InfiniFi

Contract Addresses

All contracts verified on Etherscan. Compiled with Solidity 0.8.28 (except Gnosis Safe: 0.7.6).

Core / Governance:

• iUSD (ReceiptToken): 0x48f9e38f3070AD8945DFEae3FA70987722E3D89c — ERC20, restricted mint/burn via CoreControlled roles
• siUSD (StakedToken): 0xDBDC1Ef57537E34680B898E1FEBD3D68c7389bCB — ERC4626 vault wrapping iUSD
• InfiniFiCore (AccessControl): 0xF6d48735EcCf12bDC1DF2674b1ce3fcb3bD25490 — Central AccessControlEnumerable, 19 roles enumerated. DEFAULT_ADMIN_ROLE has 0 holders (renounced).
• Gateway (Proxy): 0x3f04b65Ddbd87f9CE0A2e7Eb24d80e7fb87625b5 — TransparentUpgradeableProxy → InfiniFiGatewayV3 (0xb44e494535A8fC1f0081F4F9289BCc7c57FbffB6)
• Gateway ProxyAdmin: 0x21071E0f9D600571Ffe47873e95fffF2FAc9141c — Owned by Long Timelock (7-day delay for upgrades)
• Accounting: 0x7A5C5dbA4fbD0e1e1A2eCDBe752fAe55f6E842B3 — aggregates farm TVL via FarmRegistry
• FarmRegistry: 0xF5f2718708f471e43968271956CC01aaA8c46119 — canonical list of approved farms (23 enumerated: 5 Liquid, 5 Illiquid, 13 Maturing; most sit at $0 / dust)
• YieldSharing (Proxy → V3): 0x90E91f5bfD9a0a4d925BF30b512add8cD2bbAE3b — TransparentUpgradeableProxy → YieldSharingV3 (0x0d5dBF208A9a7540018D204a9A0aD08A091407e5).
• LockingController (liUSD positions): 0x1d95cC100D6Cd9C7BbDbD7Cb328d99b3D6037fF7 — first-loss tranche
• UnwindingModule: 0x7092A43aE5407666C78dBEA657a1891f42b3dFcc — settles liUSD early exits over time
• MintController: 0x49877d937B9a00d50557bdC3D87287b5c3a4C256
• RedeemController: 0xCb1747E89a43DEdcF4A2b831a0D94859EFeC7601
• MigrationController: 0x5F5403656E4Db95aCcF1064A714B1bcE351839F8 — additional ENTRY_POINT and RECEIPT_TOKEN_MINTER
• MinorRolesManager: 0xa08Bf802dCecd3c44E6420a52d5158867366be9b — holds no role membership on Core (see Governance section)
• FluidRewardsClaimer: 0xD0ec80032C0da717BD78B9569321D9069365241E — GOVERNOR (claim-only scope)
• PLSmoother / PLSmootherHelper: 0xC324569141697045B9EdE54B5d4623a691ed57A4 / 0x215C7fA0E620FCE99Ed4891BCcb7523388b010b8 — handle profit/loss smoothing; hold RECEIPT_TOKEN_MINTER/BURNER and FINANCE_MANAGER
• AfterMintHook / BeforeRedeemHook: 0xa5E274E6c2AbBd30E3A94e1A2dF7e6F5944797a8 / 0x4b2bFe49829dE3632449928507452EE667f61395 — FARM_MANAGER
• ManualRebalancer: 0x5fEaad299BF772505e79250Ec58E28fdfdc52777 — FARM_MANAGER
• EmergencyWithdrawal: 0xa406aFC7967C63C5c454AD1f0e0dB9a761fe26e9 — FARM_MANAGER, UNPAUSE, PAUSE (multisig-driven)
• MaturedFarmCleaner: 0x607b5aB25b2ed5575D296a1caFc3A17161D4fa56 — PROTOCOL_PARAMETERS + PAUSE
• LiquidationFarm: 0xda40ce7DdDBE7D54A106D32575b2CCF41dDb1A11 — Liquid-type farm holding MANUAL_REBALANCER + FINANCE_MANAGER
• AllocationVoting: 0x49FA678BB8B2F5F8089493a6f93e1bb8500FF853 — TRANSFER_RESTRICTOR holder
• OracleFactory: 0xA2b300C5D0e9250F646B20ec924efaD36d19Ed91 — ORACLE_MANAGER
• iUSD Oracle (FixedPriceOracle): 0x8ABc952f91dB6695E765744ae340BC5eA4B344c1 — price() = 1.0e18 confirmed onchain (no de-peg event)

Team Multisig & Timelocks:

• Team Multisig: 0x80608f852D152024c0a2087b16939235fEc2400c — Gnosis Safe v1.4.1, 4/7 threshold, 7 EOA signers, nonce 519. Signer set unchanged (7 anonymous EOAs).
• Long Timelock (7 days): 0x3D18480CC32B6AB3B833dCabD80E76CfD41c48a9 — 604,800s delay (verified)
• Short Timelock (1 hour): 0x4B174afbeD7b98BA01F50E36109EEE5e6d327c32 — getMinDelay() returns 3,600s (1 hour), verified onchain 2026-07-04. This is the delay governing PROTOCOL_PARAMETERS, ORACLE_MANAGER (setOracle/setPrice), and farm add/remove actions — the early-warning window for those changes is now one hour.

Active farms (see Funds Management § Asset Allocation for full table and Appendix A for risk analysis).

Audits and Due Diligence Disclosures

InfiniFi has undergone extensive security review via Certora, Spearbit/Cantina Code, and a Cantina public competition, plus multiple ongoing upgrade reviews.

• Spearbit / Cantina Code (March-April 2025): Main protocol security review. Report published April 1, 2025. Findings: 8 High, 6 Medium, 25 Low, 4 Gas, 24 Informational. Auditors: Noah Marconi (Lead), R0bert (Lead), Slowfi, Jonatas Martins. Report PDF.
• Certora: Formal Verification & Security Assessment (March 21 – May 20, 2025). Report published June 4, 2025. Covers formal verification via Certora Prover and manual review. Report.
• Cantina Public Competition (April 2025): Public audit competition. Competition link. Reward pool claimed ~$40,000 ($35k + $5k) — amount unconfirmed via automation.
• Ongoing Cantina Code / Spearbit Managed Reviews (6+ additional reviews of upgrades):
  • siUSD rewards interpolation update
  • Pendle SY farm integration
  • Multiasset farms (new farm types)
  • PR 209: Multiple new farms
  • PR 228: J-Curve Smoother, ReservoirFarm, Fluid rewards
  • PR 224: Crosschain support (CCIP + LayerZero) All PDFs accessible via auditor portfolio. Note: The initial Spearbit audit and "Cantina Code" review appear to be the same engagement (same auditors, same date, same file size). They should not be counted as separate audits.

