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Magma Protocol

Magma Protocol is a non-custodial DeFi protocol that enables users to mint and use ioUSD, a stablecoin backed by liquid staking tokens and real-world assets. It provides interest-free collateralized borrowing, staking, stability pool participation, liquidations, and redemptions.
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Description

Magma Protocol develops a decentralized, governance-minimized stablecoin protocol based on Liquity's economic model. Users can borrow ioUSD against IOTX collateral, provide ioUSD to the Stability Pool for rewards, stake MGM for protocol fee revenue, and redeem ioUSD for USD-equivalent collateral when the peg falls below $1. The protocol is accessible through its web application and documentation, and is intended for DeFi users and projects seeking a native stable asset for the IoTeX ecosystem and DePIN applications.