Creating a futures market on top of Icon

Hey Icons,

I have been thinking of an efficient way to solve the issue being able to pay for real-world items using the volatile Icon token price. Here is my proposal:

A futures system built on top of icon.

Allow me to get straight to the point. Lets say today, ICX is USD$1. Today, Alice decides she’d like to buy an ice cream worth USD$1. As soon as she reaches the ice cream shop, the price of icon is now $0.95. now, she requires $0.05 to complete the payment.

Thanks to icon futures, she is provided USD$1 from liquidity providers (LP) in exchange for her 1 ICX.

There are 2 scenarios after the exchange:

  1. Transaction complete.
  2. The LP can collect the $0.05 lent to Alice to get her ice cream when ICX is $1.05 with a tiny
    amount of interest, or whichever precondition stated in their agreement. (arguable preconditions)

In the case of no.2, The LP could be involved in the ICX futures system that enables him/her to stake ICX and provide USD (e.g) liquidity, thereby eliminating the need for stable coins. Using ICX futures protocols, LPs can utilise parameters that suites their wants. For example, how much interest they are willing to charge for lending, how much ICX does alice need to stake in ICX in order for them to be comfortable, and e.t.c.

Banks, in this case, can be LPs too.

Please, anyone, let me know your sincere thoughts.

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Hey Joseph,

This would be an interesting use case for decentralized finance and I would be happy to help you think it through in more detail and hopefully turn your idea into a working product. Please message me on telegram (@Benny_Options) if you are interested in chatting more.

In case you are not aware, I co-founded ICX Station with Daeki Lee and we actively look to support use-cases for ICX and the ICON public blockchain.


i’m back! Over the years, i’ve beefed up my knowledge around these types of mechanisms. I’ll be happy to give my all to help the ecosystem out! :grin:


Lol glad you’re back! Hit me up on telegram so we can have more synchronous discussion then maybe set up a call


Will definitely do soon! :smiley:

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