According to CoinGecko, the FDV is around $9M. This is a fringe asset, given that it has fewer than 9k Twitter followers and around 2k Discord members.
There's no real reason to use a leveraged yield farming protocol unless there are reduced gas costs, or incentives to farm and dump the protocol tokens. You can achieve leveraged DeFi positions by using existing lending protocols — there's no real need for these yield leverage-focused protocols to exist.
Creating a moat for this class of protocols is as hard as creating a moat for borrow/lending or DEXes. Liquidity and usage are purely mercenary. Also, leveraged yield farms are simple to copy-paste clone, and are almost DeFi primitives at this point. There are several variants, with Alpaca on BSC, Alf on Solana, Alpha Homora on ETH, etc etc.
Impermax is probably going to have trouble capturing usage outside of exploitative farm-and-dumpers, and is probably going to have trouble building a meaningful moat. I wish them all the best, but I personally won’t be allocating.