IRON Titanium Token TITAN

What Is IRON Titanium Token (TITAN)?

IRON Titanium (TITAN) is a decentralized finance (DeFi) token created on the Polygon Network to partially collateralize the IRON stablecoin developed by Iron Finance.

The IRON Titanium token was created to provide 25% of the reserve backing for the IRON stablecoin while the remaining 75% came from another stablecoin, USDC. TITAN was developed by Iron Finance and launched in May 2021.

Who Are the Founders of IRON Titanium Token?

IRON Titanium Token was developed by Iron.Finance, who has previously created the following products: Iron stablecoin (IRON); IronSwap stablecoin DEX; IronLend, a completely decentralized finance-based lending platform; BlueICE, a governance token for voting on IronLend. These are all built on the Polygon Network.

The developers of Iron Finance and IRON Titanium remain anonymous. However, the project drew mainstream attention when it was revealed that American billionaire entrepreneur Mark Cuban had invested and lost $10 million. Cuban was one of the first liquidity providers of the network and was on the receiving end of public ridicule in June 2021 when the TITAN coin tanked from $60 to nearly 0 cents, where it remains today, in an alleged rug pull that turned out to be an unfortunate “bank run”.

What Makes IRON Titanium Token Unique?

The IRON Titanium token was not created to be a stablecoin. Instead, it was created to partially collateralize the stablecoin Iron (IRON).

Soft-pegged cryptocurrencies like IRON are halfway between fixed or hard pegged stablecoins (examples are IRON, USDT, USDC and BUSD) and those with a floating exchange rate (BTC, ETH). Iron Finance adopted a soft peg model where 75% of newly minted IRON coins were backed by the stablecoin USDC, and the other 25% by the IRON Titanium token (TITAN).

The tokenomics model adopted by IRON Finance was inherently flawed. In June, a group of whales started to remove liquidity for the IRON/USDC pair. They exchanged TITAN for IRON and later IRON for USDC. This removed IRON from its 1:1 peg, causing the world’s first large-scale crypto bank run and the crash of TITAN, which has subsequently called attention to the weakness of the tokenomics of the project.

Iron Finance has announced that it will be rebranding TITAN as TITANv2 as it continues its journey to build “a multi-chain partial-collateralized DeFi and algorithmic stablecoin ecosystem.”

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How Many IRON Titanium Token (TITAN) Coins Are There in Circulation?

At its launch, there were 1 billion TITAN tokens. 700 million TITAN tokens were set aside for community liquidity mining, while the remaining 300 million was reserved for the Treasury.

After launching on SushiSwap, 639,270 TITAN tokens were emitted daily with none locked in rewards. The treasury fund was designed to be used for partnerships, collaborations, marketing, development and incentivizing the Foundry for 36 months.

Iron Finance has announced its plan to rebuild the IRON Titanium token, to be called TITANv2. The TITANv2 will have a hard cap of 10 billion tokens, as opposed to the 1 billion of TITAN.

The 10 billion TITANv2 tokens will be distributed throughout 36 months, with the token allocation as follows: 70% for liquidity mining rewards; 29% for compensation fund (to users who lost their capital in the TITAN crash); 1% for treasury fund.

How Is the IRON Titanium Token Network Secured?

As a project built on the Polygon Network, IRON Titanium uses a version of the proof-of-stake (PoS) blockchain. Validators are an important part of the security of every PoS blockchain, but TITAN adds an extra layer – liquidity providers.

Developers and holders distribute TITAN to liquidity providers of the network to stake in various liquidity pools. When liquidity providers on the network stake their TITAN tokens as collateral to become part of the network’s PoS consensus mechanism, they receive tokens in return.

Where Can You Buy IRON Titanium Token (TITAN)?

After Iron Finance’s devastating bank run, the project forced its users to withdraw their liquidity from all pools. However, the top exchanges where IRON Titanium Token is traded currently are QuickSwap, Dfyn Network, SushiSwap (Polygon), MEXC, BKEX and Hoo.

Cryptocurrency newbie? You can read more about how to enter the market and how to buy BTC, TITAN or any other token. Check out the details here.