IMF User Manual

The official International Meme Fund handbook.

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IMF is a credit business built on Ethereum.

International Meme Fund (IMF) offers lending markets for assets ignored by traditional DeFi. The IMF vault accepts USDS from lenders and issues loans to borrowers against volatile collateral.

There is no DAO. There are no proposals. IMF is not governed…it is owned. $IMF is a takeover token, held accountable by the Salutary Standard. Whoever holds enough, controls it.

This is credit coordination for the chaos era.

Taglines:

  • Loans for the longtail
  • Crypto’s lender of last resort
  • Bank the unbankable

How It Works

Borrow

Use your tokens as collateral to borrow USDS. Each token has its own isolated market with its own loan-to-value (LTV) and oracle.

  • Collateral: Supported tokens (eg. PEPE, MOG, SPX, JOE, REKT, CULT, BITCOIN, IMF, wstETH)
  • Loan Token: USDS
  • Interest: Paid to lenders
  • Liquidation threshold: Liquidateable Loan-to-Value (eg. 77% LLTV) displayed per asset

Steps:

  1. Deposit your collateral
  2. Borrow USDS up to 50% LTV (frontend throttle)
  3. Maintain a healthy position to avoid liquidation
  4. Repay anytime to reclaim your collateral

Interest Rates:

IMF vaults use Morpho’s Adaptive Curve Interest Rate Model, which adjusts rates dynamically:

  • Interest rises as utilization increases (above 90%)
  • Interest falls as utilization drops (below 90%)
  • The model slowly adapts over time to keep target utilization near 90%

This keeps yield responsive and real.

Liquidation Mechanics:

Your position is protected by a Safety Margin:

  • Safety Margin of 0% → your position is eligible for liquidation
  • A liquidator sells your collateral and repays your debt (for a small bonus)
  • Rule of thumb for Safety Margin % is: 1 - ( LTV / LLTV ) * 100

Risks:

  • Price volatility
  • Oracle failures
  • Smart contract risk
  • Liquidation in downturns

Accelerate

Accelerate is a one-click leverage feature. You deposit a token, borrow USDS against it, and the protocol auto-buys more of the same token and re-deposits it as collateral. Net result: you’re ~150% long at ~33% LTV (~57% safety margin for a 77% LLTV).

Use cases:

  • Get more exposure without extra capital
  • Stay long while unlocking extra liquidity

Risks:

  • Liquidation due to over-leveraged exposure
  • Swap slippage

Amplify

Amplify turns idle tokens into productive assets without “selling.” Deposit a single token, and IMF auto-deploys it into a concentrated Uniswap v3 LP against USDS.

What happens:

  • LP fees earned from real trades
  • USDS streamed out to fund the vault
  • Profit takers become lenders

Who it’s for:

  • Treasuries and whales looking to earn without “selling”

Risks:

  • Impermanent loss
  • AMM volatility
  • Contract risk

Lend

Deposit USDS into the IMF vault and earn real yield from borrowers. Vault is built on Morpho with isolated markets per token.

Details:

  • Asset: USDS
  • Counterparty: Morpho vault
  • Interest source: Borrowers
  • Performance fee: 10% taken from borrower-paid interest

Steps:

  1. Deposit USDS
  2. Matched to borrowers via Morpho
  3. Earn interest minus IMF’s cut
  4. Withdraw anytime (subject to liquidity)

Risks:

  • Smart contract
  • Market & liquidation events
  • Oracle feed problems

Business Model

IMF earns revenue in multiple ways:

  • Performance Fees: 10% of borrower-paid interest
  • Amplify Fees: 0.01% on swaps routed through Amplify
  • Trading Fees: 0.3% on IMF token trades
  • Yield: Treasury earns ~10–20% from lending idle USDS
  • Market Gains: Treasury goes long on select tokens
  • ETH Staking: Treasury accumulates wstETH as collateral to loop borrow/lend spread

Treasury may also buyback $IMF to fund reward campaigns and support market making.

$IMF Token

$IMF is not a governance token. It’s the first legally enforceable on-chain takeover asset, governed by the Salutary Standard.

  • Control = Ownership
  • No voting. No proposals. No governance theater.
  • Whoever owns a threshold amount (eg. 33%) owns IMF.

Tokenomics

Category Share Allocation Description
Investors 20.91% 6,900,000 Initial public presale distribution
Treasury 20.00% 6,600,000 Protocol growth and IMF ecosystem support
Lenders 20.00% 6,600,000 Rewards for lenders to bootstrap USDS lending
Liquidity 10.25% 3,382,004 Various liquidity positions deployed to AMMs
Borrowers 10.00% 3,300,000 Rewards for depositors to bootstrap USDS borrows
Airdrops 10.00% 3,300,000 Community contribution retroactive rewards
Team vesting 8.84% 2,917,996 Vesting plans managed via Hedgey finance
TOTAL 100% 33,000,000 Maximum total supply (non-mintable)

Why IMF?

$IMF is not just exposure to the protocol. It is the protocol.

Owning $IMF means owning the infrastructure that underwrites millions in credit, captures real yield, and “governs” nothing, but controls everything.