Bug Bounty

• Bug Bounty Program on Cantina

Historical Track Record

• Production History: The protocol launched in June 2025 with a points program beginning June 1, 2025, designed to reward participation during its six month launch phase.
• TVL: $65.31M (verified onchain via Accounting.totalAssetsValue() and corroborated by DefiLlama at $65.3M on 2026-07-04). TVL has continued to decline from a ~$177M peak in early 2026, through ~$83M in May, ~$80M in mid-June, and now ~$65M — a slow, steady contraction rather than a run.
• June 2026 maturity wave settled without a depeg: the mid-May-to-June cluster of maturities (the cUSD/stcUSD CoW-swap basket, the first PYUSD basket, and the original Midas mGLOBAL tranche) rolled off or rolled forward without a loss-socialization event; those farm positions are now at $0 or have been re-established at new maturities. This is the protocol's first observed settlement of a large maturity cluster.
• Incidents: No reported security incidents or exploits found. iUSD oracle still reports 1.0 (verified onchain 2026-07-04 — no loss-socialization event).
• Peg Stability: iUSD is designed to be redeemable 1:1. Users can mint iUSD against deposits.
• liUSD unwinding: The UnwindingModule holds ~16.87M iUSD, a large volume of locked-token (liUSD) positions exiting early — the first-loss buffer is being drawn down as those positions unwind.

Funds Management

The protocol acts as an asset manager, deploying user funds into other protocols.

• Strategy: Funds are deployed via farm contracts grouped into three AssetType buckets in FarmRegistry: Liquid (instant withdrawal), Illiquid (perpetual but slow to unwind), and Maturing (locked until a fixed maturity date). The current portfolio is heavily concentrated in tokenized RWA (Midas-Fasanara) and offchain RWA escrow positions, with smaller onchain positions in a PYUSD/Sentora basket, Cap Protocol stcUSD, an Aave V4 USDG market, and Steakhouse MetaMorpho. Critical: The two largest exposures — Midas mGLOBAL and the three RWA escrows, ~78% of TVL combined — are offchain-custodied. See Appendix A.

• Asset Allocation (verified onchain via Accounting.totalAssetsValueOf(type) and per-farm assets(), 2026-07-04):

  Bucket	Value (USD)	Share
  Liquid (USDC instant)	~$0.7	~0%
  Illiquid (perpetual)	$4.23M	6.5%
  Maturing (fixed-term)	$61.08M	93.5%
  Total	$65.31M	100%

  Critical observation: The Liquid bucket is empty in practice (only dust in SwapFarmV2/RedeemController, ~$0.67 total). Effectively all ~$65.31M of TVL sits in Illiquid or Maturing farms, and the Maturing bucket alone is now 93.5%. There is no instant-redemption capacity for iUSD holders without entering the queue.

  Top farms by deployed value:

  Farm	Type	Target	Assets	Share
  MidasFarm	Maturing	mGLOBAL — Midas Fasanara Global (0x7433…98A8). Maturity 2026-08-01.	$30.87M	47.3%
  RWAEscrowFarm	Maturing	RWA escrow 0x4962…26Dd → receiver = Team Multisig 0x8060…400c. Maturity 2026-07-11.	$10.21M	15.6%
  RWAEscrowFarm	Maturing	RWA escrow 0x868C…741A → receiver 0x4831…D926 (EOA). Maturity 2026-08-01. Counterparty TODO.	$5.10M	7.8%
  RWAEscrowFarm	Maturing	RWA escrow 0x1532…94bB → receiver 0xa03B…d211 (EOA). Maturity 2026-08-29. Counterparty TODO.	$5.05M	7.7%
  SwapFarmV2WithMaturity	Maturing	CoW-swap USDC ↔ PYUSD (0x6c3e…A0e8) / Sentora PRIME senPYUSDPRIMEv2 (0xC21b…8BbD). Maturity 2026-07-11.	$4.73M	7.2%
  CapFarm	Illiquid	stcUSD — Cap Protocol staked cUSD (0x8888…8888)	$4.23M	6.5%
  AaveV4Farm	Maturing	Aave V4 USDG market — Global Dollar (0xe343…491D). Maturity 2026-07-11.	$2.99M	4.6%
  ERC4626FarmWithMaturity	Maturing	Steakhouse infiniFi USDC (0xBEEF…3aC9) — dedicated MetaMorpho V1.1 vault	$2.13M	3.3%
  Remaining (dust / matured / inactive)	mixed	SparkSUSDCFarm, AaveV3Farm (Horizon), MapleFarm, FxSaveFarm, cUSD/stcUSD swap, old PYUSD swap, PrimeBrokerFarm — all at $0 / dust	~$0.01M	<0.1%

  Notable concentrations: Midas-Fasanara mGLOBAL ≈ 47%, offchain RWA escrow (3 farms) ≈ 31%, PYUSD / Sentora PRIME basket ≈ 7%, Cap Protocol stcUSD ≈ 6%, Aave V4 USDG ≈ 5%, Steakhouse MetaMorpho ≈ 3%.

  The book is highly consolidated. The SparkSUSDCFarm, AaveV3Farm (Horizon), MapleFarm, FxSaveFarm, and cUSD/stcUSD CoW-swap farms currently hold $0. Cap Protocol exposure is a single $4.23M stcUSD position (6.5%). The dominant weights are Midas mGLOBAL at nearly half of TVL and the offchain RWA escrow footprint of three farms totalling ~$20.4M (31%). The farm set also includes AaveV4Farm (Aave V4 USDG market, $2.99M) and PrimeBrokerFarm (a Liquid-type farm currently at $0).

• Risk Hierarchy: Losses are socialized based on a "liability ladder":

  1. liUSD (Locked) holders take the first loss.
  2. siUSD (Staked) holders take the next loss.
  3. iUSD (Stablecoin) holders are the last to be affected.

Accessibility

• Enabled Deposit Assets (verified onchain via FarmRegistry.getEnabledAssets()): USDC (0xA0b8…eB48) and USDT (0x8292…17eD). USDe and sUSDe are not enabled on FarmRegistry. The protocol's frontend may still accept other assets via wrapper logic — TODO verify gateway behavior.

• Minting: Users deposit USDC/USDT through the Gateway → MintController to mint iUSD.

