Details of Andre Cronje's new project Fixed Forex: Decentralized forex superior to Tether and Circle, issuing ibff tokens

An earlier report covered Fixed Forex, founded by Yearn's creator Andre Cronje, although the concept was still vague at the time. On the 25th, Andre Cronje published further thoughts and details as follows:

Insights into Fair Launch

Andre Cronje took some time to realize the essence behind a fair launch. It's not about giving away tokens or having no pre-sale. It's about everyone having the same advantages, the same rules; no secret "friends and family" rounds, seed rounds, allocations to insiders; it's about providing a level playing field where anyone can participate.

I can finally say with confidence that a fair launch is one where all participants have equal rules for distribution.

Decentralized Collaboration Without Silos

Andre Cronje uses tribalism to describe his feelings. In sociology, "tribes" are used to refer to political organizational forms that differ from others. He feels that in the crypto space, there are many teams, and people support each other for the sake of support, but he only sees merits and faults; he praises the good and criticizes the bad. He believes that many teams underestimate the value of collaboration.

Therefore, Andre Cronje believes that for success, products cannot exist in isolation; there must be a fusion of product and team. "My initial version of Fixed Forex"

Realizing this, I understood that for continued success, products cannot be in isolation; they need a fusion of product and team. "My initial version of Fixed Forex was standalone, un-upgradable, ungovernable, and had no value extraction and no tokenization," he said.

Fixed Forex Aiming to Provide Better Fiat Onramps and Offramps Than USDT, USDC

Andre Cronje states that Tether and USDC disrupt forex controls even more than cryptocurrencies. He says that forex controls usually have a simple rule: money cannot leave its territory without special permission.

He explains that since Tether and Circle accept deposits locally and fiat cannot be withdrawn to bank accounts, they are not subject to forex controls. He notes that in theory, practice, and regulation, they are entirely different matters.

Andre Cronje envisions a simple path where you can pay from the US to Korea, from USD to KRW. This simple path would require you to convert USD to USDT, transfer USDT to the Korean exchange Upbit, convert USDT to KRW, and withdraw KRW.

Andre Cronje says, "Fixed Forex is designed to complete the above steps without the end-user noticing or needing to know. Fixed Forex has two core components, on-chain forex liquidity, and decentralized fiat onramps and offramps."

Andre Cronje indicates that he is excited about achieving "decentralized fiat onramps and offramps" but will need to wait for the implementation of "on-chain forex liquidity" before setting a timeline.

How Fixed Forex Works? Iron Bank Fixed Forex (ibff)

Andre Cronje mentions that Fixed Forex leverages partnerships with Iron Bank, Yearn, Sushi, and Curve to achieve better efficiency.

He also includes a disclaimer:

Disclaimer

• Not audited.
• Early participation has 0 benefits, only risks.
• Initial token distribution is only a small part of the issuance and is only for testing purposes.
• Given the very low initial distribution, do not buy these tokens, do not provide liquidity for these tokens, you will lose money.

He mentions that Fixed Forex covers USD, EUR, ZAR, JPY, CNY, AUD, AED, CAD, INR, and any other forex trading pairs launched under the Fixed Forex name. The first available option is ibEUR, mintable via yearn.fi/lend. He states that all forex options can be minted with any acceptable collateral on yearn.fi.

He also explains that each forex asset will have two liquidity pools:

• ib*/* curve.fi
• ib*/ETH sushi.com

And each asset will have four selectable yield strategies:

• Provide ib* to yearn.fi/lend and earn interest (currently 6.38%)
• Provide ib*/ETH to sushi.com (currently 390%)
• Provide ib*/* to curve.fi (pool pending)
• Hold Iron Bank Fixed Forex and earn native token IBFF with locked veIBFF

veIBFF Issuance Rules, 10.15% Revenue Share

Initial issuance will only target one pool, ibEUR/ETH. As an LP, you can stake LP tokens in the IBFF faucet, which provides a portion of tokens drip veIBFF, which needs to be locked in the contract.

The system's true native token is veIBF locked IBFF, where veIBFF can earn protocol fees that vary dynamically based on supply and demand. Currently, these fees are 10.15% of TVL.

IBFF holders can choose to create a lockup vault, up to 4 years long, with veIBFF linearly unlocking on the veIBFF contract. Once the lockup is created, LPs can stake ibEUR/ETH in the distribution contract, which will distribute tokens linearly every 7 days.

Token rewards are based on your lockup vault. If the lockup is for 1 year, you will receive 1/4 tokens as veIBFF, which will unlock within the year. The remaining 3/4 tokens are distributed to the fee distribution contract. veIBFF holders can claim twice a week, once to claim the accumulated protocol fees, currently at 10.15% of TVL, and distribute IBFF from the distribution contract.

In short, the more time you invest, the higher your return.

Andre Cronje ends with links to the forum and the website.