Impermax creates a permissionless lending market where liquidity providers can use their LP tokens as collateral to borrow the tokens in that pair. This largely solves the problem of impermanent loss. Lenders can indirectly provide liquidity to the AMM and 2 earn a yield by lending tokens to a borrower with no risk of LP token devaluation. It also allows borrowers leverage on LP tokens. Borrowers who are more comfortable with risk can borrow assets to lock up for even more LP tokens, allowing leverage on their yield. With this solution, Impermax is aiming to become the world’s top lending marketplace based on LP tokens.
1.3.1 Novel Solutions The Impermax lending market is built around two innovations. The first is its unique economic architecture, which keeps all lending pair pools separate. This means that if a borrower’s position is liquidated in one pair, the other pairs will not be affected. The second novel structure is the collateralization model. Instead of using a loan-to-value calculation for collateral, Impermax uses a parameter called “safety margin” to reduce the required over-collateralization and provide much higher leverage than similar current designs.
1.3.2 Productization The first supported AMM will be Uniswap V2 and will include every pair on the platform. Uniswap V2 has about $1.6 billion USD worth of LP tokens which will immediately be available for use. Other AMMs will follow. Impermax x Uniswap V2 core The core contracts are composed of a Factory, a Price Oracle, and many Lending Pools. Anyone can create a new Lending Pool through the Impermax Factory in a permissionless way. This is possible because all Lending Pools are isolated. If a borrower is liquidated in one Lending Pool, then the other Lending Pools will not be affected. Certain tokens like ETH will be borrowable in multiple Lending Pools. Lenders will be free to choose in which one they lend their ETH, and we should expect the ETH interest rate to be different across them. This is a great way for both borrowers and lenders to better manage their risks.
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