Iron Finance, Public Apology And Rebuilding The Platform Announcement
Iron Finance express their 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 they couldn’t do anything to stop the protocol from collapsing completely. In a separate article, they plan to go in-depth on how V1 collapsed and what are the lessons learned.
So far, Iron Finance is collecting feedback and opinions from valuable community members, users and from other teams to set up an efficient plan to rebuild the platform. This decisions comes with many changes according to their statement. Iron Finance protocol will continue but with changes in the products, tokenomics and they are going to redesign the mechanisms behind their stablecoin.
The main rebuilding steps are summarized as follows:
- Products—they will continue to develop their major products including IronSwap (Stableswap DEX), IronLend, and Iron stablecoin
- Tokenomics—to rebuild a strong protocol, there must be a new token to replace TITAN — let’s call it “TITANv2” for now as they have not yet settled on a name.
- Compensation— they will use 29% of the total supply of TITANv2 to compensate users who lost their capital
- Iron Stablecoin—they will follow up with another article on a more detailed analysis of the Iron stablecoin and what went wrong.
IMPORTANT REMINDER:
- As communicated numerous times so far, please do not buy or trade any Iron Finance tokens. Please do not buy or trade any Iron Finance or Diamond Hand tokens and do not use the Dragon Ball lottery.
- Please be aware of fake compensation websites, scam channels with our name, and fake admins asking for your private keys or offering support
- Never give out your seed phrase and never verify your wallet from anyone claiming to be from Iron Finance
- Please only follow this Telegram channel for official announcements
ABOUT IRON FINANCE
Iron Finance is a partially-collateralized stablecoin on the Polygon network and on the Binance Smart Chain
RESOURCES
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