Originally, this term referred to many types of large combat walkers used by all of the different factions of the Milky Way Galaxy. The Pax Macharia, an Imperator-class TitanĪ Titan, sometimes colloquially called a " god-engine" or " god-machine," is any one of several classes of massive, crewed, robotic combat walkers fielded by the Titan Legions of the Adeptus Mechanicus' Collegia Titanica or by the forces of Chaos' Dark Mechanicum. Grand Master Volkus, Ordo Sinister of the Divisio Militaris In truth, a Titan has only three enemies: folly, hubris, and another of its own kind." " No weapon in the arsenal of the Imperium or the Traitor equals the Titan on the battlefield, and a Legion of such vast war machines can bring any world to its knees. Though given the permissionless nature of these networks, I don’t expect these scams, ponzis and rug pulls to ever go away.This article concerns Titan combat walkers for the Grey Knights' homeworld see Titan (moon). Hopefully this whole fiasco can serve as a good lesson for these people and help them avoid these sorts of projects in the future (in my experience, people only really learn once they lose money). Given that Iron Finance was native to both Polygon and BSC, I suspect that a lot of newer crypto users got burnt in this rug pull. If you do try to, what ends up happening is that you have an army of token holders descending upon you with toxicity and vitriol - so most people just stay quiet until the scam/ponzi inevitably blows up. Though herein lies the problem - calling out projects as ponzis or scams has a negative return in crypto because it’s very hard to convince people that their favorite project is a scam if they’ve made money on it.
I’m all for doing radical experiments in this industry but I don’t think Iron Finance was that - I’m pretty comfortable with calling it a ponzi. So there you have it - another “DeFi” project that blew up due to failed mechanism design (and it certainly won’t be the last). The end result is that TITAN’s price went to $0 because it will keep dropping as long as IRON is not pegged to $1 but IRON will not be pegged to $1 if TITAN keeps dropping. This cycle would continue until IRON’s peg was restored for all of 15 minutes (and TITAN started to recover) but then IRON lost it’s peg again and well, the rest is history. This then led to TITAN tokens flooding the market which pushed the price down dramatically which meant that IRON’s price kept dropping.
Of course, IRON lost its peg while this was happening and you could now redeem IRON (worth $0.90) for 75 cents worth of USDC and 25 cents worth of TITAN which presented a lucrative arbitrage opportunity. The price of TITAN achieved an all time high of around $65 and then large holders started dumping TITAN tokens en masse which triggered a market-wide panic selling event. So, let’s move onto the actual details of what happened. You can probably see the obvious downside to this - that is, when demand for TITAN falls (or it gets sold into the market), IRON’s peg can become unstable - this is exactly what happened over the last 24 hours. The way the mechanism is meant to work is that when new IRON is minted, the demand for TITAN increases because it’s used to mint new IRON, which in turn drives up its price. Users are able to mint new IRON by locking up TITAN and USDC tokens (25% for the former, 75% for the latter). The way the IRON “stablecoin” works is that it is partially backed by both USDC and TITAN and of course, it’s pegged to $1.
I’m by no means an expert on the Iron Finance project but here is a breakdown of what happened over the last 24 hours (as I understand it).
0 kommentar(er)
