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Inverse Finance

Inverse Finance is a overseeing the development and operation of the FiRM fixed-rate lending protocol, , a decentralized backed by debt, and sDOLA, which generates yields. Established by in late 2020, the protocol is governed by the Inverse Finance , a community-driven collective. [1]

Overview

Inverse Finance is a overseeing the FiRM fixed-rate lending protocol, decentralized , and sDOLA yield generator. Governed by the Inverse Finance , the project aims to provide tools for borrowing, lending, and synthetic asset creation. The FiRM protocol, a key component of Inverse Finance, offers a fixed lending rate, addressing the issue of volatile interest rates in decentralized borrowing platforms. Utilizing and sDOLA, it facilitates debt-backed and yield-bearing assets. [1][2]

Users can access fixed interest rates and trade their borrowing rights through the protocol, providing flexibility and speculative opportunities. Inverse Finance's ecosystem includes , the FiRM protocol, and personal escrow, enabling diverse functionalities. [1][2]

History

Launched on in 2020 by Nour Haridy, the Inverse Finance operates autonomously through its , INV. In April 2021, it acquired Tonic Finance for $1.6 million, expanding its offerings to include features like quick payments and investment options. However, in April 2022, Inverse Finance faced a major setback when a hacker exploited the Anchor money market, resulting in a loss of $15.6 million. Another attempted hack in June of the same year caused a further loss of $1.2 million, primarily through price manipulation, resulting in a total net loss of $5.83 million in stable . To address these vulnerabilities, the project underwent a third-party audit of its smart contracts to enhance security measures and prevent future attacks. [2]

Products

FiRM

The Fixed Rate Market (FiRM) introduced by Inverse Finance addresses the need for stability in borrowing protocols within the space. Using concepts like Borrowing Rights and , FiRM offers fixed borrowing rates to mitigate the volatility common in traditional borrowing protocols. Borrowing Rights (DBR) prove that a user can borrow a set amount of for a specified period at a predetermined rate. These rights are represented by tokens that enable the borrowing of on a 1:1 basis, available for purchase on compatible exchanges. [2][3]

FiRM incorporates the Accelerated Leverage Engine (ALE), allowing users to borrow against single and magnify their borrowing up to eight times the original loan amount. While this feature entails additional risk, it provides a reliable multiplier based on fixed rates, appealing to entities seeking certainty in financing costs. To utilize FiRM and borrow tokens, users must initially deposit collateral such as , cvxFXS, , INV, , or on the platform. Subsequently, they acquire borrowing rights to facilitate debt servicing and obtain the borrowed . [2][3]

DOLA Feds

Fed contracts regulate the supply of under the governance of Inverse Finance, aiding in managing peg. There are two variants of Fed contracts, both capable of expanding supply by minting and providing to associated or lending markets and contracting it by withdrawing and burning . [4]

FiRM Fed

The Fed on FiRM oversees the expansion and contraction of the supply within its lending market. Governed by Inverse Finance, it imposes both a global limit and a market-specific limit regulated by the Fed Chair. [4]

DEX Liquidity Feds

The Liquidity Feds oversee the expansion and contraction of supply within . These actions are responsive to fluctuations in demand for within specific pools. During expansions, the Fed mints and supplies directly to the , while contractions involve withdrawing and burning from the pool. These adjustments are made to maintain balance in the pool's reserves. [4]

Expansions may involve supplying backed by counterparty assets in the pool, ensuring that the Fed's liquidity remains separate from regular circulation. The process is reversed upon completion, potentially creating arbitrage opportunities for the treasury. Expansions are triggered by increased demand for , often resulting from user deposits or swaps, while contractions occur when demand decreases. This mechanism helps stabilize price peg to $1.00. [4]

The overarching goal is to achieve equilibrium for : [4]

  • Increased demand prompts supply expansion.
  • Decreased demand leads to supply contraction.

This mechanism enables Inverse Finance to swiftly adjust supply within each , enhancing stability even during volatile market conditions. While is held in , the Fed earns rewards sent to , which are then directed back to the Treasury. These rewards are recycled into incentives, reducing the liquidity expenses. [4]

Tokens

INV

The INV token is the native in the Inverse Finance ecosystem, enabling governance and voting for platform upgrades. While the project operates with three primary tokens—INV, , and DBR—INV specifically offers governance and functionalities. As an token, it is compatible with self-custody wallets like and . [2]

Tokenomics

The INV token has a total supply of 555,000 tokens. Among these, 10% are designated for the team, 32.7% are allocated as community , and the remaining 57.3% are reserved for the operation and advancement of the Inverse Finance ecosystem. [2]

