infiniFi (pre-TGE): fractional-reserve yield, token not yet designed in public

Project Research Dossier: infiniFi (pre-TGE) Primary sources only. Education, not investment advice. Full PDF attached.

Eligibility As of 24 Sep 2026: no public token sale, no active TGE. TGE is "confirmed for Q4 2026", no date. A private seed round (>$3M; >$6M outside capital incl. pre-seed) was announced on 23 Sep 2026. The release does not say whether it carries token rights.

1. Goal Users mint iUSD against USDC. Collateral goes into yield farms: Aave (liquid), Pendle and Ethena (illiquid/maturity). iUSD can be staked (siUSD) or locked (liUSD) for a reward multiplier and a vote on farm allocation. Redemptions use a queue that pays instantly only if enough liquid assets exist. Company thesis: fractional-reserve capital efficiency on-chain. Reported, not verified by me: $9M+ yield, $180M peak TVL, $50M+ TVL.

2. Tokenomics: what is published Nothing: no FDV/valuation, no float, no allocations, vesting, cliffs or emissions, no token utility. Today, voting weight comes from locked liUSD positions, not a token.

Project Research Dossier: infiniFi (pre-TGE) Primary sources only. Education, not investment advice. Full PDF attached.

Eligibility As of 24 Sep 2026: no public token sale, no active TGE. TGE is "confirmed for Q4 2026", no date. A private seed round (>$3M; >$6M outside capital incl. pre-seed) was announced on 23 Sep 2026. The release does not say whether it carries token rights.

1. Goal Users mint iUSD against USDC. Collateral goes into yield farms: Aave (liquid), Pendle and Ethena (illiquid/maturity). iUSD can be staked (siUSD) or locked (liUSD) for a reward multiplier and a vote on farm allocation. Redemptions use a queue that pays instantly only if enough liquid assets exist. Company thesis: fractional-reserve capital efficiency on-chain. Reported, not verified by me: $9M+ yield, $180M peak TVL, $50M+ TVL.

2. Tokenomics: what is published Nothing: no FDV/valuation, no float, no allocations, vesting, cliffs or emissions, no token utility. Today, voting weight comes from locked liUSD positions, not a token.

5. Key risks

• Liquidity: deposits sit in illiquid farms while redemptions use a queue
• Dependencies: Aave, Pendle, Ethena, USDC (the review flagged severe-depeg handling as a design constraint)
• Centralization: the GOVERNOR role can make arbitrary calls (acknowledged as intentional; team hopes to renounce it "at some point"); many core contracts are immutable
• Incentives: TVL went from a $180M peak to $50M+ (about -72% or less); a token could attract mercenary capital
• Execution/legal: multichain expansion and "infiniFi Prime" add counterparty and regulatory complexity (not analyzed)

6. Disclosure No position, no compensation, no affiliation. Research only: no entries, no price targets.

Sources Announcement: https://www.prnewswire.com/news-releases/infinifi-raises-3m-ahead-of-q4-tge-302887464.html GitHub: https://github.com/InfiniFi-Labs/infinifi-protocol Audit: https://cantina.xyz/portfolio/d6c09146-05b0-4784-943e-17171b921edd Competition: https://cantina.xyz/competitions/2ac7f906-1661-47eb-bfd6-519f5db0d36b Not reviewed: deployed contract addresses, on-chain balances, project docs wiki. Challenge my assumptions below.