USDT

Alpaca Finance is a decentralized lending protocol that allows people to lend and/or do leveraged yield farming. It allows users to deposit certain tokens into liquidity pools that they can borrow from. Lenders then earn interest and rewards from the assets they deposit.

ibToken is an interest-bearing token minted and burnt upon supply and withdrawal of assets on Alpaca market. It denotes the amount of crypto assets supplied and the yield earned on those assets. For example, when you deposit Dai, you will receive a certain amount of ibDai from Alpaca. When you redeem it, these ibDai will be disposed correspondingly.

Your yield from Alpaca basically is the interest paid by the borrowers who have opened leveraged yield farming positions.

Here's one main risk Alpaca may have: Contract risk: Alpaca smart contracts could be hacked, or bugs in contracts could be exploited. In such cases, your assets may be lost.