Welcome to 10mb Finance, the algorithmic stablecoin protocol pegged to 1/10 USDC on the Cronos Network!
The 10SHARE token is the governance token of both the Tomb fork and Iron Finance parts. 10mb is the peg token!
We hope that the dual functionality of the 10SHARE token shores up the weaknesses of both component systems. In many cases, the bonding mechanism of Tomb forks has not worked well enough to restore the peg. The Iron Finance minting and redemption system should strengthen the Tomb system's ability to regain peg.
The main fundamental weakness of the Iron Finance system was that its governance token had no intrinsic value. Therefore, its price could easily drop to zero when combined with price oracle issues during redemption. However, because the 10SHARE pool emits redeemable 10mb, it will have an intrinsic source of value and should not drop to zero, as did Titan.
Because the protocol continually mints 10mb until the price drops below peg, some modifications to the minting system have been made to increase the collateralization ratio. The redemption value of 10mb always totals 0.1 USDC worth of tokens, but the minting price increases when the 10mb price is above peg. The minting price increases slightly less than the spot price, which should serve as an incentive to add funds to the treasury when the 10mb price is above peg.
In contrast to the warning above, we thank you for investing an irresponsible amount in 10mb Finance. If you would like to read more about 10mb Finance, please see our FAQ section and the rest of our Docs. Many cheers!