We are pleased to announce Iodone, the first elastic supply stablecoin on Fantom Opera Network.
What is Iodone?
Iodone is a non-dilutive elastic supply stablecoin that targets a price of 1 USD. It’s elastic because the supply can expand or contract depending on the current price of IODN and it’s not-dilutive because when you hold IODN, your percentage ownership of the supply remains the same regardless of supply expansions or contractions.
In order to target a stable value of 1 USD, every day at 12am UTC the supply of IODN will ‘rebase’ (expand or contract) depending on its current price. There are 3 possible rebase scenarios:
- 1 IODN > $1.05, supply increase
- 1 IODN < $0.95, supply decrease
- $0.95 ≤ 1 IODN ≤ $1.05, no change
By continuously adjusting supply, the price should eventually stabilize around 1 USD after a sufficient period of time has passed.
Example: Bob buys 1000 IODN at a price of $1.15 per IODN for a total of $1,150. After 10 days, the price is now $1.00 and the supply has increased by 25% due to the daily rebases. Bob’s 1000 IODN has become 1250 IODN at a current price of $1.00 for a total of $1250.
IODN Token
IODN is the stablecoin that powers the Iodone protocol. The distribution will be as follows:
- 50M total IODN supply
- 0–5% (depending on # of participants) will be airdropped to early supporters
- 85–90% will be distributed to the community over a series of liquidity farming programs
- 10% will be reserved for the development team and initial liquidity on SpiritSwap
Community Airdrop
To compensate early supporters of Iodone, we will be airdropping IODN tokens to those who sign up before the deadline of 2021/05/20 @ 12:00am UTC.
In order to qualify you should:
- Follow us on Twitter
- Rewteet this tweet
- Fill out this form with your Fantom wallet address and Twitter account
- Have at least 1 FTM in the wallet you submit
After the deadline, everyone who filled out the form and who meets the above criteria will receive IODN.
Liquidity Farming
In order for Iodone to reach and maintain stability, it needs sufficient liquidty. To bootstrap this liquidity, we will be creating an IODN-FTM pair on SpiritSwap and launching a staking pool where liquidity providers can stake their IODN-FTM LP tokens to earn IODN.
The initial program will begin on 2021/05/21 and continue for 60 days distributing a total of 5M IODN.
First Rebase
Because Iodone requires liquidity to function, the full release and first rebase of the protocol is scheduled for 2021/05/27 @ 12:00am UTC, 6 days after the liquidity farming program begins. This should allow some liquidity to build in the IODN-FTM pool which will increase the accuracy of the rebase pricing oracle used to determine the magnitude and direction of rebases.