• Redemption:

  • Instant: Capped by liquidity in the Liquid-type farms (MintController, RedeemController, SwapFarmV2, LiquidationFarm, PrimeBrokerFarm). Currently effectively $0 (~$0.67 total) — instant redemptions are paused in practice until allocators rebalance funds back into liquid farms or maturing positions roll off.
  • Queue: With liquid reserves depleted, redemption requests enter a FIFO Queue. Pending requests are fulfilled as capital is unwound from illiquid strategies or new deposits enter.
  • Whitelisting: No whitelist for redemption; anyone holding iUSD can redeem or enter the queue.

Token Mint Authority

Mint mechanism:

• siUSD (0xDBDC…7389bCB): standard ERC-4626 (StakedToken) wrapping iUSD. Anyone with iUSD can call deposit() / mint() and receive siUSD. No privileged role on the share token.
• iUSD (0x48f9…3D89c): role-gated mint via RECEIPT_TOKEN_MINTER on InfiniFiCore (0xF6d4…25490). Only contracts holding the role can call mint(...). User-facing mint flow: deposit USDC/USDT → Gateway → MintController → iUSD.mint.

Mint requires backing: Yes for the user-facing path — MintController only mints iUSD against USDC/USDT collateral pulled in the same transaction. The protocol-internal mints (YieldSharing, PLSmoother) are bounded by the same loss-socialization accounting (PPS can only rise by realized yield) and do not represent admin-mintable supply.

Per-address mint authority (verified onchain on May 18, 2026 by enumerating RECEIPT_TOKEN_MINTER and RECEIPT_TOKEN_BURNER on InfiniFiCore):

Address	Can Mint	Can Burn	Role / Mechanism	Notes
Any caller of siUSD deposit() / mint()	✓	✓	Permissionless ERC-4626	Atomic against iUSD
MintController	✓	—	RECEIPT_TOKEN_MINTER	User-facing mint controller; only mints against USDC/USDT collateral
MigrationController	✓	—	RECEIPT_TOKEN_MINTER	Additional ENTRY_POINT for migrations
YieldSharing (proxy)	✓	✓	RECEIPT_TOKEN_MINTER + RECEIPT_TOKEN_BURNER	Distributes farm yield as new iUSD; bounded by realized yield
PLSmoother	✓	✓	RECEIPT_TOKEN_MINTER + RECEIPT_TOKEN_BURNER	Smooths profit/loss across siUSD epochs
siUSD (StakedToken)	—	✓	RECEIPT_TOKEN_BURNER	Burns iUSD on stcUSD redemptions
UnwindingModule	—	✓	RECEIPT_TOKEN_BURNER	Burns iUSD during liUSD early-exit settlement
LockingController	—	✓	RECEIPT_TOKEN_BURNER	Burns iUSD when liUSD positions are slashed
RedeemController	—	✓	RECEIPT_TOKEN_BURNER	Burns iUSD when redemptions clear the FIFO queue
PLSmootherHelper	—	✓	RECEIPT_TOKEN_BURNER	Helper for PLSmoother burn flow

Adding a new RECEIPT_TOKEN_MINTER: DEFAULT_ADMIN_ROLE on InfiniFiCore has been renounced (0 holders), so OpenZeppelin's default grantRole path is closed. Role grants flow through GOVERNOR (held by Long Timelock, 7-day delay). MINOR_ROLES_MANAGER (held by multisig + Long Timelock) only covers PAUSE / PERIODIC_REBALANCER / FARM_SWAP_CALLER and explicitly cannot add a new mint role — adding a minter requires Long Timelock execution.

Rate limits / supply caps: None onchain. Mint capacity is implicitly bounded by deposit-asset supply (USDC/USDT held by MintController) and by the maxLossPercentage first-loss buffer that auto-pauses on excessive losses.

Backing check at mint time:

• MintController path (user-facing USDC/USDT deposits): atomic. Collateral must transfer in the same call before iUSD.mint(...) fires. Cannot mint unbacked.
• MigrationController path: atomic against the migration source (same pull-collateral-then-mint pattern).
• YieldSharing and PLSmoother paths (protocol-internal yield distribution and P&L smoothing): not atomic with backing. The minter contract has no transferFrom(asset, ...) before mint(...). PLSmoother's smoothProfit(receiptTokenProfit, duration) literally calls ReceiptToken(receiptToken).mint(address(this), receiptTokenProfit) with no on-chain assertion that USDC has arrived in the protocol — the caller is trusted to only call it when farms have already reported receiptTokenProfit of realized USDC profit. The trust surface here is layered:
  1. The FINANCE_MANAGER role-holder set (currently 4 contracts: YieldSharing, LiquidationFarm, PLSmootherHelper, and the new PrimeBrokerFarm). No EOA or multisig holds the role directly. Adding a new holder requires GOVERNOR (Long Timelock, 7d).
  2. The calling contract correctly accounting realized farm profit before calling smoothProfit. A bug in YieldSharing's profit math, or a compromised farm that over-reports yield, would let PLSmoother mint unbacked iUSD. The PLSmoother contract itself would not catch the discrepancy.

Slashing-order quirk (from PLSmoother source comment): "the vesting yield held by this contract … isn't included in the slashing order. As a result, it could hold undistributed rewards (i.e. pending profit) that would otherwise could have been used to mitigate losses." If losses materialize while iUSD is still mid-vest inside PLSmoother, that pending profit does not absorb the loss — losses skip the smoother and hit liUSD / siUSD directly. An audited and acknowledged design property, not a bug, but a real risk-review-relevant point.

Collateralization

• Backing: iUSD is backed by the assets deployed in the underlying strategies.

• Verification: The protocol uses a "Self-Laddering Engine" to match asset duration with liability duration (locked periods).

• Offchain / High-Risk Exposures (verified onchain, see Appendix A for detail):

  • Midas-tokenized Fasanara Global (mGLOBAL) — single largest position at $30.87M (47%). Midas is a tokenization issuer; the underlying is Fasanara Capital's hedge-fund strategy. Custody and valuation are entirely offchain.
  • Three RWA Escrow Farms — ~$20.4M combined (31% of TVL): $10.21M via escrow 0x4962…26Dd (receiver = the Team Multisig itself), $5.10M via escrow 0x868C…741A (receiver EOA 0x4831…D926), and $5.05M via escrow 0x1532…94bB (receiver EOA 0xa03B…d211). All three escrow positions are value-attested onchain by the same keeper/rate manager RWAEscrowRateManager (0x11F6…4189) but the underlying funds sit with offchain counterparties. Pure trust-based offchain exposure during the lock period.
  • Cap Protocol stcUSD — $4.23M (6.5% of TVL). Cap is a relatively young (2025) stablecoin issuer.
  • Aave V4 USDG market — $2.99M supplied into Aave's V4 Global Dollar (USDG) market.

