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IPOR Fusion · USDC ethereum · IPOR USDC Lending Optimizer Ethereum
evidence grade BDue-diligence report: complete, dated, with a digest anybody can check
One thing worth a look
Patterns in this vault’s record that have more than one explanation.
What these are
None of them lowers its grade and none of them is a finding of wrongdoing, a ledger cannot separate the readings below, and neither can we.
- 26 transactions both deposited and withdrew, moving 56× the vault's own size.
- Equally consistent with: An aggregator routing liquidity through this vault, or a rebalance executed atomically. Both look exactly like this in a ledger.
Measured over the last 30 days, as of 2026-10-28 13:39 UTC. A pattern that stops is cleared rather than left standing.
Taking money
—
TVL
$262.7k
Return
0.2%
over its recorded history, partly reconstructed
The venue advertises
5.0%
the share price implies 3.4% over 29 days, from 127 readings
An outside source reads
Performance
Recent
—
30d · 90d
Max drawdown
<0.1%
peak to trough
Sortino
—
return per unit of downside risk
Volatility
—
annualised, from daily returns
The record behind these figures
History
21d
over 116 readings from one source. The record below is longer: 175 readings in total (123 watched, 52 reconstructed), and the metrics use one source family rather than mixing them.
Record begins
2026-10-01
the day this vault began has not been read, so how much of its life the record misses cannot be said
Record rests on
Grade B
The whole record is grade B.
Confidence
6%
in these metrics
Six risks, read separately
The same six across every vault we scoreSix risks, read separately
Strategy risk band Moderate
SEVERE liquidity risk on this vault, against an overall band of moderate.
How this is read
Due-diligence report
- Complete: the sections withheld online
- Issued: a digest anybody can check with us
- Dated: every figure with when it was read
- Portable: one file for a committee or a file
This vault's size is proved against its own contract
The contract holds 262,915.9 USDC, read from the chain by its token. At the price we publish that is $262.7k, against the $262.7k shown above.
How this is read
Only half of this is ours. The quantity comes from the contract and can be checked by anybody; the price comes from defillama:coins, so a wrong price would move both figures together and this would still agree.
The advertised rate has been moving
Over 27 daily readings it has ranged from 4.21% to 6.95%, averaging 5.11%. The tile above shows today’s quote alone.
How this is read
27 readings is 27 days, not a year: all recorded by us, which we began on 2026-10-01. The window grows with the record rather than standing in for a longer one.
What the two rates each cover
The published ratio divides the realised rate by the rate this vault quotes TODAY. Over 27 of the 205 days the return covers we hold its own quotes, it advertised between 4.21% and 6.95%, averaging 5.11%, and today's quote is an ordinary one for this vault. Against the average it quoted, the realised rate is 66.96% of it. We hold no quote for the rest of the window, so this says what the venue was advertising while we watched and not across the whole return.
quoted range 4.21% to 6.95%mean 5.11%today 4.96%realised 3.42%
of the 205.1666666666667-day window:27 days we recorded0 from the venue’s history178.1666666666667 with no quote held
Much of this vault is held by people who are also in others
40.1% of the capital we can attribute here, or $105.5k, belongs to 34 addresses that also hold an open vault elsewhere, the deepest of them in 110. They can leave all of them on the same morning.
How this is read
The concentration figure further down is about this vault alone and cannot see this. Dollars are each holder’s share of supply times the vault’s size, so this inherits both readings.
How much could leave, by amount
Your position
Pick or type an amount to weigh it against both: what the venue says could leave now, and the largest single withdrawal anybody has made here.
How you get outNo notice periodread 2026-10-24
The contract imposes NO notice period: a redeem settles in the transaction that asks for it.
How this is read
That is not a promise of an instant exit — it is still subject to the vault having the money, which is the liquidity reading and a separate question — but there is no queue, no request step and no lock-up in the contract.
