Ookiversity: What are iTokens?
Ookiversity

Ookiversity: What are iTokens?

Community Contributor
Community Contributor

iTokens are Ooki Protocol tokens. Users of Ooki protocol obtain iTokens by lending out their funds. Learn more in the Ooki docs.

iTokens are available for every lending token that is offered by Ooki. Currently there are over 15 lending tokens that can be lent out and used to earn interest.

iTokens, such as iDAI or iUSDC, are interest accumulating tokens that continuously go up in value as you hold them. They represent a share in a lending pool that grows in size as borrowers pay interest into them. iTokens can be traded, used as collateral, composed by developers into structured products, or sent to cold storage for safety.

How do I mint an iToken?

When a lender wants to create a loan, they can visit Ooki.com and click on Lend. The user will then select the amount of tokens to lend, and approve the Metamask transaction in order to deposit the tokens they want to lend out to borrowers on Ooki who can then borrow in order to fund a margin trading position, or borrow against collateral. In exchange for lending out their tokens, lenders receive iTokens.