# IVX

> S&P Berachain Rating System

**Published by:** [Standard & Paws](https://paragraph.com/@standardandpaws/)
**Published on:** 2025-04-06
**URL:** https://paragraph.com/@standardandpaws/ifr-ivx

## Content

EXECUTIVE SUMMARYTYPE: Hub of Berivatives on Berachain.MIRROR: https://mirror.xyz/0x2ab0503928B9C660106478f33cC1dD47c5A7d8A8 DOCS: https://documentation.ivx.fi/WEBSITE: https://levo.ivx.fi/ - https://diem.ivx.fi/tradeX ACCOUNT: https://x.com/ivx_fiPROJECT DESCRIPTIONIVX is the hub of Berivatives on Berachain, offering Diem, a fully fledged liquid 0dte options market for $BERA, $ETH and $BTC, and Levo, an intent based perpetual market for $BERA and $BERA pair assets.BERAS CAN'T READDisclaimer While S&P doesn't guarantee absolute protection against scams and rug pulls, it is a valuable tool for navigating the Berachain ecosystem with enhanced security. SECTION 1: PROJECT OVERVIEW & BERACHAIN INTEGRATION PROJECT DESCRIPTIONSCORE = 5/5IVX is the derivatives hub of Berachain, offering two core products:Diem: A liquid market for 0DTE (zero day to expiry) options on $BERA, $ETH, and $BTC.Levo: An intent-based perpetual futures market for $BERA and $BERA-paired assets.The protocol employs dynamic Delta-hedging Automated Market Makers (AMM) for liquidity providers and introduces portfolio margin accounting for traders.From a broader perspective IVX has as:Goal: To bring and improve short-dated options trading by enabling high-leverage, liquidation-free trading with enhanced capital efficiency. Mission: To offer a secure, transparent, and efficient DeFi-native options trading platform, leveraging on-chain automation and advanced risk management strategies.Vision: To bridge traditional financial derivatives with decentralized finance (DeFi), creating a fully permissionless and composable options trading ecosystem.During its testing phase, IVX achieved relatively significant participation, with over 130,000 portfolio accounts created and approximately 300,000 options contracts traded, reflecting a notional volume of $8 billion.On February 10th, the announcement of its launch on the Berachain mainnet was made.And from there, the IVX team has launched a series of explanatory materials about the use of its platform, Discord meetings, and task campaigns like the one carried out with Layer3 in which 6,400 people participated.Source:IVX Documents: "Welcome to IVX" - LINKX account: "Live on mainnet announcement" - LINK DEVELOPMENT STAGESCORE = 4/5IVX products are now fully deployed on Mainnet. Both DIEM and LEVO are now available for users to use.Prior to that, IVX has conducted an intensive testing campaign of the platform, both on Artio and Bartio.On 02/10/25, IVX launched its first product on the Berachain mainnet. It is LEVO, through which $BERA Berps can be traded, with more than 20x leverage. Later, on March 28th, they launched DIEM, their 0DTE platform.At the time of writing, DIEM offers trading in ETH, BTC, and BERA, while LEVO offers traders around 44 pairs, with BTC, ETH, BERA, and KAITO being the most notable. Currently, there are no other ecosystem tokens on the perpetual platform.To conclude, we can say that the project shows a structured development progress, with some details to be polished such as some problems and glitches with the UI, the communication of the 0.1% commission charge that is not explicit and a certain lack of information that the community has made known to the project team and they have expressed their willingness to modify, clarify or expand.Source:Medium: "IVX Genesis: Artio testnet guidelines" - LINKX post: "LEVO mainnet launch announcement" - LINKX post: "DIEM live on mainnet announcement" - LINK BERACHAIN INTEGRATIONSCORE = 5/5IVX has a strong connection with Berachain and its major projects, leveraging the ecosystem’s Proof of Liquidity (PoL) model to enhance liquidity efficiency and trading mechanisms.Technological synergy: IVX benefits from Berachain’s PoL model by integrating native liquidity mechanisms and leveraging Berachain-based staking and incentive models.Ecosystem Connections: IVX collaborates with Infrared, D2 and Kodiak (Berachain’s native liquidity hub) to enhance onchain liquidity provisioning for its options market.High-level connection with Berachain’s technology and ecosystem.Source:X post: "IVLP whitelisted to receive BGT" - LINK COMPETITIVE ADVANTAGESSCORE = 5/5IVX stands out within the Berachain ecosystem due to its innovative options trading model and capital-efficient AMM design.Unique Features:0DTE options trading with liquidation-free exposure.Advanced portfolio margining for cross-margin trading.Delta-neutral AMM hedging to protect liquidity providers.Multi-asset support BTC, ETH, SOL, DOGEComparison to Competitors: Unlike traditional DEXs, IVX integrates sophisticated risk