Number of active users doubled in the past 7 days
Iron Finance, a partial-collateralized algorithmic stablecoin on Polygon and Binance Smart Chain, performed well over the past week. The DeFi platform has attracted a lot of new users despite an overall bearish climate in the industry.
Iron Finance aims to boost the stability of the value of the token by introducing partial collateralization. The collateral comes in two forms, first, there’s USDC and the TITAN token on the Polygon network. Then there’s BUSD and STEEL token on Binance Smart Chain. The project uses a smart contract in order to store USDC and BUSD while users mint IRON.
The protocol attracts a lot of attention, especially in the past 30 days, and shows signs of continued growth since its creation on March 4, 2021.
A wave of new users on Iron Finance
Over the past 7 days, users have been actively using the Iron Finance smart contracts. What is interesting is that according to DappRadar data, the protocol saw a 125% increase of active wallets in the same time period.
This trend continues in the fashion of steady growth that Iron Finance has been experiencing since March.
In addition, the project’s smart contracts have also processed increased volumes. Thanks to the rise in the number of users interacting with the contract, the total value processed has also increased by more than 200%.
The past 24h also confirm the trend, with Iron Finance seeing an 11% increase in active wallets. Transaction volume is also up by more than 20%.
Collateralization takes over DeFi
Fully and partially collateralized tokens and DeFi solutions gain traction in the industry, as more users are looking for increased stability.
Collateralized tokens attract more attention than ever. Thanks to their increased stability, more users are turning to collateralized DeFi solutions as a durable investment opportunity.
Iron Finance’s performance over the last seven days is just one example of the growing interest in similar DeFi projects. While Iron Finance is the first partially collateralized asset, there are a number of collateralized stablecoins like Tether and Maker’s DAI.