A reminder: DeFi is risky. Crypto is risky. You can lose what you invest! Forces outside the control of Iron Finance contribute additional risk, as they do to all DeFi and crypto ecosystems. Some examples include, but are not limited to:
Network attacks: A bad actor can flood the network with empty high-gwei transactions, making it near-impossible to transact on the network for a period of time, due to congestion.
Systemic Collapse: The Polygon network itself experiencing systemic issues.
Flashloan attacks and oracles manipulation: Oracle prices could be manipulated, resulting in liquidations due to the value of loans exceeding collateralization-ratio thresholds.
Permanent Loss of Peg: If one of the stablecoins used as collateral goes significantly down below the peg of 1.0 and never returns to the peg, it'll effectively mean that IronLend protocol will have less collateral than liabilities.
User Abandonment for Less Complicated Solutions: The Iron Finance Protocol is a complex decentralized system. As a result of its complexity, there is a risk that inexperienced cryptocurrency users will abandon the Protocol in favor of systems that may be easier to use and understand.
Iron Finance is decentralized and non-custodial. This means the the actions performed by you when using any Iron Finance function or protocol is your sole responsibility. Users should be advised of the following:
It is recommended to have a general understanding of the secure operation of your wallet before performing cryptocurrency transactions.
Transactions you submit are subject to the availability of blocks on the blockchain and can be delayed or outright fail. There are no warranties or guarantees when initiating a transaction via Iron Finance services/site/applications. Once transaction details have been submitted to a blockchain, we cannot assist you to cancel or otherwise modify your transaction.
If you experience any problem with any cryptocurrency purchased from or sold to a
third party, or if you lend or borrow tokens through Iron Finance services/site/applications, you bear the entire risk.
You are solely responsible for securing your private key(s). No one from the Iron Finance team will ever have access to your key(s). If you lose your key(s), you won’t be able to use your funds. The Iron Finance team will NEVER ask for your key(s) or seed phrase.