With the launch of IST Vaults, Inter Protocol, an emerging leader in the decentralized finance space, is taking the next step in the evolution of the IST stable token. Vaults creates the ability to mine IST based on key interchain assets starting at launch with ATOM.
Developed on Agoric’s JavaScript smart contract platform, IST Vaults allows users to store IST through interchain assets. At launch, users will be able to strike IST by depositing ATOM as collateral. Their ATOM can be recovered by returning the beaten IST. Users also have the flexibility to adjust their vaults at any time, within collateral limits. While IST Vaults only supports ATOM at launch, the functionality is extensible and support for other assets will follow as determined by the community.
IST stable tokens can be used for network costs on the Agoric chain and with a growing network of partners. Inter Protocol earns fees for creating Vaults and for liquidation penalties.
“IST is the stable token the interchain economy needs: a native, extensible stable token backed by fiat, interchain digital assets like ATOM, and future mechanisms as the economy evolves. Inter Protocol Vaults provide crypto asset holders with a unique solution to generate liquidity while preserving their underlying asset position. I’m excited about what Vaults is doing for IST, advancing it to be the stable token of choice within the interchain economy. said Dean Trible, CEO by Agorical.
Vaults contain two key mechanisms that give IST a competitive edge in stable tokens. First, Vaults are designed with a hybrid security structure; over-collateralised at inception, and subject to liquidation if the underlying asset experiences adverse volatility. In addition, Inter Protocol provides further support through a reserve fund, which steps in to increase stability when overcollateralization falls short.
Second, Inter Protocol’s governance also employs a hybrid approach, combining community-driven decision-making with the rapid response capabilities of an elected Economic Commission. This structure allows Inter Protocol to quickly adapt to changing market conditions while maintaining an inclusive, decentralized approach to governance.
Zaki Manian, director of the Decentralized Cooperation Foundation (DCF), noted,
“The introduction of Vaults brings a host of new elements to Inter Protocol that improve the scalability of IST. The integrated liquidation system and the price oracle reinforce the foundations laid by the Economic Commission and the previously launched PSM.”
Vaults is the latest addition to Inter Protocol’s suite of applications, following the successful introduction of the Parity Stability Module (PSM), which allows users to mint ISTs in exchange for recognized stablecoins such as USDC, USDT and DAI, at a price of 1 to 1. 1 ratio.
Website: https://app.inter.trade/
Twitter: https://twitter.com/inter_protocol
Media contact information
Contact name: Bob Calabritto
Email contact: bob@dcfoundation.io
About Interprotocol
Inter Protocol is a decentralized, community-driven project and the home of the IST stable token. The protocol is built on the Agoric L1, using their Hardened JavaScript smart contracting platform. The introduction of Vaults is the latest major feature release designed to empower users to create IST, contribute to the Agoric economy, and participate in the rapidly growing interchain ecosystem. More information on https://app.inter.trade and on Twitter at @inter_protocol
Disclaimer: This is a paid post and should not be treated as news/advice.
