Stablecoin 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.
ImpactCritical
Detail kindDepeg
Sources3
IRON
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Iron Finance
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| Date | 2021-06-16 |
|---|---|
| Event type | Depeg |
| Event detail kind | Depeg |
| Stablecoin subjects | IRON |
| Organization subjects | Iron Finance |
| Impact | Critical |
| Effect on stablecoin status | Collapsed |
| Recovery / reversal | Collapsed |
| Recovery date | — |
| Cause or mechanism | A bank run, reflexive TITAN selloff, and failure of the partially collateralized redemption design caused a terminal loss of the peg. |
| Record confidence | High |
| Depeg recovery status | Collapsed |
|---|---|
| Depeg recovery date | — |
| Depeg cause summary | A bank run, reflexive TITAN selloff, and failure of the partially collateralized redemption design caused a terminal loss of the peg. |
| Source | Publisher | Type | Evidence scope |
|---|---|---|---|
| Iron Finance post-mortem — 17 June 2021 | Iron Finance | Official Statement | Collapse Postmortem, Mechanism Failure, Event Date |
| Runs on Algorithmic Stablecoins: Evidence from Iron, Titan, and Steel | Board of Governors of the Federal Reserve System | Research Report | Mechanism and Run Analysis, Collateral Model, Depeg Event |
| IRON token contract on Polygon | PolygonScan | Onchain Contract | Contract Identity, Polygon Deployment |
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