Iron Finance Expansion to Polygon
The Iron Finance ecosystem is going cross-chain to the Polygon (Matic) network. We’re doing this to bring our protocols and products to new users on Polygon and for our ecosystem to grow on multiple chains simultaneously! Polygon is an Ethereum side-chain which at the moment offers lightning-fast and super cheap transactions.
We are going live on Polygon on Tuesday, 18th May 2021, at 4 pm UTC
Since we will be present on two chains at the same time, and likely more in the future, our protocols must remain aligned and similar to each other on both chains. From now on, we are going to launch our products in parallel on both networks.
How is it going to work?
We will launch our stablecoin IRON and its share-token TITAN on the Polygon network, meaning we are not going to bridge our existing tokens from the BinanceSmartChain at first due to current technical limitations and economic reasons so, for now, we will have a separate set of IRON and STEEL tokens on the Polygon chain. A bridge will be considered no earlier than Q3 2021.
The concept and the model will stay the same. The only difference is our STEEL token will be called TITAN and our IRON token on the Polygon network will be collateralized by USDC and TITAN dynamically. The IRON token on the BSC network will remain collateralized by BUSD and dynamically by STEEL.
Our dTokens, issued by DiamondHand, will become available on the Polygon network in late May. A separate article will be published about this in due course. We are exploring to have TITAN used as the share-token for DiamondHand on Polygon as well. In other words, TITAN would have utilities of both STEEL and DND so there is no need for two share-tokens on Polygon.
We are partnering with Beefy Finance, one of the largest and well-known yield aggregators from the BSC network offering battle-tested, audited vaults. However, we’re not only going to partner with them on BSC but on the Polygon network as well. Consequently, our users will be able to farm and compound their STEEL, DND and TITAN tokens both on the BSC and Polygon network. The exact details will be announced shortly in a separate article.
Tokenomics on Polygon
- Total supply: 1 billion
- Allocation: 700 million for community liquidity mining, 300 million for Treasury
- The Treasury fund will be used for partnerships, collaborations, marketing, as dev fund and to incentivize the Foundry and it is vested over 36 months. There is no pre-mine or dev reward, just 5k IRON and 45k TITAN has been mined to launch the project and to add initial funds to liquidity pools.
TITAN liquidity on SushiSwap!
- We will launch our TITAN liquidity pools on SushiSwap. The farms will be on our Iron Finance homepage
- The exact block height of the launch will be announced
- Emission rate at launch: 639,270 TITAN per day
- TITAN/MATIC: 191,780 TITAN per day (30%)
- IRON/USDC: 447,488 TITAN per day (70%)
- There will be no locked rewards with these farms and new farms may be added later!
The Foundry (TITAN staking)
- Once we have accumulated some excess collateral for distribution, the Foundry with TITAN/IRON LP token staking will go live as well. The Foundry will include certain updates which are already live with DiamondHand Castles on BSC. Further details will be shared in a separate article.
- TITAN staking, which earns TITAN rewards, will be live at launch.
- No locked rewards
Benefits for Iron Finance on BSC
We will announce a strategy that will ensure that our protocol on BSC benefits from our presence on Polygon since Iron Finance first launched on BSC and it now helps to launch on the Polygon network. This way, the two protocols on these two chains will contribute to each others’ growth. Exact details about cross-chain synergies and direct economic benefits for STEEL holders will be explained later this month.
Further news will be published in the coming days!