Impermax

Yield Aggregator

Impermax is a decentralized protocol for leveraged yield farming.

Risk Rating
Watch Out
Protocol Code Quality
Protocol Maturity
Protocol Design
What is Impermax?
What we like
Impermax is a decentralized lending protocol where users can participate as lenders or borrowers in isolated lending pools.
What we like less
The protocol uses Uniswap V2 time-weighted average price (TWAP) as its price oracle, which is more susceptible to manipulation.
What it means for you
Offers you a simple way to earn an additional yield on top of your LP tokens through leveraged yield farming.

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Information
Exploit/Hacks
None
Info
  • Website
  • Token: IMX
  • Tags: Yield Aggregator
Key Metrics
  • TVL: $20.2M (Rank #143)
  • TVL Ranking by Yield Aggregator: #0
  • Blockchain: Base, Optimism, Polygon, Arbitrum, Avalanche, Ethereum, re.al, Scroll, Fantom, zkSync Era, Moonriver, ZKsync Era, Canto, Mantle
  • Chain TVL
    • Base: $17.92M
    • Optimism: $695.04K
    • Polygon: $541.38K
    • Arbitrum: $378.09K
    • Avalanche: $184.15K
    • Others: $463.89K
Risk Assessment
Watch Out
Protocol Code Quality
  • Code reviewed by at least one experienced auditor; CertiK audited in April 2021
  • Public team promotes accountability
  • No documented protocol hacks since launch
Protocol Maturity
  • Core protocol launched in 2021; maturity over one year minimizes technical risk as smart contracts are well battle-tested
  • Bottom 80% by total value locked increases risk
  • Core contracts can be upgraded with just an EOA wallet
  • No timelock exists or no information documented, which mean a malicious actor could approve upgrades without any delay
  • Low voting power concentration reduces risk
Protocol Design
  • No death spiral concerns
  • Poor mechanisms to mitigate oracle price manipulation
  • Isolated markets enable asset risks to be contained to each individual pool without impacting the entire protocol
  • Basic controls in place to prevent risky borrowing
  • Basic mechanisms in place to incentivize liquidations
  • Basic method to accrue protocol reserves
Things to know about Impermax

How Impermax works

Impermax is a decentralized lending protocol for leveraged yield farming. Borrowers deposit liquidity provider (LP) tokens as collateral and borrow funds to leverage their LP token exposure. Lenders supply tokens to any lending pool to earn borrowers' interest. Impermax is built around two key innovations: isolated lending pools and the collateralization model. The isolated pools mean a borrower's position in any pool does not impact other pools. The collateralization model uses a parameter called safety margin (instead of the typical loan-to-value method) to reduce the required over-collateralization required, thus allowing for much higher leverage.

How Impermax makes money

Impermax collects 20% of all interest income earned on the platform. There is also a 0.1% flat borrowing fee on each loan that also distributes 20% to the protocol.

How you make money on Impermax

You can make money by depositing LP tokens on Impermax to earn leveraged yield farming rewards. Lenders can deposit assets to accrue borrowers' interest. IMX holders can stake in the platform in return for sIMX to earn 80% of all interest paid by borrowers.

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