Do you remember Iron Finance? No? 40,000% APY on their in house stablecoin (IRON) when it was paired with USDC, their coin TITAN that never stopped going up, Mark Cuban posting about his TITAN-DAI LP, and of course the massive failure of it all.
Now for some reason the Iron Finance team has decided to keep going. Iron’s Medium post from a few hours ago highlights that they already have “flashing success, locking in a massive $1 BILLION”. Looks like we may have just found all of the funds that drained out of TITAN…
Iron took minimal responsiblity for the failure of their products a month ago, so why would anyone want to now reinvest with Iron in their new StableSwap 3 pool (USDC-DAI-USDT)?
There is currently no audit of the masterchef code, and maybe even no audit of the stableswap code. We know from Iron’s past experience that when they change one or two aspects of other code that works well, it may well cause the project to fail.
Right now you can farm Iron’s newest LP on Beefy for around 2,280% APY. Will this project crash and burn like the last one?