一个月前，币圈老大比特币曾一天暴跌30%、排名第二的以太坊同日暴跌45%，意不意外，刺不刺激？但与一款DeFi代币相比还算小巫见大巫了，毕竟该代币几小时内直接从60美元暴跌清零！
A month ago, the second-ranked Etherkom, who fell by 30% a day, fell by 45% on the same day, unsurprisingly and unstimulated? But it was a little bit more than a DeFi token, after all, in a few hours it fell directly from $60 to zero!
这款名为TITAN的代币是IRON Finance“多链部分抵押算法稳定币生态系统”一部分，是IRON稳定币在基于以太坊的Polygon链上的治理代币，而IRON Finance最初是基于币安智能链（BSC）的稳定币抵押平台。
This currency, known as TITAN, is part of the IRON Finance “multi-chained partial mortgage algorithm to stabilize the currency's ecosystem” and is the IRON stabilizing currency in the governance of the Polygon chain based on the Etherms, whereas IRON Finance was originally based on the BSC's Stable Currency Mortgage Platform.
美东时间6月16日周三晚间，TITAN代币价格从日内高点65美元迅速跌至0，最后一次以0.000000035美元的价格易手，令IRON稳定币的相关项目陷入困境。
On the evening of Wednesday, 16 June, United States time, TITAN rapidly fell from a high of $65 in the day to zero, with the last stopover at a price of US$ 0.00000035, putting IRON in a difficult position to stabilize the currency.
而TITAN代币之所以引人注目，与亿万富翁投资者、达拉斯小牛队的老板马克·库班三天前的力挺不无关系，他上周日发布的博客文章中提到了TITAN。他还在社交媒体上赞扬“加密业务比你想象的更有意义，对代币进行估值也比你想象的更容易、更有意义。”
有意思的是，马克·库班昨日虽然承认“我和其他人一样受到了打击”，但也证实自己早就提前逃跑成功，理由是他认为项目已经增加了足够多的锁定总价值（TVL），就获利脱手了。
Interestingly, while yesterday Mark Coban admitted that “I, like others, have been hit”, confirmed that he had managed to escape early on on the grounds that he believed that the project had increased the total value of the lockdown (TVL) enough to make a profit.
IRON是一种锚定美元价格的稳定币，通过治理代币决议部分抵押的权重。在人气飙升、处理速度更快和更便宜的Polygon链上，铸造（mint）一枚IRON稳定币需要约7:3的USDC稳定币和TITAN治理代币，而1枚IRON试图与1美元挂钩。
IRON is a stable currency that anchors the price of the United States dollar, with the weight of part of the collateral imposed by ruling the token. On the skyrocketing, faster processing and cheaper Polygon chain, the casting of (mint) an IRON stable currency requires about 7:3 USDC stabilizers and TITAN governers, while one IRON tries to peg it to a dollar.
IRON Finance在TITAN价格清零之后表示“遭到了银行挤兑（bank run）”，合约暂不允许赎回，需等待 12 小时才可供用户再次赎回USDC稳定币。IRON Finance还提醒社区从所有池中撤出流动性，称这次并非遭遇黑客也不是项目想跑路（rug pull），将尽快发布分析报告，同时也警告用户不要购买TITAN和IRON。IRON Finance总锁仓额一度超过20亿美元，随后降至约3.57亿美元。
Iron Finance, after having received a cut in TITAN’s price, stated that “bank run” was “retarded by the bank” and that the contract was not allowed to be redeemed for the time being, waiting 12 hours for the user to be able to redeem the USDC’s steady currency again. Iron Finance also reminded the community to withdraw its liquidity from all the pools, saying that it was not the hacker or the project’s runoff, that it would be released as soon as possible, and that users would be warned not to buy TITAN and IRON. Iron Finance’s total lock-up was once more than $2 billion, and then dropped to about $357 million.
