CoinDesk Analysis Team
CoinDesk
Iron Titanium token (TITAN), the share token of a one-time multibillion-dollar decentralized finance (DeFi) protocol, has fallen to near zero.
The token was last seen changing hands for around $0.000000035, down from Wednesday’s high of $65. The fallout, which has been swift, has brought the project to its knees.
Some argue the interest from billionaire investor Mark Cuban has only exacerbated the situation as people discovered his DeFi wallet and alleged him to be the sole provider of TITAN/Dai on Polygon chain.
TITAN belongs to Iron finance, a project that began bridging to Polygon’s chain on May 18 in a bid to tap into Polygon’s efficiency and low transaction fees.
The project was attempting to boot a partially collateralized stablecoin known as IRON. The stablecoin, in turn, consists of Circle and Coinbase’s stablecoin USDC (+0.16%) as well as TITAN and was pegged to $1. Stablecoins are cryptocurrencies whose value is attached to financial assets such as commodities or government-issued currency in a bid to keep them “stable.”
In the case of IRON, which receives its collateral backing from TITAN, users may mint new stablecoins through a mechanism on Iron Finance’s network by locking up 25% in TITAN and 75% in USDC.
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