Farming your Stablecoins: Iron Finance

I’d bet you’ve heard of Iron Finance. Their launch of the IRON stablecoin and its volatile token pairing TITAN was a huge success on the Polygon… and then a miserable failure.

The TITAN token was part of the backing asset for IRON. The IRON stablecoin’s failure to maintain peg has been widely discussed and I won’t digress on that here. Instead, I want to show you how you can earn a really good APR on your USDC, DAI, or USDT without doing any swapping.

Note: the products below, and ICE token, have not been audited and just launched. You are encouraged to do your own research on these and only invest if you feel comfortable.

Edit: At the time over 1% of ALL stablecoins ever minted are now in the IRON Finance contracts.

Recently Iron Finance has returned to Polygon with a revamped site and new product: the IronSwap. This swap promises the lowest fees and slippage for those wanting to swap three popular stablecoins: USDC, USDT, and DAI.

How it does so is a specialized liquidity pool consisting of USDC, USDT, and DAI. Users can deposit these stablecoins in any ratio to provide liquidity. When doing so they will even receive a bonus reward if they deposit a stablecoin that is represented less in ratio than the others already in the pool.

You can see here I am getting a bonus for depositing more DAI

Depositing on IronSwap is really easy:

  1. Head to https://app.iron.finance/swap/pools
  2. Click “Deposit”
  3. Approve the stablecoins you’d like to deposit
  4. Enter the amount of each you’d like to deposit

For those that provide liquidity in IronSwap the Iron Finance team is rewarding with their new token ICE. After depositing some stablecoins in the IronSwap pool you can then take the IS3USD LP tokens you earn and stake them on the Iron Finance site for those rewards.

Depositing my LP tokens
  1. Head to https://app.iron.finance/farms
  2. Click on the dropdown on the IS3USD farm
  3. Approve the spending of your tokens
  4. Deposit the LP tokens
  5. Wait to claim your rewards

Once you have some rewards to claim you can click on “Claims rewards” for the farm to claim your ICE. In a couple of days, Iron Finance will launch a governance and staking program that will allow you to stake your ICE tokens for voting power with the protocol. ICE also looks to be used in the upcoming IRON stablecoin V2 that the team will be launching.

In addition to the IS3USD farm, Iron Finance also incentivizes farms for WETH/ICE at Firebird Finance and USDC/ICE at DFYN. The rewards on all of these farms have a very high APR and should be pretty popular. For the sake of all involved, I hope the launch of this new protocol goes well!

Looking for a quality place to start autocompounding those ICE rewards back into your LP? Check out Adamant Vaults. You can deposit your IS3USD, ICE/WETH (soon), or ICE/USDC LP tokens there and receive autocompounding rewards plus the native ADDY token. Typically an autocompounder like Adamant allows you to receive a higher APR overall and that is the case here. 470.3% APR for stablecoin — that’s pretty fucking great.

About Iron Finance

The Iron Finance team are the infamous makers of the IRON stablecoin and TITAN token. Their team has recently relaunched with a stablecoin swap and will soon return with version 2 of their IRON stablecoin. The team has an aggressive roadmap and is known for the high APRs of their farms.

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About Revolutionary Spaces

At Revolutionary Spaces I bring the latest news, discussion, and how-tos on the DeFi world, especially on Polygon. I love helping folks out and can usually be found on the Discords for Adamant Vaults, the Qi DAO, and Balancer Protocol. I am currently looking for opportunities in product management, documentation or technical writing. Reach out!

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I swear to God if you tell me to “Slurp up that dipperino!” one more time…