We would like to begin by again expressing our sincerest apology to every user who lost funds from the IRON V1 collapse. The protocol was growing really too fast and by the time we realized this was not a regular correction in the price of TITAN, it was already too late and by that time we couldn’t do anything to stop the protocol from collapsing completely. In a separate article, we plan to go in-depth on how V1 collapsed and what are the lessons learned. This article will be focused on feedback and plans for an improved V2.
We have been collecting feedback and opinions from valuable community members, users and from other teams to set up an efficient plan to rebuild IronFinance. We are continuing the IronFinance protocol but with changes in the products, tokenomics and we are going to redesign the mechanisms behind our stablecoin. The main rebuilding steps are summarized as follows:
- Iron Stablecoin
- We will continue to develop our major products including IronSwap (Stableswap DEX), IronLend, and Iron stablecoin
- We are redesigning and rewriting our core Iron Stablecoin product from scratch. We also want community and expert feedback on the new draft design, once it is complete.
- To prepare the ecosystem for the arrival of IRON V2, we will launch IronSwap and IronLend first. Our expected launch timeline for IronSwap is 2nd week of July 2021, followed by IronLend (alpha version) second half of July 2021.
- The whole UI/UX of the Iron Finance ecosystem will undergo an overhaul to give all users a new and refreshing experience
- Our private vaults feature will be upgraded and moved to a separate website, and will operate as a contribution from our team to the community
- We will form the IronDAO to increase governance engagement and encourage community decision-making
- To rebuild a strong protocol, there must be a new token to replace TITAN — let’s call it “TITANv2” for now as we have not yet settled on a name.
- TITANv2 hard cap is fixed at 10 billion (TBD). There will never be more than 10B tokens.
- 70% for Liquidity Mining rewards, linear vesting over 3 years
- 29% for Compensation Fund, linear vesting over 3 years
- 1% for Treasury Fund, linear vesting over 3 years
We will use 29% of the total supply of TITANv2 to compensate users who lost their capital. These users included in compensation will cover:
- TITAN and TITAN LP holders
- IRON and IRON LP holders
Binance Smart Chain:
- STEEL and STEEL LP holders
- DND and DND LP holders
- dTokens LP holders
- The compensation will be proportional in USD terms. Meaning, if the total loss suffered by all the users is $100 million and a user’s personal loss is for example $100,000, then that user is going to receive 0.1% of the total 2,990,000,000 TITAN v2 tokens, which is allocated for the compensation. This compensation will be linearly vested over 3 years for everyone and later can be changed by community voting using the new IronDAO.
- We have decided to not develop new products on the BinanceSmartChain and will be compensating all users, including those who lost funds on BSC, with TITAN v2 on the Polygon network. For now, we are focusing all of our efforts exclusively on developing our products on the Polygon network.
- Once we have determined a fair block height at which the snapshot for the compensation will be taken, then we’ll publish this in a separate article with further details about the compensation. This may take some time, since a lot of our users were farming on third-party websites, such as Beefy, AutoFarm, ElevenFinance or PolyCatFi.
- The compensation proposal is conditional upon TITANv2 tokenomics and project rebuild success. We must balance between a suitable compensation plan, while having a successful project relaunch where new investors are not scared off by the amount of TITAN allocated for compensation. We will give updates on the compensation starting date as soon as we have all the compensation data at hand. There is nothing you have to do for now.
4. Iron Stablecoin Redesign
We will follow up with another article on a more detailed analysis of the Iron stablecoin and what went wrong. We will also follow up with a series of articles where the improvements we plan to make with Iron will be described.
A successful relaunch of IRON stablecoin is exclusively conditional upon removing the possibility or at least drastically reducing the likelihood of similar adverse events occurring again.
In the meantime, we have collected some articles that you may read if you are interested in third party opinions and analysis as well:
- As communicated numerous times so far, please do not buy or trade any Iron Finance tokens. Please do not buy or trade any IronFinance or DiamondHand tokens and do not use the DragonBall lottery.
- Please be aware of fake compensation websites, scam channels with our name, and fake admins asking for your private keys or offering support
- Never give out your seed phrase and never verify your wallet from anyone claiming to be from Iron Finance
- Please only follow this Telegram channel for official announcements
Any other channel is NOT an official Iron Finance channel.