分析称，即便在通常会出现大幅回撤的加密货币市场中，24小时极短时间里100%的跌幅清盘也极为罕见，而且这不是第一个以失败告终的算法稳定币项目了。素来以“毒舌”著称的金融博客Zerohedge打趣称，TITAN变成泰坦尼克号（titanic）撞上冰山沉没了，距离库班加盟不过三天。
analyzes that, even in an encrypted currency market where there is usually a significant retreat, it is extremely rare to have a 100% drop in an extremely short 24-hour period, and that this is not the first fail-out algorithm to stabilize the currency. The financial blog Zerohedge, known for its “things of poison,” has made fun of the fact that the Titanic has sunk on an iceberg just three days from Kubanga.
为何TITAN价格竟然会清零呢？业内分析显示，一开始是由于TITAN代币价格飙升至过高，持有量大的“巨鲸”抛售了一些获利了结，这引发大量波动和其他投资者的恐慌性出售，并导致了与IRON能否继续挂钩美元有关的“死亡连锁效应”。
Why does the TITAN price have to be zero? Intra-industry analysis suggests that initially, the sale of large-scale “gold whales” at the expense of the price of TITAN’s tokens has resulted in large fluctuations and panic sales by other investors, and has led to a “death chain effect” associated with the ability of IRON to continue pegging the United States dollar.
具体来说，由于TITAN跌价如此之快，IRON稳定币很快失去了与1美元挂钩，这令用户可以用一枚价值0.9美元的IRON，来赎回0.75个USDC和价值0.25美元的TITAN。之间的差价是难得套利机会，导致市场上更多TITAN被释出，令TITAN不断跌价，进而令IRON的对标价格不断下降。
Specifically, as a result of TITAN’s fall so fast, IRON’s steady currency quickly lost its peg to $1, allowing users to use an IRON worth $0.9 to redeem 0.75 USDCs and a TITAN worth $0.25. The difference between the prices is a rare arbitrage opportunity, leading to more TITAN being released in the market, causing TITAN’s price to fall, and hence its price to fall.
就像Coindesk文章所解释的那样：
As Coindisk explains:
“随着TITAN开始以戏剧性的方式下跌，IRON的挂钩价值也随之下跌。
“As Titan began to fall in a dramatic way, so did the value of IRON's linkage.
随着巨鲸抛售TITAN进一步降低了IRON的价值，它触发了稳定币的机制，该机制释放更多TITAN并消除流动性，以使IRON稳定在1美元。
As TITAN was sold by giant whales, it further reduced the value of IRON, triggering a mechanism to stabilize the currency, which released more TITAN and eliminated mobility in order to stabilize IRON at $1.
这导致IRON和TITAN存在价差套利机会，令更多的TITAN充斥市场增加额外卖压，并进一步破坏了IRON的价格稳定。
This has led to the existence of price differential arbitrage opportunities for IRON and TITAN, which has resulted in more TITAN filling the market with additional sales pressure and further destabilizing the prices of IRON.
只要IRON不能挂钩1美元，TITAN就会继续下跌，只要TITAN继续下跌，IRON就不会挂钩……所有人都跑向门口、争抢出逃。在重新获得1美元挂钩之前，这种恶性循环无法停止。”
As long as IRON cannot be tied to $1, the TITAN will continue to fall, and as long as TITAN continues to fall, IRON will not be connected... Everyone will run to the door and run for it. This vicious circle will not stop until the $1 peg again."
还有分析称， 最终TITAN无限跌至近乎归零，IRON本应对标1美元的价格，也落到了0.6美元水平。
There is also an analysis that suggests that TITAN eventually fell indefinitely to near zero, and that IRON should have fallen to the $1 price level of 0.6 dollars.
而对于TITAN暴跌清零，马克·库班潇洒回应称：“活到老、学到老（Live and learn）”。
In response to TITAN's sharp fall, Mark Kuban responded that “Live and learn to live”.
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