Introduction to TitanDAO

Global community of TITAN token holders gathering around TITAN is our DOGE groups

How TITAN is our DOGE started

On June 17, Iron Finance experienced the first bank run in the history of crypto. What unfolded was an epic collapse of their protocol, with investors redeeming IRON at a rapid pace after the peg of IRON to USDC broke, creating a death spiral to the price of $TITAN, which was used as collateral to mint IRON.

When the price of TITAN went down, more TITAN was needed to redeem IRON at US$1. At one stage, the total supply of $TITAN went above the expected cap of 1 billion, and that was the trigger that started the panic sell and death spiral for TITAN’s price. After the TITAN’s price went down to nearly zero, the protocol stopped working as it did not have a solution for such an edge case. Then investors could not redeem IRON anymore, so the minting of TITAN stopped at around 27 trillion before the Iron Finance team could try to understand what just happened and stop the FUD on their communication channels.

What happened to TITAN is similar to the Federal Reserve doing all the quantitative easing that started in 2010/11 in the space of a few hours, taking the supply of the US dollar from 1 billion to 27 trillion within a single day. The unlimited printing (minting) of TITAN crashed its price.

When there is a bank run, banks close shop as there is no more money to hand out. That is why there are desperate deposit holders queueing in front of the banks hoping to recover their money. In the case of Iron Finance, the protocol should have stopped redeeming IRON for USDC and TITAN when the total supply of 1 billion TITAN was reached, similar to closing shop in the traditional banking system.

Now, after almost all IRON in circulation has been redeemed at US$0.75 on a dollar, the total supply of TITAN is close to 35 trillion, making it similar to a memecoin.

The TITAN is our DOGE community was created to collaborate on initiatives to restore value to TITAN and make it great again.