management, allowing high-leverage strategies without forced liquidations.Long-Term Competitive Edge: IVX's dynamic fee model, real-time volatility oracles, and PoL integration ensure a sustainable edge in the market.Strong differentiation and innovation within the Berachain DeFi landscape.SECTION 1 - FINAL SCORE: 19/20 SECTION 2: TOKENOMICS & IDO CONDITIONSIDO TERMS AND CONDITIONSSCORE = 5/5Ramen Launch format: Fixed Price ModeReserved for Token Sale: 600 $IVXFundraise hard cap: $60kToken Price: $0.1Requirement for entry: 150 GACHASAllocation Cap per Winning Entry: $100FDV: 10MIn an official announcement, the project has reduced its FDV from 22.5M to 10M, with the goal of prioritizing its community.Source:X post: "FDV 10m" - LINK TOKEN UTILITYSCORE = 5/5The $IVX token is key in the flywheel and value capture of the IVX protocol.Initially, 70% of Levo fees, 25% of Diem fees and a considerable percentage of all IVX coming products fees are allocated to $IVX holders through Smart Buybacks. These are done when the price is below the 30d moving average.Smart buybacks enables a number of benefits including an ongoing purchase on the $IVX token at depressed prices, but also a trend-based bid that can enable buying momentum on $IVX itself.In addition to the continuous buybacks that come from IVX products fees, IVX holders will benefit from the utilities as follows:Referral codes for trading productsGovernance power over new features, sub products, and on chain proposalsIVX sub-product prioritiesRewards through key IVX partners for LPs for IVX/$BERABoost on twIVLP emissionsKey functions of $IVX:A vehicle for value capture through buy backs which come from protocol fees / BGT capture through reward vaults.A role in Berachain's POL as both an asset for incentives with an option token model and an asset within reward vaults itself.Governance for token listings, reward vault proposals and more.Additional sub product access and features, these include giving token holders benefits on sub-products, earlier access and smaller product perks for the future.Source:X article: "$IVX Vol-Wheel" - LINK TOKEN DISTRIBUTIONSCORE = 5/5According to the tokenomics documents the token distribution will be as follows:ROUNDPERCENTAGE ALLOCATIONVESTING SCHEDULESeed Round8.2%8% at TGE - 23 Month linear vestingStrategic Round3%50% at TGE - 6 Month linear vestingAirdrop 14.2%3 Month linear vestingAdvisors2.5%3 month cliff - 24 month linear vestingTeam20%3 month cliff - 7.5% unlock - 24 month linear vestingMarket Making - Initial LP - CEX listings4.5%Unlocked at TGECommunity - Incentives56.9%2.5% Net unlock - 48 Month linear vestingPublic Round0.7%100% Unlocked at TGE PROOF OF LIQUIDITY IMPACTSCORE = 5/5The project initially plans to launch three reward vaults, with the possibility of adding more in the future.Incentivizing IVLP with BGT emissions:Users with IVLP can stake it in a reward vault and earn BGT.IVX will bribe validators to earn incentives with real-world trading revenue.In turn, they plan to incentivize traders through a leaderboard-like system.Traders who specifically trade BERA options and PERPS will also be incentivized.These reward vaults will add value to traders, who can earn additional incentives through the leverage they will use for POL.Full details of the proposals for integrating the PoL into the project can be found in the proposals submitted to the Berachain Foundation:Reward Vault Request for rIVX on IVXUp Only BERA IVX RFRV SECTION 2 - FINAL SCORE: 20/20 SECTION 3: SOCIAL MEDIA & COMMUNITY ENGAGEMENTSOCIAL MEDIA PRESENCESCORE = 5/5X Account:IVX is most active on its X account, with over 46.6 followers.Information updates on X are frequent and include detailed information about what the team is working on.They recently introduced an "article" format, through which they explain how their token works and the project's outlook once it's listed.Through its X account, IVX also maintains active conversations with other projects to increase visibility and updates: X spaces, participation in The Honey Cast, explanatory videos, and reposts of community-created content.IVX also has a live series on X called "The Weekly Vol", hosted by 0xMughal, where a weekly guest from the ecosystem discusses the latest industry news, product developments, and the state of the market.Discord: Announcements are done on a frequent basis to keep the community informed about the product developments, in addition to announcing the live broadcasts that the team performs on X.The team's educational and training vocation has been highlighted since the first moment the server was launched. Continuous tutorials, videos, and learning sessions are shared with the community. COMMUNITY GROWTHSCORE = 3/5While IVX has an excellent number of followers on social media, this is sometimes not reflected