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About Infinity Exchange
Infinity Exchange is a decentralized lending protocol that tackles capital inefficiency in DeFi lending. Traditional protocols like Aave and Compound operate with floating utilization rates, leaving idle capital and creating spreads between borrower and lender rates. Infinity's core innovation is its Dual Market Model (TMM), which matches borrowers and lenders at 100% utilization, eliminating the deadweight loss seen in other protocols.
The platform enables interest rate arbitrage by allowing users to move assets between Infinity and other protocols to capture better rates, while supporting complex collateral such as LP tokens and interest-bearing tokens. This creates a more efficient market where rates are determined by supply and demand rather than algorithmic utilization curves.
Over the past six months, Infinity has focused on refining its testnet and preparing for mainnet deployment. The team has worked on improving the user experience for its fixed-rate and floating-rate products, while expanding the range of supported collateral types. Development has emphasized the integration of its rate arbitrage mechanisms with major DeFi protocols, aiming to provide seamless liquidity across the ecosystem. No significant negative events have been reported during this period.
Founded by Kevin Lepsoe, former Head of Structuring at Morgan Stanley, Infinity Exchange aims to bring institutional-grade interest rate and risk management mechanics from traditional finance into DeFi. In September 2022, the project launched its testnet, introducing zero-spread floating-rate lending on-chain for the first time, with plans to build a full yield curve. The same month, it closed a $4.2M seed round led by GSR, SIG and others to accelerate development. In Q4 2023, Testnet v2 introduced fixed-rate markets across tenors from 1 day to 1 year, enabling interoperability between floating and fixed rates and creating DeFi's first complete yield curve protocol. The project later expanded collateral support to Complex Tokens such as Aave aTokens, Compound cTokens and stETH, unlocking yield on idle assets. Mainnet is expected in 2026, initially deploying the floating-rate product, followed by the Infinity Token.
Infinity Exchange has made significant strides in its institutional DeFi lending roadmap during the reporting period.
Key developments: The protocol successfully launched its mainnet, introducing fixed-rate lending markets with a yield curve spanning short-term tenors (1-7 days initially). This marks the transition from testnet phase to live operations. The platform's core mechanism—achieving near-100% capital utilization through order-book matching of lenders and borrowers—has been validated in production. Strategic backing from Laser Digital (Nomura's crypto arm) and a $4.2M seed round have funded ongoing development.
Future focus: The roadmap prioritizes expanding the yield curve to longer maturities (up to 1 year), enabling rate arbitrage between fixed and floating markets, and deploying automated market-making bots. Institutional-grade features such as enhanced collateral management and compliance tools are slated for the next phase. The team is also working on integrating additional interest-bearing assets beyond the current Aave, Compound, and Lido tokens. Mainnet launch of floating-rate products and broader ecosystem integrations are targeted for late 2026.
Kevin Lepsoe (Founder & CEO): Graduated from the University of British Columbia in Math and Finance; CFA charterholder. Began his career at ING Barings, then worked at Barclays Capital, and joined Morgan Stanley in 2006 as Head of Structuring and Financial Engineering in Hong Kong. Founded tech holding company Notey Ltd in 2014; founded Chinafy in 2018 and served as CEO until 2022. In 2022, he founded Infinity Exchange, an institutional-grade DeFi lending and rates trading protocol; in 2024, he founded ETHGas, an Ethereum blockspace infrastructure. Twitter: @lepsoe