IronFinance launched on March 4, 2021 on the BinanceSmartChain and on May 18, 2021 we have expanded to the Polygon network.
On March 16, 2021, our previous share-token, the SIL token crashed due to a human error caused by ValueDefi, when they changed the calculation method of the farming pools reward rate for the farms we had with them. As a consequence, their code minted 1 year worth of planned SIL emission in a split second. Within two days after the incident, IronFinance re-launched with a new share-token called STEEL and fully compensated all the affected SIL token holders by May 28, 2021.
On May 6, 2021, IronFinance launched its own, unique, real-style lottery, called DragonBall, where users can purchase tickets for 2 IRON tokens and win prizes also in IRON token. With our lottery, the user is able to freely choose the numbers and win with them in any order.
On May 8, 2021, IronFinance suffered from a second ValueDefi incident, when a hacker exploited ValueDefi's code and a large number of tokens from many DeFi protocols' liquidity pool, including STEEL token from our IRON/STEEL liquidity pool was stolen. IronFinance is planning to compensate all affected STEEL token holders for this ValueDefi incident as well. IronFinance cut its ties with ValueDefi completely and set up new liquidity pools with PancakeSwap, deployed a new website, compatible with the new PancakeSwap liquidity tokens in less than 24 hours after ValueDefi got hacked. Not much later we partnered with BeefyFinance for auto-compounding pools.
On May 18, 2021, IronFinance expanded to the Polygon network and by May 31, 2021 has reached over $200,000,000 TVL.