The DeFi industry needs strategic developments and IronFinance aims to be the main and biggest issuer of a partially collateralized stablecoin and investment vaults on the BinanceSmartChain.
IronFinance, the first and well known partial-collateralised stablecoin protocol on the Binance SmartChain (BSC), has recently launched their Investment Vaults for its STEEL token, and DiamondHand, which is IronFinance’s other product, has recently launched the world’s first partial-collateralised synthetic assets.
Investment Vaults of IronFinance and DiamondHand
The Vaults were custom made for IronFinance and DiamondHand in partnership with Value DeFi, using their existing, state of the art vSafe technology.
The idea behind this custom built system is to utilise the idle BUSD collateral behind IRON token by making this collateral economically efficient, to generate passive income to our STEEL staking investors. Vaults invests a maximum 75% (vote link) of all the BUSD collateral the protocol stores into simple BUSD staking strategies, with no impermanent loss, no leverage and no lock-up of rewards. The remaining 25% is kept at the protocol to serve the average daily IRON token redemptions and should this number decrease to 15% (vote link), Vaults will simply withdraw a part of the invested BUSD back to the protocol.
Income earned by the Investment Vaults is paid out to investors staking their STEEL tokens in the Foundry. Since the collateral is stored in BUSD, the income that the Vaults make is also received in this token, which enables us to pay rewards in BUSD! This reward in the Foundry is paid once in each epoch (one epoch is 12 hours). In the first week of the Vaults’ operation, it has distributed over $106,000 worth of rewards to the Foundry! It is important to note that these Investment Vaults are not for the user to interact with or to directly invest into, but this is an automated system for our protocol to generate passive income for STEEL stakers in the Foundry, Diamond stakers in the Castle and to the protocol itself.
Our users can monitor the Investment Vaults on our Treasury page, which lists many of the key performance figures, such as the latest transactions and the value of the invested collateral. Initially we launched Vaults with a simple low-risk investment strategy, however later our STEEL investors will be able to vote on investment options, risk profiles and other strategies to optimize the investment portfolio.
In short, thanks to Vaults, our investors have been enjoying triple digit APRs in both the Foundry and in the Castle.
DiamondHand – Synthetic Tokens
DiamondHand is issuing partial-collateralised tokens, soft pegged to their native tokens. For instance dETH is soft pegged to ETH, while dBNB is soft pegged to BNB. Currently we offer three dTokens, dBNB, dBTC and dETH. These dTokens are partially collateralized by their native tokens, BNB, BTCB and ETH respectively and dynamically by the DND token. Similarly to IronFinance, you can stake your DND token in the Castle to get rewarded in BNB, BTCB and ETH.
In the next project phase, we’re planning to offer partial collateralised tokens, soft pegged to the value of U.S. stocks. For instance, dAMZN would be soft pegged to the price of the Amazon shares.
DragonBall – the first real-style lottery on BSC powered by Chainlink VRF
On May 8, 2021, Iron Finance will launch the first truly real-style lottery on the blockchain, using our partial collateralized stablecoin, IRON token. The lottery will have a drawing every day at 2pm UTC with a prize pool of 80,000 IRON token (~$80,000) for the first lottery round and a minimum of 30,000 IRON in future rounds. The price of one ticket is only 2 IRON ($2). We are very proud to announce that DragonBall will use Chainlink VRF (verifiable random function) to generate provably fair random winning numbers for the lottery. Visit dragonball.iron.finance/ to play!
The user has to pick a total of 5 numbers from two tables. First, pick 4 numbers between 1 and 35, and pick 1 number, called the DragonBall number, between 1 and 24. Winning combinations are as follows:
Jackpot! Match all 5 numbers. These are tickets that match the first 4 numbers in any order AND match the 5th number (the DragonBall number)
“Match 4”: Tickets that match the first 4 numbers in any order (not counting in DragonBall number, i.e. the DragonBall number has been missed)
“Match 3”: Tickets that match the first 3 out of the first 4 numbers in any order (not counting DragonBall number).
In order to grow the whole ecosystem, a 30% tax rate is applied on the winner’s prize (automatically deducted)
• 10% (1/3) of the tax is used to buy and burn STEEL token
• 10% (1/3) is used to buy and burn DND token
• 10% (1/3) is allocated to the lottery prize pool
About IRON Finance
IronFinance is a partial-collateralised stablecoin protocol built on the Binance SmartChain, consisting of the Foundry, the Vaults and offering IRON and STEEL tokens. Whether you are staking STEEL in the Foundry or farming it in vFarm or vSafe, you can potentially enjoy significant returns at no impermanent loss exposure by being an investor in our protocol! All our code has been audited.
In our view, the DeFi industry needs strategic developments and IronFinance aims to be the main and biggest issuer of a partial collateralised stablecoin and investment vaults on the BinanceSmartChain blockchain.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.