• Token Breakdown (verified onchain 2026-07-04, all in iUSD-equivalent):

  Component	Value	Source
  iUSD totalSupply	65.31M	iUSD.totalSupply()
  — held by siUSD (Staked)	36.98M	iUSD.balanceOf(siUSD)
  — held by LockingController (liUSD active)	10.97M	iUSD.balanceOf(LockingController)
  — held by UnwindingModule (liUSD in unwind)	16.87M	iUSD.balanceOf(UnwindingModule)
  — held by YieldSharing (dust)	0.03M	iUSD.balanceOf(YieldSharing)
  — circulating / in user wallets	~0.47M	residual
  siUSD totalSupply	34.35M shares	exchange rate ≈1.077 iUSD/siUSD
  LockingController totalBalance (liUSD)	27.83M	LockingController.totalBalance()

  A large share of the locked tranche is now mid-unwind: the UnwindingModule holds 16.87M iUSD against 10.97M still active in LockingController, i.e. roughly 60% of the outstanding liUSD notional is being drawn down through early exits. The first-loss buffer (LockingController.totalBalance() = 27.83M) is smaller than the single Midas mGLOBAL position ($30.87M) and far below the combined offchain exposure (~$51.2M).

Provability

• Transparency: Reserves and allocations are verifiable onchain via FarmRegistry.getFarms() and per-farm assets().
• Reserves: Onchain DeFi positions (Cap stcUSD, Aave V4 USDG, Steakhouse MetaMorpho, the PYUSD/Sentora basket) are fully verifiable. The dominant offchain-backed positions — Midas mGLOBAL (47%) and the three RWA escrow farms (31%) — cannot be independently audited onchain; together they are ~78% of TVL, so the majority of backing now rests on offchain attestation.

Liquidity Risk

• Exit Liquidity:
  • iUSD: only ~$0.47M circulating outside protocol contracts. Instant-redemption buffer is ~$0; any iUSD holder wanting to exit today must enter the FIFO queue and wait for maturing positions to roll off or new deposits to come in.
  • siUSD: Staked holders can withdraw to iUSD via siUSD.withdraw() (ERC4626) but then face the same redemption queue.
  • liUSD: Locked positions (1-13 weeks). Early exits route through UnwindingModule and incur a slashing penalty. ~16.87M iUSD is currently mid-unwind, indicating active locked-holder exit pressure.
• Withdrawal Queues: With the liquid buffer at ~$0 the queue is the only path for iUSD-to-USDC. Upcoming maturities that can restore liquidity are 2026-07-11 (~$17.9M cluster: $10.21M RWA escrow + $4.73M PYUSD/Sentora swap + $2.99M Aave V4 USDG), 2026-08-01 ($30.87M Midas mGLOBAL + $5.10M RWA escrow — the single largest event), and 2026-08-29 ($5.05M RWA escrow). In practice the queue can only be cleared as these maturities trigger (or are rolled forward, which does not release cash).

Centralization & Control Risks

Governance

The governance system is split into three branches to check and balance power:

1. Allocators (Active Management): Decide "How much" capital goes to specific strategies. They cannot route funds to arbitrary addresses.
   • Timelock: Changes to capital allocation parameters (e.g., Farm Registry updates) use the Short Timelock (1 hour delay).
2. Verifiers (Token Holders - liUSD): Vote to approve the "Allowlist" of safe protocols.
   • Scope: Adding a new protocol to the allowlist requires a governance vote and must pass through the Short Timelock (1 hour delay).
3. Vetoers (Guardians): A council of 5 entities. A single Vetoer can block any new protocol or product. This acts as a safety brake.

• Team Multisig: Gnosis Safe v1.4.1 at 0x80608f852D152024c0a2087b16939235fEc2400c. 4/7 threshold, 7 anonymous EOA signers (verified onchain via getOwners() and getThreshold() on 2026-07-04). Nonce 519.

  #	Signer	Additional Roles (verified onchain)
  1	0x7A823623B18335A9c1284AC45315fe89972FD421	—
  2	0xDAdB38219425c761dd0f3a4d684Fc36f533af7bD	EXECUTOR_ROLE
  3	0xa9BDBEb17c81677Cb1830B74B1832C16Ec5CEF61	—
  4	0x6DFa1A32604088EB969242AafFb92420F78373f6	EXECUTOR_ROLE
  5	0xd53Ffb2DB125015aB4D461bAD3fA959Ef1a1e685	PAUSE
  6	0xfd4691dfA327Adb0d6f3c7b4224B3cc881D4F6fa	EXECUTOR_ROLE
  7	0x383965940c950008a4B67BfaA477Fdf6AC91a7F7	EXECUTOR_ROLE, PAUSE

• Timelocks: Both are custom Timelock.sol extending OZ TimelockController. They override hasRole() to delegate role checks to the central InfiniFiCore contract. Both have DEFAULT_ADMIN_ROLE renounced (immutable role configuration).

  • Long Timelock (7 days): 0x3D18480CC32B6AB3B833dCabD80E76CfD41c48a9 — getMinDelay() returns 604,800s (verified 2026-07-04).
  • Short Timelock (1 hour): 0x4B174afbeD7b98BA01F50E36109EEE5e6d327c32 — getMinDelay() returns 3,600s (1 hour) (verified 2026-07-04). The delay governing parameter, oracle, and farm-add/remove actions is now one hour — a materially shorter early-warning window than the 7-day Long Timelock, and short enough that offchain monitoring must be near-real-time to react before execution.

  Timelock-controlling roles on InfiniFiCore (verified by enumerating getRoleMember()):

  Role	Holders
  PROPOSER_ROLE	1: multisig (4/7 required to schedule)
  CANCELLER_ROLE	1: multisig (4/7 required to cancel)
  EXECUTOR_ROLE	6: signers #2/4/6/7 + deployer EOA (0xdecaDAc8778D088A30eE811b8Cc4eE72cED9Bf22) + the multisig itself (the multisig can execute its own scheduled proposals)

  Governance flow: Multisig proposes (4/7) → Timelock delay → Any 1 of 5 executor EOAs or the multisig itself triggers execution.

• GOVERNOR role holders (verified via getRoleMemberCount(keccak256("GOVERNOR")) = 2):

  • Long Timelock (0x3D18…48a9) — full GOVERNOR scope behind 7-day delay
  • FluidRewardsClaimer (0xD0ec…241E) — narrowly scoped to claiming Fluid rewards
  • Deployer EOA has renounced GOVERNOR. DEFAULT_ADMIN_ROLE has 0 holders on Core (verified).
  • MinorRolesManager holds no roles on Core; minor-role grants go through the multisig (which holds MINOR_ROLES_MANAGER) or the Long Timelock.