in how its community interacts with them. The Discord community is also quite large, with over 17,200 members. However, in a preliminary assessment we conducted on February 1, 2025, it had approximately 18,100 users, which represents a loss of 877 users on the server, representing a 4.84% decrease.However, it is worth highlighting the presence and continued support of the IVX team for users in said Discord channel.Analyzing the project X account with LunarCrush, regarding the number of followers, since the account's inception, it has seen a steady increase, with some plateaus in some months:However, if we analyze the account's behavior since the beginning of the Berachain mainnet, we can see that it had a peak of over 48,341 followers, falling to 47,601 followers on the day we prepared this report, having lost 740 of them, which represents a loss of approximately 1.53%:On the other hand, analyzing the account with TweetScout, we can see that 29% of its followers are or could be bots, which is a high percentage (around 13,821 followers). Still, the number of "non-bot" followers is very high and acceptable for this type of project (around 33,839 followers).Sources:LunarCrush: "@ivx_fi" - LINKTweetScout: "@ivx_fi" - LINK ENGAGEMENT LEVELSSCORE = 3/5DiscordThe Discord community is active, and the IVX team responds quickly to user inquiries.Most of the discussion revolves around the project's mainnet possibilities, token integration, and earning $BGT.While communication is fluid and the team is always present, having analyzed the "General" channel over the last 10 days (03/26/25 to 04/04/25), of the more than 17,000 users, 125 have interacted with the project, representing 0.73% of the total number of users.Like most projects in the Berachain ecosystem, IVX has successfully gamified its community both during the testnet period and after the mainnet launch.In this sense, throughout its history, the project has implemented various initiatives to keep the community united: educational campaigns, Q&A sessions (AMAs), role distribution on Discord, raffles and giveaways, X spaces, Kahoots, poker nights, karaoke, trading competitions, among other activities.Community interaction fluctuates, with peaks and periods of greater inactivity.The IVX team also posts regular product and collaboration announcements on the Discord server through dedicated channels, as these messages can be easily accessed without having to sift through thousands of messages from past activity.X accountRegarding X's account, engagement levels have had very marked peaks throughout the history of the project, with the event with the greatest interaction being the launch of its NFT "Vol Surfers" on 12/23/24.If we look at post-mainnet activity, engagement peaks around the launch of their products and the announcement of their IDO on Ramen.Source:LunarCrush: "IVX engagement" - LINK TRANSPARENCYSCORE = 5/5IVX is highly transparent with the community on:Product offering.Partnerships.The Weekly Vol (series)The announcements on the updates are frequent and are posted both on Discord & X. They actively reward the community with their partnership offerings and IVX Discord roles really do matter when it comes to securing WL allocations & other rewards.Overall, a very strong and robust channel of communication for loyal IVX believers and power-users is in place. IVX is a core DeFi offering within the Berachain ecosystem and the core target audience is very different from other native Berachain projects, but yet IVX has able to gain a handsome following on their X as well as Discord server.SECTION 3 - FINAL SCORE: 16/20 SECTION 4: SECURITY & RISK ASSESSMENTSECURITY AUDITSSCORE = 5/5Since 2023, the project has been auditing its SCs (Smart Contracts), hiring companies such as Guardian Audit and Chaos Labs.Recently, between November and December 2024, they have carried out the last audit of their SCs with the Sherlock company, having obtained the following result: All the problems found have been solved by the IVX development team. REGULATORY COMPLIANCESCORE = 2/5The project has added the Terms and Conditions for use of the platform to its application when operating with Perps.These terms and conditions restrict operations from the United States of America and other restricted territories.Section 10 of the Terms of Use document is referenced, but is not publicly available.No other important legal or about compliance information is mentioned. RISK IDENTIFICATIONSCORE = 3/5As a derivatives trading protocol, the risks involved in this activity are numerous:Technical Risks:Market Volatility and Execution RiskSmart Contract RisksOracle Failures and Pricing Inefficiencies Financial Risks:Liquidity RisksPool ImbalancesMarket Manipulation ConcernsOptions-Related: Gamma RiskTransparency and Risk Disclosure