Partnered With:

Reconstruction of Iron Finance Agreement: 1 billion new tokens will be issued, 29% of which will be used to compensate for the run

Read this article in 5 Minutes

The compensation snapshot time has not yet been determined, and the new token will be tentatively named "Titanv2".

Defi project Iron Finance has been collecting feedback from community members, users and other teams to develop an effective plan to rebuild Iron Finance, according to a statement from DEFI.

In its plan to rebuild the agreement, Iron Finance said it will continue to develop key products, including IronSwap (Stableswap Dex), IronLend and Iron Stablecoin. The core product, Iron Stablecoin, will be redesigned and written. IronSwap will launch again on July 5, 2021, followed by IronLend (alpha) on July 19, 2021.

In addition, Iron Finance has introduced a new token to replace Titan, tentatively named "Titanv2".

Titanv2 hard top is set at 1 billion pieces.

70% flow mining bonus, 3-year linear unlock

29% for compensation fund, 3-year linear unlock;

Treasury Fund 1%, 3 years or more linear unlock.

The user will receive 29% of the compensation token allocated by the Token Compensation Fund if:

Polygon:

Titan and Titan LP holders;

IRON and IRON LP holders.

Binance Smart Chain (BSC):

Steel and Steel LP Holder & NBSP;

DND and DND LP Holder & NBSP;

Holder of DTokens LP

The compensation will be calculated on a pro rata basis. That is, if the total loss for all users is $100 million and the individual loss for the user is $100,000, then the user will receive 0.1% of the total 290,000,000 Titan V2 tokens as compensation. This compensation will be linearly unlocked over 3 years.

The team says they won't be deploying new products on the BSC chain and will focus on Polygon for now.

As many users are in the third party revenue aggregator for liquidity mining, so the data statistics still need a period of time, the official compensation snapshot block height has not been determined.

On June 17, Iron Finance, a part of Polygon's mortgage stablecoin project, was hit by a "run" and its governance token Titan has gone to zero. Many users lost a lot of money.

In Iron Finance, the stability of algorithm-based stable coin Iron is maintained by storing collateral within a certain period of time. There are two kinds of collateral on Polygon network, USDC and Titan, and two kinds of collateral on Binance smart chain, Busd and Steel. Casting Iron requires destroying Titan and Steel.