Ironclad is a decentralized borrowing and lending liquidity market that draws inspiration from Aave. It is a part of the Cod3x MRP program aimed at bringing significant firepower to Mode. Ironclad Finance functions as a decentralized non-custodial liquidity market protocol, allowing users to take part as depositors or borrowers. Depositors contribute liquidity to the market to earn passive income, while borrowers have the option to borrow in an overcollateralized (perpetually) or undercollateralized (one-block liquidity) manner.
Ironclad offers a staking module for users to stake their ICL and earn from protocol revenue. The ICL staking module, a Cod3x Relic, provides time-weighted rewards to users who deposit their ICL into the ICL Relic, allowing Ironclad to distribute time-weighted emissions favoring long-term stakers. Staking rewards include Lend Module fees paid in WETH and MODE, iUSD mint and redemption fees paid in iUSD and oICL. Additionally, Ironclad intends to distribute MODE DevDrops to ICL Relic holders to further reward long-term stakers. Ironclad's revenue comes primarily from the Ironclad lending module and the upcoming Ironclad CDP, which will allow users to mint iUSD against premium collateral. The ICL Relic is programmed to record users' maturity and reward positions according to a multiplier, with a linear boost over six months, and up to a 1.5x multiplier. Users are rewarded with option tokens, or oICL, which can be redeemed, held, or traded.
ICL's total supply and circulating supply both amount to 300,000,000.
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