Iron Finance Rebuilding

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:

  1. Products

1. Products

  • We will continue to develop our major products including IronSwap (Stableswap DEX), IronLend, and Iron stablecoin

2. Tokenomics

  • 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.

Distribution:

  • 70% for Liquidity Mining rewards, linear vesting over 3 years

3. Compensation

We will use 29% of the total supply of TITANv2 to compensate users who lost their capital. These users included in compensation will cover:

Polygon:
-
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.

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:

  1. https://threadreaderapp.com/thread/1405528229922754582.html

5. Reminder

  • 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.

Announcements: https://t.me/IronFinanceAnn
Main chat: https://t.me/ironfinance
Price chat: https://t.me/ironfinanceprice
Discord: https://discord.com/invite/QhVCYcxW7V

Any other channel is NOT an official Iron Finance channel.

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Iron Finance

Building a user-friendly, multi-chain stableswap and lending ecosystem. Community chat: http://discord.gg/ironfinance