Iron Finance Phase 1 Development Update
Iron Finance ($IRON and $SIL coins) is a stablecoin protocol that rolled out last Saturday at noon UTC. After a little more than 48 hours we are approaching the end of Phase 1, which is the initial 3-day 1:1 BUSD-IRON bootstrap period. Our community vote #IFCV01 (see here) is currently ongoing in order to restructure our pools for the next phase. In brief, there are 3 different design proposals for the new upcoming 70%SIL — 30%BTC pool and 70%SIL — 30%IRON pools. Additionally, a lockup mechanism will be implemented only for the new pools. We will share more information about the voting outcome and next steps within the next 24 hours.
We are currently working on securing a full audit of our smart contracts and code by a top-tier audit house. While we are still negotiating final terms, we are glad to inform you that we have shortlisted Hacken, Arcadia, CertiK and a few others. We believe that these auditors are well known, very reputable and established in the smart contracts audit industry. We are confident that such an audit will bring a great measure of trust to our project, help to onboard more users, partnerships, and most importantly use-cases like lending and cross-chain integrations with other projects. The auditor of our choice will be revealed as soon as we finalize the terms, at some point this week.
Value DeFi vPegSwap
IRON is a stablecoin protocol so keeping IRON pegged at 1$ and popularizing its usage in DeFi is our main mission. One way of securing a stable 1$ peg is to have a very liquid BUSD-IRON pool. By having sufficient liquidity, price slippage is effectively minimized, even during high volume trades. Another way of securing a 1$ peg is by allowing arbitrage opportunities across a broad spectrum of different stable coins.
In order to achieve greater volume not only on the BUSD — IRON pair but also other popular stablecoins like USDC, USDT and DAI, we are very proud to partner with Value DeFi and their state-of-the-art vPegSwap product. vPegSwap is a Solidity customized implementation of Curve.fi’s StableSwap. It allows for trading of tightly pegged tokens with much less slippage compared to standard AMMs like Uniswap or Pancakeswap. In more detail, vPegSwap uses a bonding curve mechanism to secure a stable and ample cross-liquidity pool. Stables currently included in vPegSwap are DAI, USDC, USDT and BUSD with total liquidity amounting to over $23 million at the time of writing. We aim to add IRON as the fifth stablecoin. Implementation is estimated to happen in about a week already.
Check out vPegSwap here https://bsc.valuedefi.io/#/vpeg-swap.
Marketing and Business Development
As the bootstrap phase is ending, we are kicking off a series of marketing efforts and incentives. We will aggressively seek out to collaborate with other DeFi protocols on BSC to create a lot more use cases for $IRON. With the natural growth in demands for $IRON from other protocols (like lending, stable swapping, private transactions, etc), and with the design of Minting $IRON requiring to burn $SIL, or by just holding your $SIL, you already received the rewards from the asset itself.
If you have any marketing or PR opportunities to share, please reach out to our team on Telegram.
About Value DeFi
The Value DeFi protocol is a platform and suite of products that aim to bring fairness, true value, and innovation to Decentralized Finance. Their flagship products include Value Liquid, an automated market-maker built on Ethereum and Binance Smart Chain that allows anyone to create trading pools with flexible ratio pairs, add liquidity, and earn trading fees, and Value Vaults, state-of-the-art multi-strategy yield-optimizers that allow unprecedented composability and flexibility of LP assets to maximize returns.