Rug Of All Time? Iron Finance Titan Token Falls 98.1%, What Happened?

It’s just another day and another DeFi protocol, which has taken a hit. This time it’s Iron Finance – an algorithmic stable coin, whose token TITAN’s value plummeted 98.6%% in less than 24%. According to the official documentation, Iron was “a partially collateralized token, soft pegged to the U.S. Dollar, available both on the Polygon network and on the Binance Smart Chain”. It’s principle was the same as all other algorithmic stablecoins – store collateral enough to back the token to 1 USD. So, what happened?