• Actions by timelock tier:

  Long Timelock (7 days) — GOVERNOR role (and PROTOCOL_PARAMETERS, PAUSE, MINOR_ROLES_MANAGER it also now holds): enableBucket, setMaxLossPercentage, setAddress (gateway), setAfterMintHook, setBeforeRedeemHook, setYieldSharing, enableAsset, disableAsset, setLendingPool, setSafeAddress, emergencyAction, proxy upgrades (owns ProxyAdmin), all role grants/revokes.

  Short Timelock (1 hour) — PROTOCOL_PARAMETERS role: setBucketMultiplier, setMinAssetAmount, setSafetyBufferSize, setPerformanceFeeAndRecipient, setLiquidReturnMultiplier, setTargetIlliquidRatio, setCap, setMaxSlippage, addFarms, removeFarms, setEnabledRouter, setPendleRouter, setCooldown, setAssetRebalanceThreshold.

  Short Timelock (1 hour) — ORACLE_MANAGER role: setOracle, setPrice. Verified onchain: ORACLE_MANAGER has 4 holders — Short Timelock, Accounting (0x7A5C…42B3), YieldSharing proxy (0x90E9…AE3b), and OracleFactory (0xA2b3…Ed91).

  Multisig WITHOUT timelock (the multisig directly holds these roles on InfiniFiCore):

  Role	Capability
  UNPAUSE (2 holders: multisig + EmergencyWithdrawal)	Unpause any paused contract
  EMERGENCY_WITHDRAWAL (1 holder: multisig)	Move funds from farms to predefined safe address, deprecate farms
  MANUAL_REBALANCER (4 holders: multisig + Short Timelock + LiquidationFarm + PrimeBrokerFarm)	Rebalance funds between whitelisted farms
  FARM_SWAP_CALLER (3 holders: multisig + EOA 0x7345…2cbB + Short Timelock)	Trigger swap operations in farms
  MINOR_ROLES_MANAGER (2 holders: multisig + Long Timelock)	Grant/revoke PAUSE, PERIODIC_REBALANCER, FARM_SWAP_CALLER
  CANCELLER_ROLE / PROPOSER_ROLE	Cancel/propose timelock actions
  PAUSE (multisig holds it directly)	Emergency pause

• PAUSE role holders (verified via getRoleMemberCount(keccak256("PAUSE")) = 8):

  • 0x383965940c950008a4B67BfaA477Fdf6AC91a7F7 (multisig signer #7)
  • 0xd53Ffb2DB125015aB4D461bAD3fA959Ef1a1e685 (multisig signer #5)
  • 0x6ef71cA9cD708883E129559F5edBFb9d9D5C6148 (EOA)
  • 0x0652412777f0c1F46b1164d5cdF3295Bdf43F2f2 (EOA)
  • 0xa406aFC7967C63C5c454AD1f0e0dB9a761fe26e9 (EmergencyWithdrawal contract)
  • 0x3D18480CC32B6AB3B833dCabD80E76CfD41c48a9 (Long Timelock)
  • 0x607b5aB25b2ed5575D296a1caFc3A17161D4fa56 (MaturedFarmCleaner contract)
  • 0x80608f852D152024c0a2087b16939235fEc2400c (Multisig)

• Other onchain role membership (verified 2026-07-04 by enumerating keccak256 of each role name in CoreRoles):

  Role	Count	Notable holders
  ENTRY_POINT	2	Gateway proxy, MigrationController
  RECEIPT_TOKEN_MINTER	4	YieldSharing, MintController, PLSmoother, MigrationController
  RECEIPT_TOKEN_BURNER	7	siUSD, UnwindingModule, LockingController, YieldSharing, RedeemController, PLSmootherHelper, PLSmoother
  LOCKED_TOKEN_MANAGER	1	LockingController
  TRANSFER_RESTRICTOR	1	AllocationVoting
  FARM_MANAGER	4	ManualRebalancer, AfterMintHook, BeforeRedeemHook, EmergencyWithdrawal
  FINANCE_MANAGER	4	YieldSharing, LiquidationFarm, PLSmootherHelper, PrimeBrokerFarm
  PERIODIC_REBALANCER	1	EOA 0x2Cba…aB1a (keeper bot)
  PROTOCOL_PARAMETERS	3	Short Timelock, Long Timelock, MaturedFarmCleaner
  DEFAULT_ADMIN_ROLE	0	— (renounced)

• emergencyAction bypass analysis: The Timelock.sol contract overrides emergencyAction to a no-op, preventing any GOVERNOR holder from using it to bypass timelock delays. This is a deliberate safety mechanism confirmed in source code.

Programmability

• Hybrid Model: The "Self-Laddering Engine" algorithmically matches asset duration with liability duration. "Allocators" actively manage the amount of capital deployed to specific allowlisted strategies.
• Oracle: Protocol uses Chainlink price feeds for asset pricing to maintain the 1:1 mint ratio and calculate collateral value.
• Oracle Updates: Oracles are upgradeable via governance (Short Timelock, 1-hour delay). The iUSD price oracle (0x8ABc952f91dB6695E765744ae340BC5eA4B344c1) is a FixedPriceOracle — price changes only during loss socialization events (de-peg).

External Dependencies

• Top dependencies (by deployed value): Midas (mGLOBAL tokenization layer over Fasanara Capital) ~47%, Unidentified RWA escrow counterparties (three separate escrows; one routes to the team multisig, two to external EOAs — TODO identify) ~31%, PYUSD / Paxos + Sentora PRIME (via maturing CoW-swap basket) ~7%, Cap Protocol (stcUSD) ~6%, Aave (V4) / Global Dollar (USDG) ~5%, Steakhouse-curated Morpho MetaMorpho ~3%. The Spark/MakerDAO, Aave Horizon, Maple Finance, and f(x) Protocol farms currently hold $0. The CoW-Protocol solver set is a settlement dependency for the maturing swap baskets.

• Stablecoin dependencies: USDC and USDT enabled as deposit assets (verified onchain). The protocol also takes indirect exposure to PYUSD (via the maturing swap basket), USDG / Global Dollar (via the Aave V4 market), cUSD/stcUSD (Cap), and to T-Bill-backed / hedge-fund RWAs (via Midas mGLOBAL and the three RWA escrow counterparties). USDe and sUSDe remain not enabled as deposit assets on FarmRegistry.

