Iron is a partial collateralized stablecoin which has been around for some months now. If you’ve been on ValueDefi, you may already noticed an IRON/BUSD farm there. That was before ValueDefie got hacked twice in a week. Since then Iron Finance team decide to stop their partnership with them, establish Pancake LPs and a new partnership with Beefy Finance. Let me tell you: this was an excellent idea.
At the time of writing this article, IRON-BUSD LPs on Beefy offers an APY of around 85 %. I honestly never saw any stablecoins lps having an APY this high!
(Just look at this, it's glorious)
Now that you want to involve yourself in this, I’ll present you how to create IRON-BUSD LP.
How to create Iron tokens?
The pleasantest part about it: it's actually ridiculously simple! You can go on Iron’s Finance website and mint Iron right there.
For the moment, you have to possibility to mint Iron with only BUSD, to expand the usage of Iron on the BSC. You may consider purchasing some STEEL, the collateral token, right now (at a STEAL price) for when you won’t be able to mint Iron with only BUSD. You can stake the purchased STEEL on Iron Finace Farm’s for some BUSD profit (https://app.iron.finance/farms).
After that, you can simply go on Beefy Finance, and create the liquidity here. You can find the farm easily by choosing “IronFinance” in the “Platform” dropdown. Don’t forget to deposit them, and then you can sit back and relax as you see your lps grows.
This was a really short article to introduce you to Iron Finance’s Iron token. An API this high is really interesting and I wanted to share the good news.
I’ve been following Iron Finance for a while and I’ve never seen the price of Iron going too much off peg. If I remember well, the “worst” it went was at around $0.972. I obviously can’t say it’s 100% risk-free, but I’m rather confident it will go well.
I encourage you to do your own research and hopefully you’ll get invested in their protocol.
