Inter Protocol Launches Vaults Igniting Liquidity and Leverage with ATOM
Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.
28 June, 2023 – With the launch of IST Vaults, Inter Protocol, an emerging leader in the decentralized finance space, takes the next step in the evolution of the IST stable token. Vaults creates the ability to mint IST based on key interchain assets, starting at launch with ATOM.
IST Vaults, developed on Agoric's JavaScript smart contract platform, empowers users to mint IST through the use of interchain assets. At launch, users will be able to mint IST by depositing ATOM as their collateral. Their ATOM can be reclaimed by returning the minted IST. Users also have the flexibility to modify their vaults at any time, within the collateral limits. While IST Vaults will only support 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 fees on the Agoric chain and with a growing network of partners. Inter Protocol earns fees from Vault creation and from liquidation penalties.
“IST is the stable token that the interchain economy requires: a native, extensible stable token backed by fiat, interchain digital assets such as ATOM, and future mechanisms as the economy enlvoles. Inter Protocol Vaults provide crypto asset holders a unique solution to generate liquidity while preserving their underlying asset position. I am excited about what Vaults does for IST, driving it forward to be the stable token of choice within the interchain economy.” said Dean Tribble, CEO of Agoric.
Vaults incorporates two key mechanisms that give IST a competitive edge in the stable token sphere. First, Vaults are designed with a hybrid
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