- Please read our previous Q3 Dev Roadmap article!!!
- The stablecoin story
- $FTM & $AVAX incentives
- ICE Bridge
- DFYN x IronLend
- Other topics
🎯Introduction: Maintaining Agility
The amount of innovation and product development in blockchain pushes all projects to remain fast-paced in order to keep up with the competition. DeFi moves at lightspeed and new doors of opportunity are opening daily. As a result, our Iron Finance strategy must adapt to such an environment on a quarterly and even monthly basis.
We see our advantage in being more agile than competitors and grabbing first-mover advantage opportunities. Therefore, we have rethought some of our strategic focuses for September 2021. This article covers strategic updates as well as some other news.
1️⃣ IRON Stablecoin Update
Target release date: Wednesday, 08 September 2021 at 1PM UTC
In order to re-establish the IRON stablecoin peg (currently at $1.035), we propose some of the following changes to the IRON stablecoin:
▶ Reintroduce the very straightforward stablecoin mint/redeem mechanism (0.5%/0.9% fee, respectively where accumulated fees can go to governance stakers) to immediately resolve the off-peg situation by going away from the current soft-peg design. We will keep the stablecoin overcollateralized thus low-risk. The new UI will be up shortly.
▶ Remove ICE as a collateral requirement for borrowing IRON in IronLend. This will: incentivize more stablecoin minting, enable efficient peg arbitrage, increase IronSwap trading volume (more fees) and make IRON way more capital efficient. Users can still use ICE as collateral.
▶ Lower IRON/IS3USD rewards from 200k ICE to 100k ICE per day, at least until stablecoin supply grows. We don’t want purposeless ICE inflation while IRON stablecoin supply is still fairly low and young, but rather utilize ICE to incentivize products that bring in fees and value for our holders.
Some additional thoughts here: we don’t really see ourselves as a stablecoin-focused project anymore and must not dedicate most of our time for actual, real-world use cases stablecoin adoption. Ultimately, IronLend and IronSwap market share data explain why we’re not a stablecoin-focused project anymore. However, we continue our work on IRON stablecoin adoption and use cases and will make IRON a multi-chain stablecoin by Q4. Meanwhile, we’ll have some adoption announcements of IRON by other projects on Polygon.
2️⃣Expand IronSwap to Fantom and Avalanche
▶ ICE will become a multichain token and there will be no other tokens. We’re thinking of using the ticker $IronICE on every other chain to promote the Iron Finance brand efficiently.
▶ We already spoke to Avalanche and Fantom teams and are awaiting $FTM and $AVAX tokens for liquidity incentives. $ICE incentives will come in addition to $FTM and $AVAX incentives as soon as ICE is bridged.
▶ We’ll share more multi-chain updates, including more detailed tokenomics as soon as we receive the incentives and have a functional ICE bridge.
▶ We have 2 options about what to do with accumulated fees on other chains: Option 1: distribute profits to BlueICE governance stakers on Polygon. Option 2: burn ICE. Meanwhile, hop into our governance channels on Discord to follow the related community discussions.
▶ Lastly, we’re also working on getting IronLend to Fantom and Avalanch. ETA: a couple of days, up to a week.
3️⃣ ICE Bridge
We have 2 options to choose from:
▶ Option 1: Build our own ICE token bridge for Polygon<>Fantom and Polygon<>Avalanche. The bridge would be live within 2 weeks, however, if we get $FTM and $AVAX incentives meanwhile, we must not rush with ICE incentives on other chains anyways, fortunately.
▶ Option 2: Get ICE listed onto a popular bridge provider such as AnySwap. This can happen within days.
▶ In the next phase, the bridge will be extended to support the IRON stablecoin as well, regardless of whether option 1 or 2 is chosen.
4️⃣ DFYN x IronLend
Target release date: Tuesday, 07 September 2021 at 1PM UTC
We’ve had a close partnership and good communication going with DFYN team since launch and are excited to announce the addition of DFYN market to IronLend on Polygon.
- Collateral Factor: 20%
- Reserve Factor: 30%
- 20k ICE incentives per day
5️⃣What Else in September?
This article is already very long so we’ll just mention a few more topics:
▶ Insurance for IronLend is on track. We’re considering between 2 insurers.
▶ IronDAO v1 module is on track
▶ Revamp landing page, UI labels and visuals to fit our multi-chain narrative
▶ Certik audit will be published shortly
▶ IronSwap on Cardano Testnet is on track (and maybe Solana too)
▶ The amount of partnership ideas and requests lately is quite overwhelming, now not only on Polygon but already on our upcoming chains, so we expect good business development news such as this, this, this, this, this, this, this, this, and definitely this.
▶ Last but not least, the Compensation Committee has done an amazing job so far in narrowing down options on the compensation design and a pre-final plan will be shared later in September. On certain days, close to a thousand texts are exchanged among Committee members.
This was our 50th Medium article. Thank you for reading!