Looking back on 2021, we thank our partners, friends and community members for a successful year. It has been a meaningful journey to support projects with the growth capital they need to innovate, and work towards becoming the liquidity backbone of DeFi with our protocol to protocol loan offerings. With the launch of our Fixed Forex ecosystem, we hope to continue innovating with more synthetic assets to expand our product and liquidity offerings to become the leading synthetic assets platform and build a permissionless system of the future.
To strengthen our focus and maximize effectiveness, we have tightened up our token listing strategy to no longer include long-tail assets or exotic tokens. We have also deployed Collateral Cap limits and continue to add monitoring and alerting solutions to improve security.
To start off 2022, we are soon launching the Iron Bank (IB) token where protocol fees will accrue to the veIB token holders. We are excited to grow together with our token holders and supporters, and we anticipate fee distributions for veIB holders will begin in February 2022.
Where to Find The Iron Bank
Users of The Iron Bank can visit the UI at https://yearn.finance/#/ironbank. Follow us on Twitter here.
IB Tokenomics
The total IB token supply will start with a total supply of 7.3 million tokens, with the distribution below:
Initial Liquidity
1% of total token supply will be added to an AMM to kickoff initial liquidity for the IB token.
Protocol Owned Liquidity
Shortly after the initial LP is set up, IB tokens will be allocated toward acquiring protocol owned liquidity to establish long-term liquidity of the IB token on-chain.
Stability & Safety
An allocation of the IB tokens is set aside to support solvency of the Iron Bank markets, and mitigate any shortfall in the system.
AMM Incentives
For any additional on-chain liquidity required.
Initial Distribution
Initial distribution of IB tokens is offered to CREAM token holders in the form of veIB. Any remaining IB not claimed will return to the treasury.
Contributors
Contributors to the Iron Bank protocol will receive IB tokens, vested over 4 years.
ve(3,3) Ouroboros Token model
The veIB mechanism is based on Andre Cronje’s ve(3,3) token model, which is explained so far in three write-ups: Quick Article, Part 1 — Fee Distribution, Part 2 — Fees explored. Holders of IB tokens will be able to lock their IB tokens to acquire veIB. Success of the Iron Bank is shared with its long term supporters. 50% of Iron Bank protocol fees will be shared weekly with veIB holders, with a future gauge vote to be determined. A dashboard to view veIB balances is coming soon. For details on claiming veIB for CREAM holders, please see the announcement here.
veIB will be deployed on Fantom Opera, which will significantly reduce the gas cost required to participate in the veIB system.