Here’s why IMF is worth taking over:

  • Built-in business model
    IMF earns revenue from real borrowers paying real interest. No inflation gimmicks, no mercenary yield farming. The protocol generates borrower-paid interest, swap fees, and LP yield.

  • Clear path to upside
    Protocol revenue flows to the Treasury. $IMF buybacks from treasury. Supply shrinks while protocol value grows. Owning $IMF today means owning a larger share of a more profitable machine tomorrow.

  • Underserved market with first-mover advantage
    Most tokens, especially memecoins, have zero access to credit. IMF lists them, collateralizes them, and absorbs their volatility. That’s not a bug, it’s the business model. As more tokens go live, and more degens borrow instead of sell, IMF becomes the backbone of the longtail.

  • Tokenholders capture it all
    Treasury, dealflow, and protocol fees flow to $IMF through market capture, buybacks, and accumulation. Just 33% of the token supply is enough to own the machine. Vaults, fees, LPs, and all.

  • Already live and working
    No roadmap hopium, no vaporware. IMF vaults are live, deployed on Morpho, supporting tokens like PEPE, MOG, JOE, SPX, IMF, REKT, BITCOIN, CULT and wstETH. As of August 2025, TVL exceeds $150M across 9 markets, with daily volume and real user flow. It’s not an idea, it’s operational.

  • Fully aligned with risk-takers
    There is no DAO, no bureaucratic committee, no governance theater. IMF is controlled by whoever takes the risk and accumulates the token. Conviction is the mechanism.

In short:
$IMF is a high-conviction bet on a functioning credit protocol with real revenue, longtail market dominance, and takeover-enabled tokenomics.

The next wave of yield won’t come from ponzinomics.

  • It’ll come from credit.
  • IMF is already underwriting it.
  • $IMF gives you the keys.

Next Steps

You’ve made it this far, which means you already see the bigger picture.

IMF is live, liquid, and lending. The vault is open. The token is trading. The play is underway.

Whether you’re looking to borrow, accelerate, amplify, lend, or accumulate ownership of the machine itself, the system is ready.

Credit coordination for the chaos era.
Let’s get to work.

IMF FAQ

Borrowing & Lending

How are APR & APY calculated?

Morpho’s interest rate model targets 90% utilization.

  • >90% utilization → APR rises
  • <90% utilization → APR falls

How does the utilization rate go down?

When borrowers repay or when more USDS liquidity enters the market, the utilization rate goes down.

Does borrow APR rise indefinitely if no one repays?

Yes, until utilization drops below 90%.

How does USDS get allocated to a borrow market?

USDS allocation is based on the liquidity of each token. More liquidity means more potential allocation to a market.

Liquidations

What’s the health factor?

Your health factor shows distance from liquidation (which happens at 77% LTV). When it reaches 1.0, liquidation occurs.

Can I monitor market health/potential liquidations?

Yes. You can find all the information at the Stats Dashboard.

What happens after liquidation?

Collateral is seized by the liquidator.

Can I repay loans with collateral directly?

No. You must withdraw and sell your collateral for USDS to repay.

Collateral & Listings

How do new tokens get listed?

Tokens with sufficient liquidity and demand for a borrow market will be listed by the IMF.

Can lenders get rugged?

IMF’s risk curator allocates borrow limits to prevent bad debt from accruing in the system. These measures protect lenders.

Will more Merkl rewards be distributed?

Rewards were for bootstrapping growth and now that the business has matured, those rewards are no longer required.

Salutary / BFW

What is Salutary/BFW?

A new token standard that makes $IMF an enforceable business takeover token under Singapore law & New York Convention.

What does this mean for minority holders?

Even without a 33% controlling stake, minority holders carry weight. Their ability to coordinate, apply pressure, and influence outcomes keeps management and decision-making aligned with tokenholder interests. This ensures that value is not captured only by the largest holders but maintained across the market.
Salutary is what allows institutions to participate. Institutional participation increases liquidity, demand, and credibility. Insitutional involvement bolsters the strength of the $IMF ecosystem.

What happens if someone accumulates 33%?

An M&A (mergers and acquisitions) process begins. This process is backed by international business laws. The business will transfer control to the acquirers.

What stops a bad actor from accumulating and rugging the treasury?

Salutary also acts as an enforcer protecting minority holders. If someone wants to liquidate the treasury, they would have to put the amount of stables equal to everyone else’s token’s value into a vault.
Anyone who was a holder can now come and claim their tokens value in stables.

Fees

What is the performance fee?

10% of borrower-paid interest.

Who pays the performance fee?

Lenders (borrowers do not).

What is the fee used for?

To fund protocol growth and buybacks.

Features

What is Accelerate?

Accelerate bundles the entire IMF lending protocol into one button. It supplies the collateral of choice, borrows at 50% LTV, buys more of your token and redeposits to reduce your loan’s LTV to 33%.

If I use accelerate, how much does my collateral have to drop before I get liquidated?

Your token has to drop 57.14% for you to get liquidated using Accelerate.

What is Amplify?

