Titan token full#
Titan token series#

It will offer financial support and incentives to new product releases that will drive the next growth phase of the price recovery of TITAN. The token will play a pivotal role in growing and engaging the community via on-chain governance voting. TITANDAO is launching its governance token to operate as a DAO (Decentralised Autonomous Organization) that is owned and governed by its community. Holders of rare Punkz will enjoy future benefits in the TITANDAO ecosystem such as early access to products and services. All 20,000 Punkz sold out in just 3 days, with 11 billion TITAN burned in the process.

Titan token series#

The latest product launched was the TITAN Punkz, a NFT series inspired by the original Crypto Punks, which tells the TITAN comeback story to date. The TITANDAO team quickly released a merchandise store and a Jackpot game that started the process of burning TITAN.

Titan token full#

The greatest comeback crypto story was in full swing, driven solely by volunteers. The biggest meme coin in crypto and now, its biggest rival. Not to mention his affinity with TITAN's new inspiration: Dogecoin. While Elon's obscure tweet, 'T is the new D' was impeccably timed to be taken advantage of as 'TITAN is the new DOGE', and fuel speculation around TITAN's comeback story. Cuban publicly tweeted his frustration at allegedly falling victim to the crash. Refusing to be beaten, he moved quickly to create the 'TITAN is our DOGE' social channels where a strong following soon emerged, fueled by memes about Mark Cuban and Elon Musk. A community initiative started by Cryptonak, one of the many affected by the first crypto bank run. вЂњWhat happened is just the worst thing that could possibly happen considering their tokenomics.Iron Finance, the original creator of TITAN, has burned its minting keys and endorsed the TITANDAO community as the new custodians of TITAN when they renounced its ownership on Twitter. вЂњThere was no rug pull or exploits,вЂќ Schebesta said. That value has since dropped to around $356.5 million, according to the protocolвЂ™s own dashboard.

The project has responded by offering redemptions in USDC but reminded users they will need to wait 12 hours for a timelock feature to pass before it can be executed.ДЄt one stage, Iron Finance had over $2 billion in total value locked on Polygon. When the dust settled, TITAN was near zero and IRON was last seen trading way off peg, at around $0.69. In the beginning, users were receiving a return of an incredible 2%-5% per day. вЂњIt was a crypto vortex of money,вЂќ Schebesta said. That caused an arbitrage opportunity in the difference in price of IRON and TITAN, which in turn flooded the market with even more TITAN tokens, adding additional selling pressure and destabilizing IRONвЂ™s price even further. As the selling by large holders further decreased the value of IRON, it triggered the stablecoinвЂ™s mechanism that mints TITAN and removes liquidity in a bid to stabilize IRON to $1. In turn, as TITAN began to fall in dramatic fashion, so did the pegged value of IRON. A bank run refers to a situation when a large percentage of users attempt to withdraw their money at the same time believing the bank, or in this case, the protocol, will cease to exist.

вЂќДЄs the big investors began to offload their TITAN tokens, they flooded the market with excess tokens, causing a bank run. This caused whales to start selling,вЂќ Fred Schebesta, founder of and an Iron Finance investor, told CoinDesk via Telegram. вЂњTITANвЂ™s price went to $65 and then pulled back to $60. Related: In Token Crash Postmortem, Iron Finance Says It Suffered CryptoвЂ™s вЂFirst Large-Scale Bank RunвЂ™ Conversely, when the price of TITAN falls dramatically, as was the case on Wednesday evening, the peg becomes unstable. In the case of IRON, which receives its collateral backing from TITAN, users may mint new stablecoins through a mechanism on Iron FinanceвЂ™s network by locking up 25% in TITAN and 75% in USDC.Дue to how the вЂњtokenomicsвЂќ of this particular DeFi project functions, when new IRON stablecoins are minted, the demand for TITAN increases, driving up its price. Stablecoins are cryptocurrencies whose value is attached to financial assets such as commodities or government-issued currency in a bid to keep them stable. The stablecoin, in turn, consists of Circle and CoinbaseвЂ™s stablecoin, USDC, as well as TITAN, and was pegged to $1. The project was attempting to boot a partially collateralized stablecoin known as IRON.

TITAN belongs to Iron Finance, a project that began bridging to PolygonвЂ™s chain on May 18 in a bid to tap into PolygonвЂ™s efficiency and low transaction fees. Related: Curve DAO Contemplates Its Intellectual Property