• Cross-chain / bridge dependency (verified July 15, 2026): LayerZero, lock-and-mint. Both receipt tokens bridge to Katana via LayerZero V2 OFT Adapters that escrow the canonical token on Ethereum — they hold no mint authority, so a bridge compromise cannot mint native iUSD/siUSD:

  Token	Ethereum OFT Adapter	Escrowed	Katana native OFT
  siUSD	0x5f21…c3c0	29,340.24 siUSD	0x6894…F92D
  iUSD	0xdd1c…3005	4.33 iUSD	0x9Fa1…1C10

  Each adapter's token() returns the corresponding mainnet token and its endpoint() is the canonical LayerZero V2 EndpointV2 0x1a44…728c; the Katana side exposes oftVersion() and the LZ V2 Katana endpoint 0x6F47…DD5B. Neither adapter appears in the RECEIPT_TOKEN_MINTER set (4 holders, all internal — see Token Mint Authority), confirming the lock-and-mint (not mint-authority) model.

• Chainlink CCIP: not currently live. The OUTLAND_CONNECTOR_CCIP 0x4119…dd24 and OUTLAND_CONNECTOR_LZ 0x54cB…0ee5 from PR 224 are deployed but hold no iUSD/siUSD, and neither iUSD nor siUSD is registered in the CCIP TokenAdminRegistry (getPool returns the zero address). Reassessment trigger: re-check if a CCIP token pool is registered for iUSD/siUSD or the Outland CCIP connector begins holding value.

Operational Risk

• Team: InfiniFi Labs. Pseudonymous/semi-anonymous team. Key contributors identified via GitHub:
  • eswak (Erwan Beauvois): Lead architect. Former Fei Protocol core dev (2021-2022), Ethereum Credit Guild core dev (2022-2024). Toulouse, France.
  • RobAnon (@RobAnon94): Contributor. Former sole developer of Revest Finance core contracts. Note: Revest Finance was exploited for ~$2M via reentrancy in March 2022.
  • nikollamalic (Nikola Malic): Developer. Former Revest Finance infrastructure contributor.
  • No public team page. GitHub org has zero public members listed.
• Funding: $3M Pre-Seed (Feb 2025) led by Electric Capital, with participation from New Form Capital, Axiom, Kraynos Capital, Sam Kazemian (Frax Finance founder), Defi Dad.
• Legal Structure: No disclosed legal entity, jurisdiction, or DAO structure. TODO.
• Documentation: Technical documentation in the GitHub README is comprehensive. Public docs at docs.infinifi.xyz behind Cloudflare protection (content not independently verified).
• Communication: Twitter/X at @infinifilabs. No public governance forum found (not on Snapshot, Tally, or Commonwealth).
• Incident Response: No documented incident response plan found. Emergency capabilities exist via EMERGENCY_WITHDRAWAL role (multisig, no timelock) and system pause (now 8 PAUSE-role holders — multisig, Long Timelock, EmergencyWithdrawal/MaturedFarmCleaner contracts, and four individual EOAs).

Monitoring

Contracts to Monitor

Contract	Address	Why Monitor Directly
Long Timelock	0x3D18480CC32B6AB3B833dCabD80E76CfD41c48a9	All critical governance actions (GOVERNOR role)
Short Timelock	0x4B174afbeD7b98BA01F50E36109EEE5e6d327c32	Parameter changes (PROTOCOL_PARAMETERS, ORACLE_MANAGER)
EmergencyWithdrawal	0xa406aFC7967C63C5c454AD1f0e0dB9a761fe26e9	Multisig-direct, no timelock
ORACLE_IUSD	0x8ABc952f91dB6695E765744ae340BC5eA4B344c1	De-peg event (autonomous, triggered by loss socialization)
LockingController	0x1d95cC100D6Cd9C7BbDbD7Cb328d99b3D6037fF7	First-loss buffer for liUSD holders. LossesApplied = protocol taking damage. Auto-pauses if losses exceed maxLossPercentage threshold.
siUSD	0xDBDC1Ef57537E34680B898E1FEBD3D68c7389bCB	VaultLoss = losses exceeded liUSD first-loss buffer, now hitting siUSD stakers
UnwindingModule	0x7092A43aE5407666C78dBEa657a1891f42b3dFcc	Handles forced liquidation of illiquid positions (e.g. Pendle fixed-term). CriticalLoss = losses during unwinding exceed module balance.

Note: Contracts whose state changes only via timelocks (InfiniFiCore, Gateway, FarmRegistry, Accounting, MintController, RedeemController, YieldSharingV3, MinorRolesManager, MaturedFarmCleaner, MigrationController, PLSmoother(Helper), AfterMintHook, BeforeRedeemHook, ManualRebalancer, LiquidationFarm, AllocationVoting, OracleFactory, etc.) do not need separate monitoring — all their changes appear as CallScheduled/CallExecuted on the timelocks.

Governance Monitoring (Timelocks + Multisig)

All timelocked actions (GOVERNOR, PROTOCOL_PARAMETERS, ORACLE_MANAGER) are captured by monitoring the timelock events. No need to separately monitor downstream contract events that can only be triggered via timelocks.

Contract	Event	Significance
Long/Short Timelock	CallScheduled(bytes32 id, uint256 index, address target, uint256 value, bytes data, bytes32 predecessor, uint256 delay)	New governance action proposed — decode data to understand what will change. Early warning window (7d or 1h).
Long/Short Timelock	CallExecuted(bytes32 id, uint256 index, address target, uint256 value, bytes data)	Governance action executed — verify expected outcome
Long/Short Timelock	Cancelled(bytes32 id)	Scheduled action cancelled — may indicate contested governance
Long/Short Timelock	MinDelayChange(uint256 oldDuration, uint256 newDuration)	Timelock delay changed — reduction is critical

Non-Timelocked Events — Immediate Alert

These events bypass the timelock and can be triggered directly by the multisig or individual role holders.

Contract	Event	Triggered By	Significance
Any CoreControlled	Paused(address account)	8 PAUSE-role holders (multisig + Long Timelock + EmergencyWithdrawal + MaturedFarmCleaner + 4 individual EOAs)	Emergency pause — no multisig or timelock required when triggered by an EOA pauser
Any CoreControlled	Unpaused(address account)	Multisig (UNPAUSE, no timelock)	System resumed
EmergencyWithdrawal	EmergencyWithdraw(uint256 timestamp, address farm, uint256 amount)	Multisig (no timelock)	Emergency fund extraction from farm

Protocol Health Events — Immediate Alert

Autonomous events triggered by protocol state, not governance actions.

