Risk Harbor now supports Iron Finance on Polygon!
With the Polygon integration, users can now purchase protection for the Iron Finance IS3USD pool on Polygon. This also means that users with already productive tokens like BB_amUSDC (BarnBridge USDC) can maximize their yield by underwriting protection on Risk Harbor. Since Polygon’s gas prices are negligible, users can now perform all of these operations without having to worry about gas fees. Additionally, each pool will initially have 7,500 tickets distributed over a month and if the pools are successful, more tickets will be added.
About Iron Pools
Iron Finance IS3USD is a stablecoin liquidity pool similar to Curve’s 3pool that allows traders to swap between DAI, USDC, and USDT with minimal fees and slippage on the Polygon network. This pool protects liquidity providers against hacks and attacks on the pool. It pays out when the number of withdrawn DAI+USDC+USDT tokens is less than 80% of the IS3USD LP tokens redeemed.
It is important to note that the claims process utilized is completely automated, impartial, and objective and is not subjective to any third-party bias.
Underwriter Risks
Underwriters will bear the losses of any hack, attack, or any other loss event that causes the redeemed DAI + USDC + USDT to fall below 80% of the LP tokens. This includes hacks, rug pulls, misspecified contracts, flash loan attacks, and other loss events.
Policyholder Risks
If a hack occurs, the policyholder will be paid out in bb_amUSDC. If the bb_amUSDC smart contract is hacked, or AAVE on polygon suffers a loss event, the value of bb_amUSDC would be diminished. However, this would only matter if a loss event for bb_amUSDC occurred at the same time as a loss event for the IS3USD pool.
When does this protection pool expire?
This pool expires on approximately November 1st, 2021.
How much does protection cost?
Currently, users will pay 0.1% for protection for the entire duration of the protection pool.
Who can underwrite?
Currently, all users can underwrite protection.
About Risk Harbor
Risk Harbor is a risk management marketplace for decentralized finance (DeFi) that utilizes a completely automated, transparent, and impartial claims process to protect liquidity providers and stakers against smart contract risk, hacks, and attacks.
About Iron Finance
Iron is an algorithmic money market system designed for a completely decentralized finance-based lending and credit system on the Polygon Network. Iron creates isolated money markets and elastic yield rates for assets on the Polygon network that allowing users to become suppliers and borrowers with liquidity incentives. The protocol allows depositors to earn passive income by providing liquidity to the market, while borrowers are able to borrow perpetual overcollateralized loans that can be paid off in any amount, at any rate. Users can leverage long and short positions or create their own market.
About Polygon
Polygon (formerly Matic Network) is an Ethereum token that powers the Polygon Network, a multichain scaling solution for Ethereum. Polygon aims to provide faster and cheaper transactions on Ethereum using Layer 2 sidechains, which are blockchains that run alongside the Ethereum main chain.
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SOURCE: https://medium.com/riskharbor/risk-harbor-now-supports-is3usd-on-polygon-f0c2941186d8
