Categories: Uncategorized

Iron Finance is reborn with a new token and IronSwap after last month’s crash

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

CoinX

Recent Posts

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

24 minutes ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

49 minutes ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

2 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

4 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

4 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

4 hours ago

This website uses cookies.