Iron Finance, a decentralized finance (DeFi) project that started migrating to Polygon network in May, saw its share token Iron Titanium (TITAN) hit the bottom, fast, plummeting over 99% in less than a day.
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Iron Finance started to kick off their partially collateralized stablecoin IRON on the Polygon network and on the Binance Smart Chain. IRON is soft pegged to the US Dollar and, like other algorithmic stablecoins, stores collateral in order to back the token to 1 USD.
Soft peg background
Iron Finance kicked off their partially collateralized stablecoin IRON on the Polygon network and on the Binance Smart Chain. IRON is soft pegged to the US Dollar, meaning it, like other algorithmic stablecoins, stores collateral in order to back the token to 1 USD.
IRON’s collateral is based on two tokens, USD Coin (USDC) and TITAN token on the Polygon blockchain and Binance USD (BUSD) and STEEL t
Źródło: https://cryptoslate.com/titan-falls-nearly-100-in-latest-polygon-defi-exploit/
