Anselmo,
How evolution seems to have alternated in majestic cycles in developing the oxygen atmosphere is indeed a wonderful thing to discover. I expect that theory of how the banded Iron formations in Proterozoic rocks might have been caused will hold up.
To put it in the larger context, the cycles you speak of from 1.8 to 2.5 billion years ago preceded the history of complex animal life that began with the Cambrian explosion ~550 million years ago. Below is a chart from a full professional study (in Paleobiology) of ocean biodiversity (not bio-mass) that followed.
It shows two main periods, 250 million years of irregularly steady diversity of primitive animal life, a sharp dip and then 250 million years of exploding diversity of modern animal life… which we in our stupidity are putting a great big dent in!
