Explaining FixedForex.fi project of Keep3r.network by Andre Cronje

2 min readOct 1, 2021

Andre Cronje, founder of Yearn.finance (Yearn is a blue chip DeFi project), has been working on four projects in the past year.

The four projects are keep3r ($KP3R), option liquidity mining, v3 liquidity incentives and FixedForex.fi ($IBFF). Refer to Andre’s article for details, or refer to vKP3R 101 for a quick understanding.

Two of the projects had tokens ($KP3R, $IBFF).

FixedForex.fi stablecoin assets

But on Aug 27th, Andre announced all four projects will share the same token $KP3R. (And this is why you should not use TA to analyze price of $KP3R anymore)

This artical tries to explain how FixedForex.fi works.

What does FixedForex do?

FixedForex (FF) is a project to enable people hold their favorite stable coins (currently EUR,AUD,GBP,KRW,JPY,CHF & ZAR).

How does it work?


ther minter : FixedForex.fi

the issuer: Iron Bank (Iron Bank has several UIs: 1, 2, 3)

the user

How it works?

1/The minter mints ib* assets and deposits all minted assets to the issuer.

2/The user deposits collateral to the issuer. The user borrows ib* assets from the issuer.

3/The user pays back principle and interest.

4/The issuer charges some fees from the interest paid.

5/ The remained interest paid to the minter.

Are ib* assets printed from thin air?

No. When the minter mints and deposits to the issuer, ib* assets are not in circulation, thus needs no collateralization.

When user borrows from the issuer, it is in circulation and collateralized with the user’s collateral. So all circulating ib* assets are collateralized.

Are there any differences from MakerDAO?


1/Collateral earns interest on Iron Bank, while not on MakerDAO.

2/There are 7 stablecoins but no USD, while MakerDAO has only USD.


FixedForex.fi ( the minter) and Iron Bank(the issuer) are basically doing similar things that MakerDAO is doing. The difference is that MakerDAO is issuing USD, while this project issues EUR,JPY,CHF,KRW,GBP and AUD.