As a lending protocol, the goal of Iron Bank is to be the liquidity backstop for DeFi through protocol-to-protocol lending. However, despite this focus, Iron Bank remains permissionless and any users can supply/borrow with Iron Bank.
To support these goals, we have launched our veIB token. This acts as the value accrual token for Iron Bank and is a modified version of the veCRV token model, with elements of Andre Cronje’s ve(3,3) model for Solidly. The key differences between veIB and veCRV are:
- One wallet can have multiple time locks as a NFT
- The veIB time lock / NFT is transferable
Along with launching veIB, we will launch IB incentives to stimulate our supply/borrow markets in approximately 1 week. This will be across Ethereum and Fantom to start, with opportunities to expand based on market conditions. This ensures we have the appropriate depth to our supply/borrow markets to support the needs of key Iron Bank partners such as Keep3r Network, Alpha Homora v2, and Yearn Finance.
This benefits the Iron Bank community in two primary ways:
- veIB holders participate in the growth of Iron Bank through protocol fee distribution
- Deeper partner support to achieve the long term vision of Iron Bank.
As with veCRV, the amount of veIB a user receives is dependent on how long the underlying IB tokens are locked, up to a maximum of 4 years.
To lock IB tokens for veIB:
- Go to https://app.ib.xyz/veib
- Click “Create Lock”
- Click “Approve” and confirm the tx in wallet
- Decide IB token amount and duration to stake
- Click “Stake” and confirm the tx in wallet
We are excited about the launch of veIB, the start of our IB incentives and our current partner conversations. Any additional questions on how to stake IB for veIB or the broader benefits and goals can be raised directly within our Discord.