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Iron Bank EURO (IBEUR) is the 1451st largest cryptocurrency in the world by market cap, valued at $18,561,877. The current price of Iron Bank EURO is $1.0729408641031, which is -2.731% lower than yesterday. Prices have ranged between $1.14 and $1.08 over the past 24 hours. All prices are listed in US dollars and accurate as of March 25, 2023 08:03 UTC.
Iron Bank Euro, or ibEUR, is a synthetic fiat digital asset that is native to the yearn.fi decentralized finance protocol. Yearn.fi is a DeFi yield-farming aggregator which allows users to deposit cryptocurrencies in search of the best rewards from liquidity mining opportunities.
Users can deposit cryptocurrencies into Yearn’s “Vaults” to generate the best APY possible. However, alongside Vaults, Yearn also offers users the opportunity to use the Iron Bank, which is a lending and borrowing service.
According to Iron Bank documentation, a user can borrow digital assets from the Iron Bank buy depositing cryptocurrency collateral. All loans for individual users must be overcollateralized. Alongside individuals, the Iron Bank also offers loans to protocols. Each digital asset that can be borrowed is assigned a collateral and reserve factor. The collateral factor determines how much of a cryptocurrency can be borrowed based on the loan provided and the reserve factor determines how much interest must be paid. Alongside regular cryptocurrency assets, in 2021 the Iron Bank extended its services to synthetic fiat currencies. This extension was formally termed “Fixed Forex”. By depositing cryptocurrency collateral a user can be granted an Iron Bank EURO (ibEURO) loan. The ibEURO is a synthetic digital version of the fiat equivalent. Fixed Forex synthetic currencies, such as ibEURO, were designed so that users were no longer restricted to using USD stablecoins. All cryptocurrency and fiat prices are kept live through the use of decentralized data oracles.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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