Contract	Event	Significance
ORACLE_IUSD	PriceSet(uint256 timestamp, uint256 price)	iUSD price changed — price below 1.0 = de-peg (loss socialization to iUSD holders)
LockingController	LossesApplied(uint256 timestamp, uint256 amount)	First-loss tranche consuming — liUSD holders taking losses
siUSD	VaultLoss(uint256 timestamp, uint256 epoch, uint256 assets)	Losses cascading past first-loss tranche to siUSD holders
UnwindingModule	CriticalLoss(uint256 timestamp, uint256 amount)	Losses during forced liquidation of illiquid positions exceed module balance

Key State to Poll

• TVL: Monitor total protocol TVL via liquid + illiquid farm balances
• Liquid Reserve Ratio: Liquid reserves vs total TVL

Reassessment Triggers

• Time-based: Reassess in 60 days (target 2026-09-02), or immediately after the 2026-08-01 Midas-mGLOBAL maturity settles.
• Liquidity-based: Reassess immediately if (a) the FIFO redemption queue forms a backlog that does not clear at the next scheduled maturity, or (b) Accounting.totalAssetsValueOf(Liquid) remains <1% of total supply for more than 30 days.
• TVL-based: Reassess if TVL moves by more than 30% in either direction from the current ~$65.31M.
• Concentration-based: Midas-Fasanara mGLOBAL already exceeds the 40% single-farm threshold (~47%). Reassess if it exceeds 55%, if combined offchain exposure (Midas + RWA escrows) exceeds 85% of TVL, or if any other single farm exceeds 40%.
• Issuer / counterparty-based: Reassess on any material event at Midas, Fasanara Capital, Cap Protocol, Paxos (PYUSD/USDG), or the RWA escrow counterparties (depeg, custodian change, restructure, regulatory action, failure to settle at maturity).
• Governance-based: Reassess after any signer change on the multisig, any new EXECUTOR_ROLE / PROPOSER_ROLE / CANCELLER_ROLE grant, any further change to either timelock's getMinDelay(), any change to the Timelock.emergencyAction no-op override, or any role grant on InfiniFiCore outside the Long Timelock.
• Incident-based: Reassess after any exploit, oracle failure, or material loss event at the protocol or in any farm with >$2M of InfiniFi exposure.
• Architecture-based: Reassess on any new farm category (new AssetType bucket), new asset enablement on FarmRegistry, new RWA escrow counterparty, or any change to YieldSharing/Accounting beyond the V3 line.

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Appendix A: Top Farm Exposure Analysis

Onchain inspection of FarmRegistry.getFarms() and per-farm assets() on 2026-07-04 shows the portfolio is concentrated in a small number of large positions, most of which are "Maturing" (locked until a fixed date). The Liquid bucket is empty in practice. The farms below cover ~99% of TVL.

The book is highly consolidated. The SparkSUSDCFarm, AaveV3Farm (Horizon), MapleFarm, FxSaveFarm, and cUSD/stcUSD CoW-swap farms currently hold $0. Cap Protocol exposure is a single $4.23M stcUSD deposit. Midas mGLOBAL is ~47% of TVL and the offchain RWA escrow footprint spans three farms totalling ~$20.4M. The farm set also includes AaveV4Farm (Aave V4 USDG market) and PrimeBrokerFarm (Liquid-type, currently $0).

Summary Table: Top Farms by Deployed Value

Farm	Type	Underlying	Assets (USD)	Share	Individual Risk
MidasFarm (mGLOBAL)	Maturing (2026-08-01)	Midas-tokenized Fasanara Global hedge-fund strategy	$30.87M	47.3%	4.5/5
RWAEscrowFarm 0x04d5	Maturing (2026-07-11)	Offchain escrow; receiver = Team Multisig	$10.21M	15.6%	4.5/5
RWAEscrowFarm 0x9E5e	Maturing (2026-08-01)	Offchain escrow; receiver EOA 0x4831…D926	$5.10M	7.8%	4.5/5
RWAEscrowFarm 0x277F	Maturing (2026-08-29)	Offchain escrow; receiver EOA 0xa03B…d211	$5.05M	7.7%	4.5/5
SwapFarmV2WithMaturity (PYUSD)	Maturing (2026-07-11)	CoW-swap basket USDC ↔ PYUSD / Sentora PRIME	$4.73M	7.2%	3.0/5
CapFarm (stcUSD)	Illiquid	Cap Protocol staked cUSD	$4.23M	6.5%	4.0/5
AaveV4Farm (USDG)	Maturing (2026-07-11)	Aave V4 Global Dollar (USDG) market	$2.99M	4.6%	3.0/5
ERC4626FarmWithMaturity (Steakhouse)	Maturing	Steakhouse-curated MetaMorpho V1.1 USDC vault	$2.13M	3.3%	2.5/5

Detailed Farm Risk Assessments

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1. MidasFarm — Midas-tokenized Fasanara Global (mGLOBAL)

Risk Score: 4.5/5

Description: MidasFarm (0xF4Ea3Ec87B1c254f17a2Fb68164dB0CAf6c4cecF) holds mGLOBAL, an ERC-20 token issued by Midas (a tokenization-as-a-service issuer) that represents a claim on the Fasanara Capital "Global" strategy. The underlying is wrapped in Midas's permissioned-issuance + offchain-NAV-attestation architecture rather than held directly. Maturity in this farm: 2026-08-01. At ~47% of TVL this is now, by a wide margin, the single dominant position — larger than the entire liUSD first-loss buffer.

Key Risk Factors:

Risk Category	Assessment	Details
Concentration	Very High	~47% of total InfiniFi TVL in a single position, exceeding the liUSD first-loss buffer
Off-Chain Custody	Very High	Underlying hedge-fund strategy assets held by traditional custodians at Fasanara
NAV / Valuation	High	mGLOBAL price reflects an off-chain NAV attestation from Midas / Fasanara
Issuer Risk	High	Two stacked issuers (Midas + Fasanara) plus their respective custodians
Regulatory Risk	High	Tokenized fund products are subject to securities regulation in EU/UK/US
Liquidity Risk	High	InfiniFi position is locked until the 2026-08-01 maturity; secondary mGLOBAL liquidity is thin

Why This Matters:

• Single largest exposure: a loss event large enough to impair mGLOBAL value would consume the entire liUSD first-loss buffer ($27.83M) before iUSD holders are protected.
• Two stacked issuers (Midas + Fasanara) plus their respective custodians; valuation is a pure offchain NAV attestation.
• The 2026-08-01 maturity is the single most important upcoming event for InfiniFi liquidity.

References:

• mGLOBAL token on Etherscan
• Midas Capital
• Fasanara Capital

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2. RWAEscrowFarms — Three Offchain Counterparties

Risk Score: 4.5/5

Description: Three separate RWAEscrowFarm contracts now hold ~$20.4M combined (~31% of TVL). Each sends underlying USDC to a dedicated RWAEscrow contract that forwards to an offchain receiver; position value during the lock is attested onchain by a single shared RWAEscrowRateManager keeper (0x11F6FAb3f4D8635880C3e80cbae8AEF8136D4189).