DOLA

operates as an token on and , a solution for , where it utilizes as (OETH when bridged to ). While also available on the , Multichain temporarily halts bridging. is a synthetic to the US Dollar, aiming to maintain a value close to $1 with minimal volatility. Unlike algorithmic , is backed by retractable debt, ensuring stability. [5]

sDOLA

sDOLA is a tokenized wrapper () around a Savings Account (DSA) smart contract, continuously rewarding stakers with DBR tokens. These rewards are auto-compounded into additional , progressively boosting the :sDOLA exchange rate. As a yield-bearing synthetic , sDOLA generates yield from FiRM's fixed-rate lending market revenues. [6]

for sDOLA encourages long-term holding, reducing liquidity costs per circulating and enhancing the protocol's unit economics. Notably, each staked into sDOLA corresponds to increased lending capacity on FiRM due to rising demand for holding , amplifying FiRM revenue. [6]

DBR

The Borrowing Right (DBR) is an token representing the user's entitlement to borrow within FiRM, Inverse's fixed rate lending protocol. Each DBR permits borrowing one for up to one year without incurring interest. DBRs address the issue of fluctuating interest rates prevalent in traditional variable rate lending. DBRs offer users the predictability of borrowing costs by providing fixed-rate loans while eliminating many constraints associated with conventional fixed-rate lending in . Users benefit from both short- and long-term flexibility with DBRs, which allows them to adjust the borrowing duration according to their needs. For instance, users can borrow different amounts of for varying periods, gradually consuming the DBR token with each borrowing transaction. [7]

Working Groups

The empowers working groups with decision-making authority, granting them limited autonomy and budget through governance voting. These groups are tasked with various responsibilities, ensuring the adapts to market changes, maintains product development, and fosters community engagement. The holds them accountable through progress reports and budget renewals. Delegates oversee relevant Discord discussions, and working groups can be adjusted or dissolved through voting. Additionally, the can initiate new working groups by voting at any time. [8]

  • Product Working Group spearheads product innovation and maintenance, overseeing the entire product lifecycle from ideation to implementation.
  • Growth Working Group focuses on business development, marketing, and community engagement to drive circulation and revenue growth.
  • Treasury Working Group optimizes treasury asset management to support the ecosystem, making dynamic decisions and extending liquidity management across multiple blockchains.
  • Risk Working Group provides risk analysis, management, and ongoing monitoring for expansion and supports other working groups' efforts.
  • Analytics Working Group empowers users with data access and analysis tools, supporting informed decision-making and providing analysis dashboards and API endpoints.

Partnerships

Frax Finance

On July 18th, 2023, Inverse Finance announced the launch of the new cvxFXS, a yield-bearing token generated through the staking and locking tokens on , market on FiRM. The and cvxCRV markets had proven highly successful, and the team anticipated a similar level of demand for cvxFXS. The introduction of the cvxFXS market aimed to provide holders with liquidity for their assets without requiring them to lock their as veFXS. Unlike veFXS, which is non-tradeable and ineligible as loan , cvxFXS deposited on FiRM continued to earn cvxFXS staking yield, boasting over 9% . [9]

Base

On August 31st, 2023, Inverse Finance's went live on , network. [10]

DeFi Moon

On September 12th, 2022, Inverse Finance announced the onboarding of DeFi Moon, a boutique auditing firm, as the newest member of its security partner team. DeFi Moon's expertise would complement the internal QA and testing conducted by the Product Working Group, which is crucial in Inverse's refined, smart contract review process. This partnership was expected to strengthen Inverse Finance's security infrastructure, building upon its recent audit collaboration with Peckshield, especially as the company prepared to introduce a new line of products in the upcoming weeks and months. [11]

Velodrome

On October 12th, 2022, Inverse Finance announced its latest Fed deployment, the Fed, as part of its continuous endeavor to enhance liquidity for on new exchanges. This new Fed was soon approved by Inverse governance and aimed to bolster the - pool on . [12]

DWF Labs

On February 23rd, 2023, Inverse Finance announced an exciting partnership and a $1,000,000 investment from , a multi-stage investment firm. [13]

Satin Exchange

On March 16th, 2023, Inverse Finance proudly announced its selection as a launch partner for Satin Exchange, a and set to launch on . As part of this partnership, Inverse will receive an expiring veNFT representing 1% of $ SATIN's initial token supply, providing valuable support as it enters the chain. [14]

ImmuneFi

On November 30th, 2023, Inverse Finance expanded its ongoing commitment to the Inverse bug bounty program by establishing a new vault on the ImmuneFi platform and allocating 43,000 to initiate rewards. This decision follows a thorough assessment of various host platforms' current status. ImmuneFi, a bug bounty and security services platform for , safeguards tens of billions in users' funds across projects such as , , , , , , and others. [15]

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Inverse Finance

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May 26, 2024

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