewards, no liquidity is ever locked.

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Ok, but how does this mechanism still keep stability after we see a theoretical big collateral wipeout (market crash) which leads to a bunch of positions that won’t need to be settled anymore (aka they got liquidated anyways)?

Same way any lender handles it, liquidation bonus and collateral %, can read more about it here

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Hi Andre, a question - on Etherscan it says the total supply of ibFF is 201. AFAIK there’s 1 token in faucet contract and 100 in distribution contract. Where is the remaining 100 tokens going to?

Thank you for bringing another innovative project!

You can use etherscan to see token distribution, holders, and where the token is located;

The 100 is in a yet to be activated distribution contract (can only be activated if you have an equivalent amount of IBFF as the reward being given).

As mentioned in the medium article though, these amounts are fractional in terms of the actual emission, they are only for testing the end-to-end cycle currently, so their values will become irrelevant soon.

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The approve function is on the token page: SushiSwap LP Token (SLP) Token Tracker | Etherscan

Can now connect your wallet to etherscan and call these methods. Pretty cool!

How is the Oracle price for ibEUR on Yearn established?

Would like to know this as well on ibKRW. How would you feed fx prices? KRT trades at ±premium against actual KRW depending on Kimchi premium because its collateral is Luna and oracle feeds price of Luna from Bithumb for minting KRT.

Still finalizing the docs, but sharing so long;

Hope that answers any questions

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When interacting with the faucet via etherscan, my transaction reverted. How can I do this correctly?

Are IBFF rewards live for the Curve ibEUR/sEUR gauge?
When I look at Etherscan it seems to return 0.