Amplify lets you DCA out of your tokens without manually selling. You deposit your tokens as liquidity for buyers. As the token price rises, your tokens are gradually sold for USDS. That USDS is then automatically moved into the lending pool, where it earns yield by being borrowed.

What are the risks of Amplify?

The risk of Amplify is capped upside: as the token price goes up, you lose exposure to the token.

Does Amplify show up as a ‘sell’ onchain?

Amplify does not show up as a sell on chain, only as a supply liquidity and remove liquidity.

Oracles

Where do prices come from?

Our oracle provider is DIA. Dia aggregates both onchain and CEX price feeds like Binance, Coinbase and Uniswap.

How often are they updated?

The oracle update based on DIAs MAIR: Moving Average with Interquartile Range Filter every 2 minutes.
Read more about it here: https://www.diadata.org/docs/nexus/reference/pricing-methodologies/mair-moving-average-with-interquartile-range-filter

Does the oracle have a timelock?

No, the oracles proxies are behind the IMF multisig and do not have a timelock for safety reasons.

Token Supply

What’s the circulating supply?

33M $IMF.

Any buybacks?

There are no buy backs for $IMF planned right now. However, there may be buy backs in the future.

When was IMF launched?

V1: mid-2024
V2: May 6, 2025

Voting

What about voting?

The voting mechanism was a good experiment and requires fine tuning before being reimplimented.

More

Where can I ask more questions?

If you still have unanswered questions, ask in our community chat and one of our collaborators will help answer.
https://t.me/intlmemefund

Contracts

Tokens (Collateral)

  • MOG: 0xaaeE1A9723aaDB7afA2810263653A34bA2C21C7a
  • PEPE: 0x6982508145454Ce325dDbE47a25d4ec3d2311933
  • JOE: 0x76e222b07C53D28b89b0bAc18602810Fc22B49A8
  • IMF: 0x05BE1d4c307C19450A6Fd7cE7307cE72a3829A60
  • SPX: 0xE0f63A424a4439cBE457D80E4f4b51aD25b2c56C
  • REKT: 0xdd3B11eF34cd511a2DA159034a05fcb94D806686
  • BITCOIN: 0x72e4f9F808C49A2a61dE9C5896298920Dc4EEEa9
  • CULT: 0x0000000000c5dc95539589fbD24BE07c6C14eCa4
  • wstETH: 0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0

Credit (Lending)

  • USDS: 0xdC035D45d973E3EC169d2276DDab16f1e407384F
  • More to come…

IMF Token (Cross-Chain)

  • Ethereum mainnet: 0x05BE1d4c307C19450A6Fd7cE7307cE72a3829A60
  • Base L2 (bridge): 0x5C5B1DE218f86f00Fa547ac4f70DA2C39BB8A039
  • Solana (bridge): GgtzR8GGmK8iMHtV3nU6S9RaqWvDy7wpZECzMUXXkDT8

V2 Protocol (Active - Ethereum Mainnet)

  • Morpho Market: 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb
  • Morpho IRM: 0x870aC11D48B15DB9a138Cf899d20F13F79Ba00BC
  • IMF-USDS: 0xdef1Fce2df6270Fdf7E1214343BeBbaB8583D43d
  • MOG Oracle: 0xa022aDB8C6bD4c25325A662cB928570a8e3966b4
  • PEPE Oracle: 0xad44b8257fb730e7344bcbe2908679324bd4dcf0
  • JOE Oracle: 0x8EE090A8486F40E059B61d23A9Ae9302508Acbbc
  • IMF Oracle: 0x82f0952DbB57d5a0b77Dc39A209D699a4584dFcd
  • SPX Oracle: 0x1913Bfde837324ef2e5B6b2A8017D7C661a538aB
  • REKT Oracle: 0x50ca523eEB5aED11C3A74F730dE82Aea9bD04d78
  • BITCOIN Oracle: 0xD131B09707A4a9D7Ce7c74D454d6Ae335e9955Fd
  • CULT Oracle: 0x851D005673a4BfD00B59eDe31424cD8BeB679CeF
  • wstETH Oracle: 0x871B119C40d512AD3839c7F15456d4717be8F12C
  • Pump: 0x2c17b87180ea16EaB0c67920F876AcE502d4316A

V1 Protocol (Deprecated)

  • MONEY token: 0xb162caa6b63de33edc5d0a14b901fb6a54ee6b8f
  • sbIMF token: 0x3215c358b7a70c09e0a98827f744d107095e14e4
  • PEPE/MONEY Uniswap v3 LP: 0x210264fbcf553aa2e74a2c97e38aa1da237f30dd
  • IMF/MONEY Uniswap v3 LP: 0xe139cb8643897e28ad9dccf488151b6b55668ec2
  • IMF Money Markets: 0x30F75834cB406b7093208Fda7F689938aCBD1EeB
  • Interest Rate Model (V1): 0xec39c6dF7947f2A4923d317B2805e41ed9116ecB
  • PEPE/MONEY Oracle (V1): 0xB97b916436E4a3B0aEA6c6be2419c636D368035D
  • MONEY/USD Oracle (V1): 0x66099a17C21a8dF6d949A704F484d544B81fdE1C

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