What is ibAMM and how does it work?

2 min readJan 15, 2022

ibAMM is a part of Fixed Forex that enables buying ib* assets with 0 fees 0 slippage.

Related articles:

How deos Fixed Forex work?

KP3R FAQ (Fixed Forex included)

What is Fixed Forex?

Fixed Forex is a project of KP3R that issues ib* assets pegging non-USD fiat.

Users can deposit collateral to borrow ib* assets.

What is ibAMM?

ibAMM is for those who

  1. want to own ib* assets with 0 slippage 0 fees.
  2. don’t want to deposit collateral to borrow but just want to buy ib* assets.

How does ibAMM work?

Back ground

Iron Bank is a lending protocol similar to Aave or Compound. The major difference is that Iron bank supports uncollateralized borrowing.

Uncollateralized borrowing is introduced to enhance capital efficiency of the lending platform.

This means that a user of Iron Bank can seek to be whitelisted as a trusted user. A trusted user, usually a protocol, can borrow without collateral.

Current whitelisted users include Yearn and ibAMM.


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

the user: ibAMM (https://fixedforex.fi/swap)

the buyer: Anyone who buys ib* assets from the user.

How does it work?

  1. The issuer whitelists the user as a trusted user and gives it a line of credit.
  2. The buyer seeks to buy ib* assets from the user.
  3. The user borrows ib* assets from the issuer.
  4. The user sells ib* assets to the buyer.
  5. The user pays back principle and interest to the issuer.

Is ib* assets uncollateralized?

No. It is collateralized.

  1. When you borrow ib* assets from Iron Bank. ib* assets are backed by your collateral , refer to this to see why it is collateralized.
  2. When you buy ib* assets from ibAMM using $MIM, it is backed by $MIM.