Today is July 12th, and in just over one month Iron Finance has made a comeback with flashing success, locking in a massive $1 BILLION in just a few hours from launch. Such a rapid ascent shows the commitment and belief in Iron Finance from the community. The team would like to thank our community for their continued support over the past month as we have sought to rebuild a better, more robust platform.
ICE token contract was deployed on Sunday, June 11 according to Polygonscan. The Iron website went live in the early hours of Monday, June 12.
Once the website was opened, the new StableSwap product was launched, allowing users to deposit USDC, USDT, and DAI into the IronSwap AMM.
In the minutes leading up to the launch of farming, over $70M had already been locked in StableSwap.
As writing this article, over 1 billion USD in value is locked on the platform:
Even as this article is being written, the numbers keep going up. IRON finance is picking up right where it left off as a Polygon blue chip.
The IronSwap is an automated market-maker (AMM) product tailor-made for stablecoin swaps. Similar to Curve, it allows users to pair together coins with equal peg values, and profit from incurred trading fees. Unlike other AMMs like Quickswap and Sushi, StableSwap bonding curves are optimized for stablecoin trading — enabling users to swap their coins with 100x capital efficiency to avoid price slippage. In addition, StableSwap charges a mere 0.01% on trades — the lowest on the whole Polygon network!
At launch, StableSwap will charge a modest 0.05% withdrawal fee. This fee will be gradually reduced to 0% over the 4 weeks after launch. All withdrawal fees will be paid to existing LPs.
In addition to the fees accrued from StableSwap, LP tokens can be staked in IRON’s farm contract to earn ICE tokens.
Once again, we would like to thank the community for making this an instant success. We look forward to the launch of IronLend and governance staking in July as well as our stablecoin in early August, and the forthcoming launch of additional products for the Iron Finance ecosystem.
For more information, please visit the Iron Finance website and join the Discord server.