💎ib Tokens

ibToken

ibToken is the interest bearing token you'll receive when depositing (lending) your capital asset. When you deposit your funds, those funds will be converted into ibToken immediately and the interest you receive from depositing on lending pool will directly go to your ibToken. Each lending vault has its own ibToken which in our protocol, there'll be 7 ibTokens as following;

Lending vault	ibToken
🔒 FTM	🗝 ibFTM
🔒 BTC	🗝 ibBTC
🔒 USDC	🗝 ibUSDC
🔒 fUSDT	🗝 ibUSDT
🔒 DAI	🗝 ibDAI
🔒 wETH	🗝 ibETH
🔒 BOO	🗝ibBOO

Data #1 : Deposit USDC to get ibUSDC (sample)

ibUSDC Calculation

1.(Total USDC - Deposit Amount) > 0

$${Number}\space{of}\space{ibToken}=\frac{{Deposit}\space{Amount}*{Total}\space{ibToken}}{{Total}\space{Vault Value}}$$

2.(Total USDC - Deposit Amount) ≤ 0

$${Number}\space{of}\space{ibToken}={Deposit}\space{Amount}$$

**Total Vault value = Total USDC Deposited + Cumulative Borrow Interest

Example: If Sam is the first user who deposits 1,000 USDC, the total ibUSDC token will start with 1,000 ibUSDC (ibToken = deposit amount, ratio 1:1). When the value of this vault has increased from the interest earned, the ibToken ratio to asset token won't be 1:1 anymore. For instance, the value of this vault has increased from 1,000 USDC to 1,100 USDC. Anne adds 100 USDC, the total liquidity is 1,100 USDC so Anne will get 90.90 ibUSDC (100 * 1,000 / 1,100).

Total ibUSDC token is set based on the first user who deposits this asset

Data #2 : Withdraw ibUSDC to geUSDC (sample)

Number of token received can be calculated by;

$${Token}\space{Receive}=\frac{{Withdrawal }\space{ibTokenAmount}*{Total}\space{VaultValue}}{{Total}\space {ibToken}}$$

Example: If Sam wants to withdraw his 100 ibUSDC when the total VaultValue is 1100 USDC and total ibUSDC is 1090.90, He will receive ~100.83 USDC.

Current ibToken APR:

It can be calculated by;

$ibToken = Borrowing Interest* Lending Pool Utilization*(1-Protocol fee)$