The DeFi Iron Finance protocol is preparing to restart with a new token after the old protocol was abolished last month.

The announcement came this week in a blog post in which Iron Finance announced it would go live on the Polygon network on July 12th.

The relaunch event includes a new token and IronSwap, Iron Finance’s stable swap product.

Iron Finance starts again

Iron Finance crashed in mid-June with liquidity removed from the log, leading to a series of events the team referred to as a “bank run”.

Iron Finance’s new token is called ICE and replaces the now faded TITAN token. There will be a maximum cap of 10 billion tokens that will be released over a three-year period if everything goes according to plan.

There will also be liquidity offers on the IronSwap platform with new pools for stablecoins and Ethereum. 4.5 billion ICE will be allocated for liquidity incentives from stablecoin IRONv2 and 2.5 billion ICE will be used for liquidity incentives. 2.9 billion ICE trains will be transferred to a compensation fund.

A difficult year

Iron Finance has had a tough year. In March, the platform lost $ 170,000 from pools of liquidity following the team’s misconduct. At the time, the team claimed that the smart contracts were not flawed and assumed responsibility for the incident.

Iron Finance was hit again in mid-June when some large holders started selling tokens, which caused panic as many people started buying back IRON in order to sell their TITAN.

The protocol uses a two-token mechanism, an IRON stablecoin supposed to be pegged to USD 1, and a collateral token TITAN, with the aim of absorbing market volatility caused by changes in supply and demand for IRON.

At the time, Iron Finance stated that there was a negative feedback loop as more TITANs were created (as a result of the IRON buyback) and the price continued to fall. This is “a classic definition of a mad and panic event, also known as a bank run”.

At the time of writing, the TITAN of the log is still trading near 0. CoinGecko reported a price of $ 0.000016 for the defunct cryptocurrency.

Teacher

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page