Farm	Escrow	Receiver	Maturity	Value
0x04d5…3271	0x4962…26Dd	Team Multisig 0x8060…400c	2026-07-11	$10.21M
0x9E5e…1852	0x868C…741A	EOA 0x4831…D926	2026-08-01	$5.10M
0x277F…84C1	0x1532…94bB	EOA 0xa03B…d211	2026-08-29	$5.05M

Key Risk Factors:

Risk Category	Assessment	Details
Counterparty Risk	Very High	Funds custodied offchain during the lock — pure trust. Two receivers are external EOAs; one is the team multisig itself, an internal-transfer arrangement whose ultimate use is not onchain-visible.
Identity (TODO)	Unknown	Counterparty identities behind 0x4831…D926 and 0xa03B…d211 are not disclosed in public docs
Concentration	Very High	~31% of TVL across three separate escrow farms
Valuation	High	Position value during lock is driven by a single rate-manager keeper whose inputs come offchain
Recovery	Low	If a receiver does not return funds at maturity, recovery is a legal matter, not a smart-contract one

Why This Matters:

• Collectively the most opaque exposure in the portfolio. Even Midas mGLOBAL has a tokenization issuer with public attestations; these farms rely on private bilateral arrangements.
• The three maturities (2026-07-11, 08-01, 08-29) straddle the Midas mGLOBAL roll-off (08-01), so a delay or default at any would compound queue pressure precisely when the largest position also matures.

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3. SwapFarmV2WithMaturity (PYUSD / Sentora PRIME basket)

Risk Score: 3.0/5

Description: Maturing CoW-swap farm at 0x75381e9Bc6B908a2e9bC31A535fC48CeCeAc568E routing USDC into a basket of PYUSD and Sentora PRIME senPYUSDPRIMEv2. Maturity: 2026-07-11. $4.73M deployed.

Key Risk Factors: PYUSD is a Paxos-issued, NYDFS-regulated stablecoin — a high credit standard. The Sentora PRIME wrapper adds a credit-vault layer over PYUSD. Primary risks are the CoW-solver settlement dependency at maturity and the Sentora PRIME redemption mechanics.

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4. CapFarm — Cap Protocol stcUSD

Risk Score: 4.0/5

Description: CapFarm (0xAc21B22B5aEb11bc32De4ecF59E4538fCa48b694) holds stcUSD, the staked yield-bearing version of Cap Protocol's cUSD stablecoin. Cap is a 2025-vintage stablecoin issuer whose yield is sourced from delegated operator strategies backed by restaked collateral. $4.23M — the only funded Illiquid-bucket position; the cUSD/stcUSD swap basket that also carried Cap exposure now holds $0.

Key Risk Factors:

Risk Category	Assessment	Details
Issuer Maturity	High	Cap is ~1 year old, limited stress-test history
Peg Risk	High	cUSD peg integrity relies on Cap's reserve attestations and operator soundness
Smart Contract	Medium	Cap's contracts have been audited but are young in production
Liquidity (secondary)	Medium	stcUSD secondary liquidity is thin

References:

• stcUSD on Etherscan
• Cap Protocol

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5. AaveV4Farm — Aave V4 USDG market

Risk Score: 3.0/5

Description: AaveV4Farm (0x2CdF51ca20C2DD56480c35adEA667A6653Fb7657) supplies into an Aave V4 market for USDG (Global Dollar, a Paxos/Global Dollar Network stablecoin) via an Aave V4 hub/spoke deployment. Maturity: 2026-07-11. $2.99M. A new farm type this assessment.

Key Risk Factors: Aave V4 is a newer codebase than V3; the position also carries USDG issuer/peg risk. Onchain-verifiable lending exposure, moderate risk.

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6. ERC4626FarmWithMaturity — Steakhouse-curated MetaMorpho

Risk Score: 2.5/5

Description: ERC4626FarmWithMaturity (0x76D2E84009dAE457f8667D823c7c96e9A7c35B78) deposits into a dedicated Steakhouse-curated MetaMorpho V1.1 USDC vault 0xBEEF1f5bD88285E5b239B6AACB991D38CCa23aC9 ("infiniFi USDC"). $2.13M.

Key Risk Factors: Standard MetaMorpho stack risk (Morpho Blue isolated markets + curator allocation) under a reputable curator. Low independent risk; included for completeness.

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Aggregate Risk Assessment

Concentration: ~78% of TVL is in two offchain exposures — Midas-Fasanara mGLOBAL (~47%) and three RWA escrow counterparties (~31%) — far above the protocol's $27.83M liUSD first-loss notional. The single Midas position alone exceeds the buffer. An adverse event at either would test, and could exhaust, the liability ladder before iUSD holders are protected.

Liquidity: The Liquid bucket holds ~$0. iUSD-to-USDC is queue-only until the maturity sequence (2026-07-11 → 2026-08-01 → 2026-08-29) settles — and a roll-forward at any of those dates releases no cash.

Offchain exposure: Midas-Fasanara (~47%) + three RWAEscrowFarms (~31%) = ~78% of TVL has material offchain custodial, valuation, or counterparty dependence.

Stress sequence to monitor:

1. 2026-07-11 — ~$17.9M cluster: RWA escrow ($10.21M, receiver = multisig) + PYUSD/Sentora swap ($4.73M) + Aave V4 USDG ($2.99M).
2. 2026-08-01 — Midas mGLOBAL ($30.87M) + RWA escrow ($5.10M). The single largest scheduled event for the protocol.
3. 2026-08-29 — RWA escrow ($5.05M). Counterparty identity unverified.

Recommendation: Treat current InfiniFi exposure as primarily a credit exposure to (a) a tokenized Fasanara hedge-fund position (~47%) and (b) three undisclosed RWA escrow counterparties (~31%), rather than as a diversified DeFi yield strategy — the onchain-verifiable DeFi positions are now a minority of the book. Reassessment should be triggered immediately if any of the upcoming maturities fail to settle on schedule.

Data Sources:

• Onchain: FarmRegistry.getFarms() / getTypeFarms(), per-farm assets() and maturity(), per-escrow receiver()/totalAssets(), Accounting.totalAssetsValue() and .totalAssetsValueOf(uint256) (verified 2026-07-04).
• DefiLlama — TVL cross-check ($65.3M on 2026-07-04).
• InfiniFi Transparency Dashboard — cross-checked but not used as the primary source.