read and weep ????

 

The Meltdown of IRON

How Polygon’s first billion-dollar protocol unraveled.

https://irony-97882.medium.com/the-melting-of-iron-89469b01e083

 

The dust hasn’t even settled on the collapse of the IRON stable coin —$262 million in USDC collateral is still locked in a smart contract due to an embarrassing programming bug —but I already feel like writing about it. The whole thing is funny to me, because I got out relatively unscathed. At least for me it was educational, revelatory even.

 

The collapse of IRON was (as of this writing) not a rug pull. The developers seem to have been earnest in their attempt to create a new kind of stablecoin , one that was only partially collateralized by a “real” stablecoin. Like many financial collapse stories, this is a story of folly.

 

 

do we really need a separate topic for every single shítcoin going bust?

all people who invested in that shítcoin did their own research and accepted the risk ????

1 hour ago, fdsa said:

do we really need a separate topic for every single shítcoin going bust?

all people who invested in that shítcoin did their own research and accepted the risk ????

good point, we should have a thread dedicated to all those crypto collapses ????