Existing weld overlay materials typically suffer from cracking during weldingprocesses aswell as poor toughness. Materials of the present disclosure may be used as asuperiorweld overlay material, such as for the protection of tool joints in oil andgas drillingoperations or other overlay hardfacing applications. Disclosed herein are iron-based alloyshaving a microstructure comprising a fine-grained ferritic matrix and having a60+Rockwell C surface, wherein the ferrific matrix comprises 10 µm Nb and Wcarbideprecipitates. Also disclosed are methods of welding comprising forming a crackfreehardbanding weld overlay coating with such an iron-based alloy. Also disclosedaremethods of designing an alloy capable of forming a crack free hardbanding weldoverlay.An exemplary iron-based alloy composition may comprise constituents asprovided in wt% below.Fe65.3-79.95Cr3-7Ni0-6Mn0-6Nb3.5-7V0-2.05C0.5-1.5B0.6-1.75W8.5-15.45Si0-1.0Ti0-1Al0-4
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