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Event record

Reviewed event

IRON V1 collapses during a bank run and TITAN price failure

Large redemptions and the collapse of the TITAN share token broke IRON V1’s partially collateralized mechanism on 16 June 2021. The original stablecoin did not recover as a functioning one-dollar asset.

Date
2021-06-16
Affected records
2 linked records
1 stablecoin · 1 organization
Evidence
3 sources
3 evidence relations

Connected records

Affected records

Assets and organizations connected to this event.
StablecoinIRONOrganizationIron Finance

Sources

Evidence

Sources used for this record, with archival copies where available.
3 source identities · 3 evidence relations
SourcePublisher and dateRelevanceArchive
Iron Finance post-mortem — 17 June 2021
Source details
Source category
Official statement or announcement
Provenance
Subject-controlled source
Primary or secondary
Primary source
Reliability
High
Iron Finance
Published 2021-06-17		Collapse Postmortem, Mechanism Failure, Event DateArchive index or wildcard
Runs on Algorithmic Stablecoins: Evidence from Iron, Titan, and Steel
Source details
Source category
Research or security report
Provenance
Independent third-party source
Primary or secondary
Secondary source
Reliability
High
Board of Governors of the Federal Reserve System
Published 2022-06-02		Mechanism and Run Analysis, Collateral Model, Depeg EventArchive index or wildcard
IRON token contract on Polygon
Source details
Source category
On-chain record or explorer
Provenance
Technical primary source
Primary or secondary
Primary source
Reliability
High
PolygonScan
Published Not yet recorded		Contract Identity, Polygon DeploymentNo archive recorded
On-chain record or explorer

IRON token contract on Polygon

High
Publisher
PolygonScan
Published
Not yet recorded
Provenance
Technical primary source
Primary or secondary
Primary source
Supported claims
Contract Identity, Polygon Deployment
Archive
No archive recorded
Reliability
High
Record details
Classification, review, and event-specific data
Record ID
sog_ev_iron_2021_06_collapse
Severity
Critical
Event type
Depeg
Public category
Depeg and peg stress
Lifecycle effect
Collapsed or failed
Recovery or reversal
Collapsed
Recovery date
Not yet recorded
Cause or mechanism
A bank run, reflexive TITAN selloff, and failure of the partially collateralized redemption design caused a terminal loss of the peg.
Structured detail kind
Depeg
Record confidence
High
Evidence relations
3

Event-specific details

Price and peg

Peg reference
USD
Direction
Below Peg
Extreme price
Not yet recorded
Maximum deviation
Not yet recorded
Duration
Not yet recorded
Recovery status
Collapsed
Recovery date
Not yet recorded
Cause summary
A bank run, reflexive TITAN selloff, and failure of the partially collateralized redemption design caused a terminal loss of the peg.
Price-source records
sog_src_iron_postmortem_batch_d, sog_src_iron_fed_batch_d

Maintenance

Corrections and further reading

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