Core Concepts

Synthetic Tokens (iTokens)

iTokens represent underlying assets, e.g., "iUSDC" mirrors USDC stablecoin.

Interest Rate Mechanics

Market dynamics determine interest rates, with iTokens creating liquidity pools influencing these rates.

Framework

• Market-Driven Lending: The lending model responds dynamically to market forces.

• Accessibility: IFICHI is designed for easy integration, open to individuals and developers.

• Security and Decentralization: Built on BSC contracts, IFICHI emphasizes security, transparency, and decentralization.

• Community and Governance: Community governance plays a significant role in protocol direction.

Collateralization and Security

• Over-Collateralization Policy: Requires borrowers to deposit more than the loan amount in iTokens.

• Code and Licensing: Codebase is public on GitHub; smart contracts are initially under BUSL-1.1 license, transitioning to LGPL v3.

• Governance System: Based on Compound's GovernorBravo contracts, with a focus on community-led decisions.

Progressive Decentralization and Security

• Decentralization Strategy: Balances product development and smart contract security with gradual decentralization.

• Security Measures: Includes an upgradeable BalanceSheet contract, debt caps, operational pauses, and a bug bounty program.

Liquidation Mechanics

• Liquidation Process: Similar to Compound's system, with incentives for liquidators.

• Pricing Data: Relies on Chainlink Price Feeds for accurate pricing.