Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$183.79Buyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Nov 2026 | $183.79 | -- | -- | -- |
| Oct 2026 | $443.35 | -- | -- | -- |
| Sep 2026 | $370.48 | -- | -- | -- |
| Aug 2026 | $109.77 | -- | -- | -- |
| Jul 2026 | $0 | -- | -- | -- |
| Jun 2026 | $0 | -- | -- | -- |
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About Flex
Flex is a fixed-rate lending market whose rate and liquidation logic come from Liquity V2. Borrowers set the rate they are willing to pay, and the lowest rates are redeemed first: lenders or new borrowers can redeem existing borrowers' collateral in ascending rate order, paying slippage and fees, so credit is priced by market competition rather than a protocol-set figure. Deposits on the lender side sit in ERC-4626 tokenised strategy vaults built on Yearn, giving depositors a standard, composable receipt, while liquidations run as a Dutch auction in which collateral is marked down over time until it clears. Contracts are written in Vyper and markets are deployed through a factory whose version moved to 1.1.0 in July 2026.
A market deployment was executed on 5 August 2026 and an audit review was added on 11 August 2026. The front end exposes Flex USDC and Flex WETH vaults, with deposits allocated across Yearn strategies.
Flex launched its first fixed-rate lending market in May 2026 with an immutable, isolated yvUSD/USDC market: borrowers pick their own rate, and when liquidity tightens the lowest-rate positions are redeemed rather than rates spiking, so lenders can exit even at 100% utilization. A V2 followed around July, and the team began talks with looping desks including Inverse, Infinifi, Ethena and Lido about new pools.
Flex's roadmap adds pools for yield-bearing stablecoins and duration assets, extends the redemption mechanism to more collateral types, and keeps building on Yearn's ERC-4626 vault standard.