Less than a month after the spectacular implosion of Iron Finance’s algorithmic stablecoin, the DeFi project has relaunched a new yield farm on Polygon.
Iron Finance’s IronSwap is an automated market maker (AMM) for stablecoin swaps. It aims to facilitate high-volume, low-slippage trades with low fees.
For now, there’s no algorithmic insanity to deal with, as the IronV2 stablecoin is still under development. The IS3USD pool pictured above is a fork of Curve’s 3pool design, accepting stablecoin deposits (DAI/USDC/USDT). Liquidity providers are rewarded with ICE, the new native token of Iron Finance.
Stablecoin yields have been trending down lately, so it may come as no surprise that yield farmers are chomping at the bit to get a piece of the action — the action being triple digit and even quintuple digit yields. At the time of writing, over $1.05B in stablecoins have been locked in the smart contracts in just four hours.
It should be noted that while V1’s TITAN token had a use-case as part of the IRON stablecoin’s stabilization mechanism, the ICE token cannot currently be used for anything other than yield farming in the ICE/WETH and ICE/USDC pools. More use-cases are forthcoming, according to the project.
While real live apes purportedly have great memory, the DeFi variety are clearly a different breed. With many DeFi users still reeling from their losses caused by Iron V1, time will tell if the initial frenzy will continue.