TomanX (IRTX): how it works

How TomanX (IRTX) works

TomanX (IRTX) is a BEP-20 token that PhoenixCo issues on BNB Smart Chain. One IRTX is intended to be worth one Iranian toman; that is PhoenixCo's policy as issuer, and no contract refers to the toman. PhoenixCo publishes the rate of IRTX in US dollars on chain, within limits the rate contract enforces, and the lending markets value IRTX at that rate. IRTX is not collateralised on chain and carries no on-chain right of redemption. It can be supplied and borrowed in the lending markets, where its interest is paid in IRTX, not in dollars.

The TomanX page: the published rate, the market price and the gap, read live

The token

What does "tracks the toman" mean?: One IRTX is intended to be worth one Iranian toman. That is a policy PhoenixCo holds as the issuer and expresses through the rate it publishes. The contracts store a rate in US dollars per IRTX and never refer to the toman.
Is IRTX backed or redeemable?: Not on chain. No contract holds collateral for it, and no contract lets a holder exchange IRTX for toman, dollars or anything else at the published rate.
Who can create IRTX?: Only PhoenixCo, through a minter role on the token. Minting is limited on chain by a maximum supply and by a limit on how much can be minted in each time window, both set by the token admin. Anyone can burn their own IRTX.
Does IRTX have a transfer fee or a blacklist?: No. It is a plain token: no transfer fee, no rebasing, no blacklist and no transfer hooks.

The published rate

Who sets the rate?: PhoenixCo, through a rate contract on chain that only its rate publisher or admin can update. The lending markets read IRTX's price from it.
Can the rate be changed by any amount, at any time?: No. Each update is limited to a maximum change in each direction, updates must be a minimum time apart, and the total change within a day is limited too. The admin sets those limits, under ceilings fixed in the contract.
How is the rate kept current?: Rate changes are made by hand. A PhoenixCo keeper re-confirms the current rate on a schedule so that it does not go stale, which does not change it.
What happens if the rate is not updated?: After a set time the rate contract marks it degraded: borrowing that relies on it halts, and IRTX used as collateral counts for less borrowing power, while the liquidation threshold is unchanged. After a longer time it stops serving a price. A guardian can also freeze the rate, and only the admin can unfreeze it.
Is the lending price exactly the published rate?: Nearly. The collateral price source adjusts the published rate slightly with how much of the IRTX market is borrowed, within small bounds fixed in its contract. The admin can narrow the adjustment or switch it off.

The market price, and lending

Does IRTX trade at the published rate?: Not necessarily. IRTX trades on PancakeSwap, and nothing on chain ties that price to the published rate, because there is no public minting or redemption at the rate. The two can differ, and the TomanX page shows both and the gap between them. The lending markets use the published rate, not the pool price. Both prices, read live
Can IRTX be supplied and borrowed?: Yes. IRTX is a lending market. You can supply it to earn interest, use it as collateral, and borrow it. How much it supports as collateral depends on your VIP level, as in every market. The IRTX market
Are IRTX interest rates dollar returns?: No. Interest in the IRTX market is paid in IRTX. If IRTX falls against the dollar, a high IRTX rate can still be a loss in dollars, so an IRTX rate cannot be compared directly with a dollar market's rate. The markets table labels the unit on the row.

Contracts

On BNB Smart Chain. Each opens on the block explorer.

IRTX token0xa49b2276Edd807E990bB3D32Fdc7247364F9A9C6
pIRTX lending market0x4C0F6CeCCC119064c956BBd0d1c404e6b17CB706
IRTX rate contract0x229CF05Eb95f24Bb0CB3Bb2863143B5097ff237d

Stated from the deployed contracts. The settings this page describes as current, such as fee exemptions, fee recipients and thresholds, are read from the chain before every deploy, and a deploy that would publish one of them wrong does not go out. Rates, balances and dates change by the second and are not stated here: they are read live on the product page.

How TomanX (IRTX) works

The TomanX page: the published rate, the market price and the gap, read live

The token

What does "tracks the toman" mean?

One IRTX is intended to be worth one Iranian toman. That is a policy PhoenixCo holds as the issuer and expresses through the rate it publishes. The contracts store a rate in US dollars per IRTX and never refer to the toman.

Is IRTX backed or redeemable?

Not on chain. No contract holds collateral for it, and no contract lets a holder exchange IRTX for toman, dollars or anything else at the published rate.

Who can create IRTX?

Only PhoenixCo, through a minter role on the token. Minting is limited on chain by a maximum supply and by a limit on how much can be minted in each time window, both set by the token admin. Anyone can burn their own IRTX.

Does IRTX have a transfer fee or a blacklist?

No. It is a plain token: no transfer fee, no rebasing, no blacklist and no transfer hooks.

The published rate

Who sets the rate?

PhoenixCo, through a rate contract on chain that only its rate publisher or admin can update. The lending markets read IRTX's price from it.

Can the rate be changed by any amount, at any time?

No. Each update is limited to a maximum change in each direction, updates must be a minimum time apart, and the total change within a day is limited too. The admin sets those limits, under ceilings fixed in the contract.

How is the rate kept current?

Rate changes are made by hand. A PhoenixCo keeper re-confirms the current rate on a schedule so that it does not go stale, which does not change it.

What happens if the rate is not updated?

After a set time the rate contract marks it degraded: borrowing that relies on it halts, and IRTX used as collateral counts for less borrowing power, while the liquidation threshold is unchanged. After a longer time it stops serving a price. A guardian can also freeze the rate, and only the admin can unfreeze it.

Is the lending price exactly the published rate?

Nearly. The collateral price source adjusts the published rate slightly with how much of the IRTX market is borrowed, within small bounds fixed in its contract. The admin can narrow the adjustment or switch it off.

The market price, and lending

Does IRTX trade at the published rate?

Not necessarily. IRTX trades on PancakeSwap, and nothing on chain ties that price to the published rate, because there is no public minting or redemption at the rate. The two can differ, and the TomanX page shows both and the gap between them. The lending markets use the published rate, not the pool price. Both prices, read live

Can IRTX be supplied and borrowed?

Yes. IRTX is a lending market. You can supply it to earn interest, use it as collateral, and borrow it. How much it supports as collateral depends on your VIP level, as in every market. The IRTX market

Are IRTX interest rates dollar returns?

No. Interest in the IRTX market is paid in IRTX. If IRTX falls against the dollar, a high IRTX rate can still be a loss in dollars, so an IRTX rate cannot be compared directly with a dollar market's rate. The markets table labels the unit on the row.