No discussion of these risks has been found in the project public documentation.Much of the project's technical information and risk management is posted on the "Technical Updates" channel on their Discord server.Source:Discord: "Technical Updates channel" - LINK CONTINGENCY PLANSSCORE = 3/5We could understand contingency plans as the concepts and parameters outlined in the Chaos Labs report called "IVX Mechanism Review," which we have had access to (but which has not been published by the project on its social media). They have only published a summary in the Technical Updates channel on their Discord.It explains certain general risk mitigation strategies, such as implementing position sizing, limits, and requirements, establishing specific margin requirements and leverage limits.The project also conducts periodic security audits and monitoring.However, we believe it is necessary to provide more and more official information to users through their social media channels or published documents.SECTION 4 - FINAL SCORE: 13/20 SECTION 5: CREDIBILITY, LEGITIMACY & QUALITYPROJECT AND TEAM BACKGROUNDSCORE = 5/5The IVX core team is made up of:Bobdbldr: Founder, Engineering background, previously BMW, contributed to other derivative protocols (Dopex and Y2K).0xMughal: COO, Medical background, (Doctor), content creator, doxxed and have 4 years of Crypto education publically online in written and video form.The project core team is completed with:0xMad: CTO, lead engineerMoh: Community Lead, Business background PROJECT HISTORYSCORE = 5/5From the moment they started posting on their X account on 08/14/23, IVX has been known for informing and educating the community about their product.This is demonstrated by the numerous videos and tutorials they have published over time, such as the X Spaces coordinated by 0xMughal.On 05/03/24 they announced the launch of their product on the Aartio testnet, which could only be accessed through a few codes that the community was eagerly looking for.On 05/22/24 they completed their round of financing, obtaining $1.2M:Later, on 06/21/24 they launched the testnet on Bartio, this time open to the general public from the beginning.On 12/23/24 the minting of their NFT: Vol Surfers took place, which sold out in practically 2 hours. On 02/10/25, they launched their LEVO product on the Berachain mainnet.On 03/21/25 the first reward vault request for IVX through IVLP has been submitted.The Pre-Voluntary Deposits campaign was launched on March 25, 2025. The campaign closed on March 28, 2025.On 03/28/25 their product "Diem" was launched on Berachain mainnet.In turn, throughout this history, the project has made numerous partnerships and collaborations with other protocols in the Berachain ecosystem.Sources:X Post: "IVX on Artio announcement" - LINKX post: "IVLP live on Bario" - LINKX post: "Seed round announcement" - LINKX Article: "Introducing LEVO" - LINKX post: "reward vault request" - LINKX post: "Pre-Voluntary deposits live" - LINKX post: "DIEM live" - LINK REPUTATION IN THE ECOSYSTEMSCORE = 5/5Since the seed round fundraising, the team have demonstrated a good relationship with main projects on Berachain ecosystem endorsing their strong reputation and credibility. They receive investment by:Reffo - Puff PawBeartic - KodiakJanitor - The Honey JarAmong other important players in the sector.In fact, it has the category of Strategic Partner with THJ, which puts it in contact and relationship with a wide sector of the Berachain ecosystem:Sources:X post: "Seed round announcement" - LINKTHJ Partners Ecosystem - LINK PARTNERSHIPS AND COLLABORATIONSSCORE = 5/5Since its inception, the project has made numerous partnerships and collaborations with different projects, for example:THJ = strategic partner.D2 = automated options strategies.Puffpaw = collaborations.Kodiak = Liquidity.Chaos Labs = Security audit.Beraborrow = Composable Yield Generating Strategies.Pandabera = Genesis farming.Symmnio = Infrastructure.Smilees = gBERA as liquidity keystone.Ramen = Launchpad for its IDOHenlo = Vol Surfer holders received Henlo points.Examples: IVX x Symmio - LINKIVX x Smilee - LINKPanda Bera x IVX - LINKIVX x Beraborrow - LINKSECTION 5 - FINAL SCORE: 20/20 RATING RESULTSThe project has a convincing value proposition, good integration with Berachain, and a good tokenomics structure. Social media presence is active with peaks of activity, and security is well-managed.This report has been prepared with information provided by the S&P team of Contributors: Executive Producer: Assessment date: 01/02/25 - Updated: 04/04/25DisclaimerWhile S&P doesn't guarantee absolute protection against scams and rug pulls, it is a valuable tool for navigating the Berachain ecosystem with enhanced security.

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