Stage 1 - Bonding Curve
In a nutshell. The Bonding Curve allows users to swap their collateral for sEURO. Initially, sEURO is discounted by 20% meaning 1 EURO of ETH will be exchanged for 1.2 sEURO. This discount declines until the total supply has been exhausted.

Overview

The following chart shows the price of sEURO against EURO with volume.
For example, at volume 0 (x-axis), sEURO is discounted by 20%. An investment of 1 EURO generates 1.25 sEURO. As volume increases, this discount decreases until the total supply is exhausted.
The total supply is currently set to 85 million sEURO. When the total supply is reached, the price of sEURO:EURO will be pegged at 1:1.
Draft bonding curve
DO NOT SEND ETH or ERC20 tokens directly to the contract addresses. Funds send to the contracts will be lost.

Getting Started (Goerli)

To participate in Stage 1 of the IBCO, users can use the dashboard we've created or via web3 / direct contract interaction. To interact directly with these contracts, please read one of the guides in the Interacting section.
On the Goerli Testnet, you will need some Goerli ETH and or some fUSDT. fUSDT is an ERC20 token we've created for the purposes of testing Stage 1. Users can mint fUSDT tokens to their ETH addresses.

Getting Goerli

Goerli ETH (gETH) is needed to pay the gas fees on transactions. If you're feeling special, you can swap gETH for sEURO too!
A quick 'google' of 'goerli faucets' will provide you with a bunch of 'faucets' that'll mint some to your address.

Getting FUSDT

This method will be updated with a custom faucet site soon.
You will need to 'mint' yourself some FUSDT to participate in Stage 1.
First, fetch the FUSDT contract address from the Contract Addresses page. You can then interact with this contract using etherscan. There will shortly be a site to do this!
For example, visit the page here. Please be aware the contract address may have changed.
Head over to the "write contract" and click "mint".
There's a max amount of fUSDT you can mint per day - for bonus points - find this using the max function in the Read Contract.
Once you have that, you can mint yourself some tokens! fUSDT has 6 decimals, so if you want 100 fUSDT, you will need to enter 100000000.

Adding FUSDT To Metamask

If you're using another wallet provider, hey ho for now! This is the guide for Metamask.
Open Metamask and click assets. Then scroll down and click import tokens.
On the next page, enter the FUSDT contract address (available in Contract Addresses) and click import.
For more information about faucets, you can read the guide Using Testnet Faucets

Connecting to a Wallet

Now you have your fake collateral and Goerli ETH, you're ready to swap!
Head over to the IBCO dashboard. You should see a page like this:
Click the 'Connect Wallet' button - a popup will appear prompting you to select your wallet.
Hit Metamask - you should be connected!
It's really important to note which network you're connected to. And to which address you're connected to. Otherwise you could accidentally lose some funds or send to the wrong contract.

Swapping FUSDT for sEURO

If you're interested in swapping Goerli ETH for sEURO, there's a section here.
Swapping your ERC20 compatible tokens is a two-step approach. First you need to give the contract permission to spend them. Then you need to actually swap them.

Step 1 - Approving your collateral

If you're planning on swapping ETH, you don't need to approve anything. If you're planning on swapping a token, like WETH or FUSDT, you're going to need to approve the transaction first.
Approving gives a smart contract the permission to spend your ERC20 tokens. When you're approving your tokens, make sure you check the amount you're approving. There's no real need to approve more than you need to spend. Sadly, many DeFi projects approve your whole balance (or more!) - this gives them unlimited control over your assets. You need to manually remove the permission to revoke their access.
We only ever ask you to approve the amount you're trying to swap.
Select the token you want to swap from the dropdown. Then enter the amount you want to swap.
Once you hit approve, your wallet should open. Make sure you double check the details before you confirm the transaction.
When you're happy, hit the Confirm button. The transaction will take a moment to process on the blockchain.

Step 2 - Swap

Finally, when you've approved that, hit the SWAP button. Another Metamask screen should appear with details of the transaction.
After double checking things are ok, click confirm and wait until the transaction has processed.
The transaction should look like this one. For this transaction, 0.1 ETH was swapped for 192 sEURO.

Swapping Goerli ETH for sEURO

It's even simpler to swap ETH for sEURO since you do not need to approve anything! Simply enter the amount of ETH you want to swap and hit the swap button. Then confirm the transaction in Metamask!

Accepted Collateral

We currently accept the following tokens and currencies for the IBCO:
  • ETH
  • WETH (ERC20)
  • USDT (ERC20)
  • USDC (ERC20)
  • PAXG (ERC20)
  • wBTC (ERC20)
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On this page
Overview
Getting Started (Goerli)
Getting Goerli
Getting FUSDT
Adding FUSDT To Metamask
Connecting to a Wallet
Swapping FUSDT for sEURO
Swapping Goerli ETH for sEURO
Accepted Collateral