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Iron Bank

Lending

Iron Bank is a decentralized money market for permissionless lending and borrowing.

Risk Rating
Watch Out
Protocol Code Quality
Protocol Maturity
Protocol Design
What is Iron Bank?
Information
Exploit/Hacks
None
Info
Key Metrics
  • TVL: $221.2K (Rank #286)
  • TVL Ranking by Lending: #53
  • Blockchain: Optimism, Ethereum, Avalanche, Fantom
  • Chain TVL
    • Optimism: $77.18K
    • Ethereum: $76.09K
    • Avalanche: $57.01K
    • Fantom: $10.94K
Risk Assessment
Watch Out
Protocol Code Quality
  • Code reviewed by at least one experienced auditor; Mixbytes audited in September 2022
  • Anonymous team reduces transparency
  • No documented protocol hacks since launch
Protocol Maturity
  • Core protocol launched in 2021; maturity over one year minimizes technical risk as smart contracts are well battle-tested
  • Top 5% by total value locked reduces risk
  • Multisig wallet controls protocol upgrades
  • Multisig consists of less than 4 signers, which makes the protocol more susceptible to centralization risks
  • Timelock is at least 48hrs, which provides users with sufficient time to exit if any malicious upgrades are approved
  • Several critical governance issues documented
  • Low voting power concentration reduces risk
Protocol Design
  • No death spiral concerns
  • Robust controls to mitigate oracle price manipulation
  • Cross-collateral markets are exposed to systemic risks as each asset creates incremental risks for the platform as a whole
  • Basic controls in place to prevent risky borrowing
  • Basic mechanisms in place to incentivize liquidations
  • Basic method to accrue protocol reserves
  • Iron Bank is a spin-off from Yearn iEarn technology. It facilitates retail and institutional lending
Things to know about Iron Bank