CONFIDENTIAL & PROPRIETARY © 2025 Inkwell Finance, Inc. All Rights Reserved. This document is for informational purposes only and does not constitute legal, tax, or investment advice, nor an offer to sell or a solicitation to buy any security or other financial instrument. Any examples, structures, or flows described here are design intent only and may change.
The Short Version
Inkwell Finance builds Leviathan — credit infrastructure for DeFi. We let protocols, traders, and on-chain businesses borrow against their revenue. No custodians, no token collateral haircuts, no securities. Just revenue-backed debt enforced by smart contracts across Solana, Sui, and EVM.The Problem
DeFi has no credit. A protocol generating $500K per month in on-chain fees still has to lock up 150% in volatile tokens just to borrow. That is capital-inefficient, reflexive, and broken. Infrastructure is fragmented. Revenue flows across chains. Lending protocols are chain-specific silos. There is no unified way to underwrite a borrower’s revenue on one chain, enforce policy on another, and capture repayment on a third. Most yield products are securities. Governance tokens with “staking rewards,” revenue-sharing tokens, and pooled investment vehicles fail the Howey test. Revenue-backed debt with fixed-cap returns and no upside participation is one of the few DeFi-native structures that does not.How Leviathan Works
Leviathan turns on-chain revenue into borrowing power. Here is how:Get Scored
ML models analyze your on-chain activity — trading performance, repayment history, portfolio management, volume consistency — and generate a credit score from 0 to 1000.
Receive a Credit Line
Based on your score and verifiable revenue, you receive a borrowing limit. Policy guardrails define where funds can go, daily limits, and allowed operations.
Draw Down Capital
Borrow USDC within your limits. Funds flow through policy-gated dWallets powered by Ika’s 2PC-MPC — cryptographic enforcement ensures capital goes only to whitelisted destinations.
No tokens locked as collateral. No liquidation cascades. Your revenue is your collateral.
Four Products, One Infrastructure
Leviathan serves different users through four channels. All are built on the same core: Ika dWallets, policy enforcement, ML credit scoring, and revenue oracles.Credit Line
Self-serve revenue-backed borrowing. Get scored, get a credit line, draw down capital within policy limits.
Revenue Marketplace
Institutional channel connecting accredited lenders with borrowers through SPV-wrapped, compliance-aware deals.
Embedded Lending
White-label SDK for protocols. Embed lending into your UI — capital stays caged to your protocol via function-level gates.
Prime Brokerage
Multi-protocol margin accounts for professional traders. Policy-gated dWallets across multiple whitelisted protocols.
Built Different
Non-custodial by design
Non-custodial by design
Ika’s 2PC-MPC dWallets mean no one — not even Inkwell — can unilaterally move borrower funds. Policy enforcement happens at the cryptographic level, not the trust level. There is no hot wallet, no multisig with an insider majority, no “emergency admin key.”
Revenue over collateral
Revenue over collateral
We underwrite cash flow, not token holdings. No liquidation spirals triggered by oracle manipulation. No reflexive collateral crashes. Revenue is stable, verifiable, and chain-agnostic.
Debt, not equity
Debt, not equity
Lenders receive fixed-cap returns. No governance tokens, no upside participation, no profit-sharing. This is a loan — not a security. The structure is designed to satisfy the Reves test and align with Kirschner v. JP Morgan precedent.
Multi-chain native
Multi-chain native
Solana runs the lending programs. Sui enforces policy through dWallets. EVM chains capture revenue. Each chain does what it is best at — this is not a bridge, it is purpose-built multi-chain infrastructure.
Technology
| Layer | Chain | Role |
|---|---|---|
| Core Lending | Solana | Loan origination, pooled lending, credit scoring, transaction verification — four Anchor programs |
| Policy Enforcement | Sui | Policy-gated dWallet operations, destination whitelisting, signing gateway via Ika 2PC-MPC |
| Revenue Capture | EVM | RevenueSplitter contracts for automated revenue splitting and loan repayment |
| Off-chain | — | ML scoring pipeline, revenue oracles, keeper automation, backend services |
| SDK | — | @leviathan/sdk — unified TypeScript bindings across Solana and Sui |
Current Status
As of March 2026:
- Four Solana programs deployed (leviathan-core, leviathan-pool, leviathan-score, leviathan-verifier)
- Full web application live (supply, borrow, credit reports, positions, leaderboard)
- ML credit scoring pipeline operational
@leviathan/sdkpublished with SVM and Sui bindings- Internal security review completed across all programs
- Active pipeline with DeFi protocols