There is no exit capacity to read here, and that is the contract rather than a gap in our reading. THE CONTRACT HAS NO EXIT CAPACITY TO READ, and that is a fact about the contract rather than a gap in our reading. Asked what a holder who demonstrably holds shares could withdraw, it returned their whole holding converted, with no liquidity cap inside the answer. Asking again returns the same thing and so would any other reader: there is no figure here that measures what the vault could actually pay.
Value and drawdown
Range
Hover for values. Upper: vault value, with BTC indexed to the same starting capital. Lower: how far below its own peak it was.
The rate, and the seven things that qualify it
A quoted rate is one input, not a verdict.
- Current quoted rate
- 5.0%
- Rewards inside that rate
- 0.0%of it is a reward rate
- Realised return
- 3.4%over 29 days
- Fee basis
- Inside the share price
- Withdrawable nowweakens it
- $11.2k4.3% of the vault
- History quality
- 127readings
- What it depends on
- 29
Share price and yield
Realised yield is the share price's own 30-day return, annualised, with no smoothing.Range
What one share is worth, in USDC.
How this is read
It moves only when the strategy earns or loses; deposits do not move it.
Realised, trailing 30dAdvertised, recorded by us
Range
Solid: what a holder got.
How this is read
Dashed: what the venue advertised, all recorded by us, which we began on 2026-10-01.
If you had deposited
$10.0k would be $10.1k , a gain of $80.53, 0.8% over 87 days.
Priced from our first reading 3 days after that date; 2026-08-02, because it is the earliest price we hold rather than one we would have to invent.
How this is read
Computed from the price of one share, so another depositor arriving is never counted as this strategy’s performance. Fees the venue charges inside the share price are included; anything charged outside it is not. It says what this vault did between two dates and nothing whatever about what it will do next.
No strategy has been declared for this vault
Everything above is reconstructed from public data. A declaration is free, signed from this vault’s own key, and cannot be edited afterwards.Note 28
Evidence
What a risk decision about this vault can rest on
Six questions, and what we hold for each. 1 of 6 is not measured for this vault.
| Source mark | Question | What we hold | Source |
|---|---|---|---|
| What does it hold or lend into? | USDCThe venue names a deposit asset. What the vault actually holds behind it has not been read. | Declared | |
| How much could leave now? | at least $11.2k idleOnly the unlent part is known, so this is a floor: at least this much can leave. Idle is not withdrawable, and a queue, a cooldown or a cap can stand between them. | Inferred | |
| Who runs it, and what else have they run? | IPOR Fusion |
Passport
Identity
Vault contracte5a2f2e1…991cff5c
NetworkEthereum
Platform
IPOR Fusion
Operator
IPOR Fusion
IPOR FusionDeposit assetUSDC
Created on-chain—
First observed by us2026-10-01
Status
What the manager moved
read 28 October 2026, over 30 days155 transactions moved assets on the vault’s own account, across 3 tokens.
Counted as manager activity because the transaction carried neither a deposit nor a withdrawal. 53 further transfers travelled with somebody’s own money and are not counted here. A transfer is not a trade: this says the contract acted, not that it acted well.
Who is in it, and what moved in and out
Ledger read 3 hours agoAnalyst tier
Who is in this vault, and what moved in and out
Locked here: every depositor we read with their share of the vault, the largest single wallet, and the ledger of each deposit and withdrawal. A vault that is eighty per cent one depositor is a vault whose price can be reset by a single withdrawal, and whose headline TVL says almost nothing about whether anyone else believes in it.
See what unlocksAlready a customer? Sign inWhat is still missing
What this page cannot show yet, and why.
What they are
- Operator cohort. We show what the venue still exposes; strategies deleted before we began observing are invisible, and only pre-registration can make a cohort provably complete.
- Gross-to-net waterfall. Returns are venue-reported and not yet decomposed into fees, funding and slippage.
- Off-chain exposure. Anything held on a centralised exchange is invisible to us, so the risk shown is a floor.