Iron Finance (IRON/STEEL/TITAN)

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Basics

History

Audits & Exploits

"Their BSC contracts were audited by Omniscia on April 1st 2021. IRON Finance was launched in early March 2021. Note: Major issues were fixed, while all the informational ones remain unfixed to this day. Note: Peckshield audit coming soon for their Polygon contracts coming soon.." With the comment: "Scoring is similar to many other Binance protocols.  When things went sideways they did not have the depth of team to react in a way to help their investors."

Bugs/Exploits

"The incident started when TITAN became overpriced, perhaps due to users purchasing the token in order to farm TITAN pairs at ~50,000% APY. Some large TITAN sales were made and the price became volatile, making investors nervous, and leading them to also sell their tokens. The IRON stablecoin then lost it's peg due to TITAN dropping so rapidly.

This created a situation in which users could now redeem a token worth 90 cents, for 75 cents of stablecoin and 25 cents of TITAN. An incredible arbitrage opportunity which required minting new TITAN tokens each time. The market was flooded with freshly minted TITAN, and a panic sale began, pushing down the TITAN price and therefore making the IRON stablecoin lose its peg even further."

Governance

Admin Key

"No admin control information in their whitepaper, GitHub, or Medium. No evidence of any pause control documentation."

DAO

Treasury

Token

Launch

Token Allocation

Utility

Other Details

  • Has three tokens, the IRON stablecoin, the TITAN token on Polygon and the STEEL token on BSC.

Coin Distribution

Technology

  • Whitepaper can be found [insert here].
  • Code can be viewed [insert here].

Implementations

How it works

"On Binance Smart Chain, IRON uses BUSD and their native token STEEL as collateral to maintain a peg at $1. On Polygon, IRON used USDC and their native token TITAN to maintain the peg."

Fee Mechanism

Upgrades

"Less than a month after the spectacular implosion of Iron Finance’s algorithmic stablecoin, the DeFi project has relaunched a new yield farm on Polygon. V2 has Drawn in Over $1B TVL."

Staking

Validator Stats

Liquidity Mining

Scaling

Interoperability

Other Details

Oracle Method

Privacy Method

Compliance

Their Other Projects

IronSwap

"Iron Finance’s IronSwap is an automated market maker (AMM) for stablecoin swaps. It aims to facilitate high-volume, low-slippage trades with low fees."

Roadmap

  • Can be found [Insert link here].

Usage

  • What was once a $2 billion TVL has dropped to ~$260 million (17-6-2021).

Projects that use or built on it

Competition

Pros and Cons

Pros

Cons

"Even when the team tweeted about the disaster and told their users to withdraw liquidity from all pools, they continued to take a % fee from those trying to redeem what was left of their money. Savage."

Team, Funding, Partnerships, etc.

Team

  • Full team can be found [here].

Funding

Partners

(:

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