- International Meme Fund now holds over $55 million in user deposits, growing 180% in the past week.
- The platform supports lending with memecoin collateral, including Mog, Pepe, Joe, and its own IMF token.
- Users can borrow the USDS stablecoin against memecoin holdings and access up to 150% leverage through an automated strategy.
- The protocol advertises a high annual yield of 47% on USDS stablecoin deposits by combining DeFi vault returns and token rewards.
- The IMF token market cap has risen to $62 million, and select listed memecoins saw double-digit price gains during a market rally.
International Meme Fund, a lending platform operating on Ethereum, surpassed $55 million in deposits on July 11. The protocol enables users to deposit and borrow against select memecoins, offering new financial services for digital asset holders seeking access to capital.
The total value deposited rose 180% over the previous week, marking a substantial monthly increase of more than 400% since late June. The protocol and its IMF token launched in April, taking about a month to attract $1 million in deposits before accelerating recently.
International Meme Fund currently allows users to use Mog, Pepe, Joe, and the IMF token as collateral for borrowing Sky’s USDS stablecoin. Most lending platforms avoid volatile assets such as memecoins, but this protocol adopts a different approach. Its stated slogan is, “Bank the unbankable,” referencing efforts to expand financial services to unconventional asset holders.
The platform offers an “accelerate” feature, letting users take leveraged positions on memecoins up to 150% by employing a method called looping. Looping is a high-risk strategy where users repeatedly borrow and redeposit assets to amplify gains, and here, it is simplified with one-click automation. International Meme Fund also claims a 47% annual percentage yield on USDS deposits. This yield is generated from returns in Morpho vaults and by distributing IMF token incentives to depositors.
Currently, only four tokens serve as collateral options, but IMF token holders can vote to add more. The protocol uses a “bribe the cartel” mechanism where decisions on new listings can be influenced by major token holders. As of the most recent report, the IMF token’s market value reached $62 million after climbing 45% in just 24 hours. Meanwhile, mog, joe, and pepe coins recorded significant price increases in a broader digital asset rally led by Bitcoin.
Details about protocol audits or founders’ identities were not provided.
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