DeFi Chronicles: A close call
This post is proof that it is always important to do your own research and not just blindly follow the advice of others (especially me). A little over a week ago I wrote this post about my foray into the world of DeFi on the MATIC/POLGON blockchain.
Now that I have been using CUB for a while on BSC I was feeling pretty confident that I had my feet under me at least a little bit.
It turns out that was far from the case and I should have known better that to get overly confident. I had already been mildly burned by the POLYGOLD fiasco and I really should have taken that experience to heart, but I didn't.
Shortly after I wrote that post highlighting a couple of platforms including Iron Finance, something happened and the price of TITAN started to drop dramatically.
I don't know if it was a rug pull or something else. Others have written posts about the whole thing and I encourage you to check those out when you get some free time if you are really interested.
The bad thing is, I had just left on vacation and didn't take anything besides my Smartphone with me to access the Internet. While others were pulling their funds out of the platform, I was forced to simply sit and wait until I was back at a machine that had MetaMask installed.
Five days later...
I rolled into my office around 6:30 AM on this past Tuesday morning and just about the first thing I did was log into my machine and open my browser to the Iron Finance page. I was feeling a little optimistic because even though the price of TITAN had tanked, all of my funds were locked in the USDC/IRON pool so as long as IRON was still viable, I might be able to get some money out.
I can't remember exactly how much money I had in the liquidity pool, but I think it was about $600 USD. Maybe a little bit more.
I entered my MetaMask password and connected the site to my wallet.
Imagine my relief when I saw that my funds were still there. It was short lived relief because we probably all know that just because it says the funds are there doesn't mean you can withdraw them.
I went in to remove liquidity and followed the steps. What seemed like an eternity later, I was able to withdraw my USDC to my wallet and swap my remaining IRON into USDC. I ended up with just about $550 USDC. That means I ended up with a final loss of between $50 and $100. Not too bad considering the alternative...
Many other people who had added liquidity to some of the other pools were in much worse shape than me. Thank goodness I didn't buy any TITAN to pool.
I am now sitting on about 850 worthless TITAN, but again, the alternative could have been much worse. I dodged a bullet on this one for sure. I think it is important to remember just how early we are in the whole DeFi game and you have to be very careful when investing money in a platform.
That is part of the reason CUB is the DeFi platform I put the majority of my funds into. I know I can trust it. It is relatively safe compared to most DeFi sites out there today.
The fact that IRON is still holding a bit of value makes me wonder if I should have kept that instead of swapping it into USDC. Ultimately, I think I made the wisest decision after the fact.
Sports Talk Social - @bozz.sports
@eos.detroit Staff Writer/BOID Team Leader
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