Integrate front end on Abracadabra for ibAMM swaps to non-US currencies

💡Idea Discussions
1

Howdy Frogs,

FixedForex.fi, governed by $KP3R, an Andre Cronje project currently offers the ability to complete one-way swaps from $MIM to any other $ibStable asset (such as $ibEUR, $ibCHF, $ibGBP, etc.) at 0 fee and 0 slippage. This feature is live and active over on the fixedforex.fi site.

I propose that this functionality is integrated into the front-end of the Abracadabra platform so that any user taking out a loan in $MIM has an immediate option to convert to a stable in users local currency, an option that would appeal to non-US based frogs that don’t want to content with local/USD exchange rate risk.

This would benefit the users of this platform & the team at fixedforex.fi in the following ways:

  • Allow users to gain immediate access to non-USD denominated stables

  • Prevent users from having to utilize alternative lending platforms in search of non-USD stables

  • Brings 0 fee, 0 slippage swaps to a wider audience/bigger userbase (as Abracadabra sees more traffic than fixedforex.fi)

  • Helps continue the blossoming partnership between Daniele & Andre

This would also benefit the team at fixedforex & $KP3R since it helps increase circulation of ib*stable assets, an objective goal of that team as they seek to offer on-chain foreign exchange swaps

3 Likes
2

In case unaware of functionality on fixedforex being described

2 Likes
3

This would actually be a great move for both Abra & Keep3r.

Abra deals with USD, while Keep3r deals with other currencies.

Keep3r has already introduced $MIM → $ibEUR swap on it’s website fixedforex.fi.

It makes sense for Abra to add this to its UI.

Benefits:

  1. When people swap $MIM for $ibEUR. The $MIM would be HODL by Keep3r and providing liquidity on Curve. This is long time liquidity and is not likely to be removed for speculation/investment opportunities.

  2. Keep3r (Mainly it’s Fixed Forex component) is leading decentralized forex and has huge potential to grow huge. This can potentially boost MIM supply.

  3. Keep3r is founded by Andre Cronje, the DeFi legend. People may find it even more reliable if Abra was associated with him.

2 Likes
4

The function has been down for some time now. Is their a plan to reinstate it?

1 Like