Iron Finance (IRON/STEEL/TITAN)

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release: 3-2021
• Iron Finance is an algorithmic stablecoin which got famous for its crash and Mark Cuban being an user.

Audits & Exploits

• No IRON Finance bug bounty program found (21-6-2021).
• Scored a 47% on DeFi Safety (21-6-2021):

"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

• From Rekt (17-6-2021):

"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

• From DeFi Safety (21-6-2021):

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

Token

Other Details

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

Technology

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

Implementations

• Built on: BSC and Polygon

How it works

• From Rekt (17-6-2021):

"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."

Upgrades

• From The Defiant (13-7-2021):

"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."

Their Other Projects

IronSwap

• From The Defiant (13-7-2021):

"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).

• V2 has Drawn in Over $1B TVL (12-7-2021).

Pros and Cons

Cons

• From Rekt (17-6-2021):

"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].

(:

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