IPOR v2: Multiple Protocol Upgrades, New ETH Rate Markets, and Yield Opportunities
The rolling IPOR Protocol v2 launch brings massive DApp, architecture, and product upgrades, setting the stage for LSD-based derivatives and structured products.
Today, we’re thrilled to announce the launch of IPOR v2 on the Ethereum mainnet.
The major upgrade moves the Protocol one step closer to realizing the vision of becoming the Credit Hub of DeFi, offering a suite of innovative yield-focused and rates derivatives trading products.
The v2 highlights include:
- Updated DApp interface for better usability and performance where users can choose their APR with one click.
- Venturing into LSDs with a new pwIPOR-incentivized stETH pool.
- Extended term structure with 2-month and 3-month swap contracts now available.
- Spread model upgrade for improved trading experience enabled by a new risk engine, risk oracle, and upgraded AMM pricing based on pool exposure.
- Upgraded infrastructure, enabling faster future product and feature upgrades.
- Fully audited codebase.
All are now available at
➡️ app.ipor.io ⬅️
NOTE: If you are providing liquidity or have an open swap in v1 — no action is required on your side.
🔶 Updated DApp Interface
The new IPOR DApp front-end is aligned with the latest UI/UX best practices in DeFi for a smooth user experience. It features an updated navigation bar, page structure, and numerous usability improvements to help liquidity providers (LPs) and traders quickly find what they are looking for and efficiently interact with the Protocol.
Users can now select an APR that matches their yield goals and zap into it with a few clicks.
🔶 The IPOR stETH Pool and Stake Rate Swaps
Since IPOR liquidity mining launched in January 2023, IPOR has consistently offered some of the top stablecoin yields in DeFi to USDC, USDT, and DAI LPs. With the launch of the stETH pool, IPOR is moving into native crypto assets territory, presenting new yield boosts to stETH LPs.
Users holding ETH, wETH, or stETH can now head to the IPOR DApp, deposit, and earn Lido staking yield plus pwIPOR liquidity mining rewards. Just like in the case of the stablecoin pools, delegating pwIPOR to your ETH liquidity mining position can provide significant APR boosts.
The IPOR ETH pool is initially capped at 6500 stETH (∼$10m). Liquidity mining rewards are already being distributed to pool LPs.
🧑🌾 To start liquidity mining in the IPOR stETH pool, go to: app.ipor.io/deposit/steth
Opening the stETH pool is the first step toward launching the Stake Rate Swap (SRS), enabling users to exchange fixed for floating ETH staking rates for up to 3 months. Users will be able to trade exposure against the Lido stETH rate across multiple tenors.
🔶 3-Month Swap Durations
As mentioned previously, while v1 interest rate swaps could meet the flexible term structure of the DeFi credit markets, they were incredibly complex to price from the quant perspective. In IPOR v2, optionality has been removed in favor of closing with an offsetting swap. This allows for longer-term structure and better LP risk management.
With the launch of v2, swap traders can now open contracts with tenors extended to 3 months.
The extension of swap tenors significantly improves their utility for trading and hedging and sets the stage for further expansion. Next goal — 6 months and beyond.
🔶 Better Risk Management = Predictable Yield
An improved risk engine and a brand-new risk oracle complement the extended swap tenors, enabling compressed spreads. DeFi money market LPs can now get capital-efficient swap-based stable yields for less, even during periods of increased rate volatility.
Hedge your USDC, USDT, DAI, and [soon] stETH yield with an IPOR swap.
🔶 Architecture Overhaul
From a technology point of view, IPOR v2 introduces a new protocol architecture meant for future growth. It enables composability with much more modularity, fewer manual actions for users, fewer approvals, and significantly improved gas efficiency and composability.
Refer to Lukasz Muzyka’s dedicated blog post to get all the details:
🔶 Fully Audited Code
The IPOR v2 protocol upgrade has been developed following the latest DeFi security practices. Ackee Blockchain Security performed an extensive audit of the codebase.
🔷 IPOR v2.X — What’s Next?
As part of the v2 rolling launch, more products and features are expected to launch in the coming weeks and months. Each new product feature is meant to bring new utility to DeFi users from credit to leverage, seamlessly integrate swaps into structured products, and enable users to find the best risk-adjusted yields across DeFi and CeFi. Here are some of the features to be built out:
- The IPOR Stake Rate Swaps enable users to fix their ETH staking rate.
- RWA bridge tapping into yield-bearing positions to capture the top yields from either DeFi or RWA.
- Liquid Fixed Rates help users borrow from the deepest liquidity at the best fixed rates on the market.
- LP Leverage that enables IPOR LPs to loop-borrow against their liquidity positions leveraging up.
Learn more about all upcoming Protocol upgrades in Darren Camas’ “Credit Hub of DeFi” piece:
🐦 Get all the latest IPOR v2 updates on X or LinkedIn using #IPORv2.
We are looking forward to your feedback!
Listen to the launch X Space to learn more about IPOR v2’s latest products and features directly from the team that builds them.
Leave a comment below if you have any questions. Be sure to join our Discord community to receive the most relevant updates on the IPOR Protocol and Interest Rates in DeFi. Meaningful product discussions are highly valued, and spam is strongly discouraged. Be cautious, and don’t fall for impersonators.
Follow IPOR Labs on social media so you never miss a beat!
Website | dApp | Docs | Discord | Twitter | LinkedIn | Telegram | YouTube
