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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.

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General Questions

Leviathan is the Universal Credit Layer for ALL On-Chain Revenue — private credit yields from any chain, with non-custodial enforcement.Inkwell never lends. We are the enforcement + liquidity layer. Lenders provide capital directly through the protocol; Inkwell provides the infrastructure that makes repayment trustless and institutional-grade.Current Status (March 2026):
  • ✅ Solana programs built and operational (core lending, pooled lending, credit scoring, verification)
  • ✅ Full app live with Supply, Borrow, Credit Reports, Positions, Leaderboard
  • ✅ ML credit scoring pipeline operational
  • ✅ Technology validated on testnet with Ika ecosystem partner
  • ✅ Full Sail (Sui-native DEX) MOU and LOI signed (primary pilot partner)
  • 🔄 First funded loans via parallel SPV ($5-10M)
Revenue-based financing (RBF) is a type of loan where you borrow money and repay it based on your revenue performance, up to a fixed maximum cap. Unlike equity financing, you don’t give up ownership. Unlike traditional loans, your payments can flex with your revenue.Example: You borrow $100,000 at a 1.3x cap. You repay 5% of your monthly revenue until you’ve paid back $130,000 total. Then you’re done—no more payments, no ongoing obligations.
Traditional bank loan:
  • Fixed monthly payments regardless of revenue
  • Requires collateral and personal guarantees
  • Can force you into bankruptcy if you miss payments
Inkwell revenue-based loan:
  • Payments scale with your revenue (if revenue drops, payments drop)
  • No personal guarantees required (though collateral is optional)
  • Fixed cap means you know the maximum you’ll ever pay
  • More flexible during revenue fluctuations
Equity financing:
  • You give up ownership (5-20%+ of your company)
  • Investors get board seats and control
  • Investors profit indefinitely as your company grows
  • Token sales can cost 30-67% of effective raise when you factor in price impact, tax liability, and community backlash
Leviathan revenue-based loan:
  • You keep 100% ownership
  • No board seats or governance rights for lenders
  • Fixed cap means lenders’ returns are capped
  • Once you hit the cap, you’re done—lenders have no further claim
  • Zero dilution, zero community backlash
Source-Chain Revenue Capture is Leviathan’s unique enforcement mechanism using Ika dWallets (2PC-MPC).Revenue is captured at the source — before it ever reaches the borrower’s wallet — on any chain (BTC, ETH, SOL, SUI, etc.). This means:
  • No bridging required
  • No wrappers or wrapped tokens
  • No court orders needed for enforcement
  • Borrowers cannot “run away” with revenue without shutting down their protocol entirely
This is cryptographically enforced, not legally enforced — a fundamental advantage over traditional RBF platforms.
Leviathan’s defensibility rests on three layers that compound over time:
  1. Universal Enforcement — Inkwell + Ika Programmable dWallets enable native access to revenue on ANY chain with zero-trust MPC and cryptographically enforced repayment.
  2. Institutional Interface — Bank wires in/out, ISDA-style documentation, DocuSign onboarding, zero wallets/keys/gas for lenders. No DeFi team will ever match this institutional experience.
  3. Liquidity Flywheel — First to $50M in originations → best pricing data → market dominance. Winner-takes-most dynamics in credit markets.
No. Inkwell loans are structured as debt obligations with fixed repayment caps, not securities or investment contracts.You’re borrowing money and paying it back with interest-similar to a commercial loan or merchant cash advance. Lenders don’t get equity, governance rights, or perpetual revenue shares.However, this is not legal advice. Consult your own counsel for your specific situation.
Borrowers:
  • On-chain businesses (DeFi protocols, NFT projects, on-chain creators)
  • Off-chain businesses (SaaS, e-commerce, marketplaces)
  • Any business with measurable recurring revenue
Lenders:
  • Accredited investors
  • Institutional capital providers
  • Crypto credit funds
  • DAOs with treasury capital
  • Family offices

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For Borrowers

Loan amounts depend on your revenue history and the lender’s appetite. Typical ranges:
  • On-chain protocols: $500k - $10M
  • NFT projects: $100k - $2M
  • SaaS companies: $50k - $5M
  • On-chain creators: $25k - $500k
Your specific amount will depend on your revenue history, growth trajectory, and the loan terms you choose.
Common repayment caps are:
  • 1.2x - Lower cost, shorter term (e.g., 12 months)
  • 1.3x - Balanced option (e.g., 18 months)
  • 1.5x - More capital, longer term (e.g., 24 months)
Example: Borrow $100k at 1.3x cap = you repay maximum $130k total, then you’re done.
On-chain revenue: Under 3 minutes
  • Your revenue is already on the blockchain
  • Instant verification via oracles
  • Automated underwriting
Off-chain revenue: Hours to days
  • Need to connect accounting software or provide attestations
  • Manual review of revenue data
  • Standard underwriting process
If your revenue drops, your payments drop (or pause) automatically.Example: You agreed to repay 5% of monthly revenue. If your revenue is $50k, you pay $2,500. If revenue drops to $20k, you pay $1,000. If revenue drops to $0, you pay $0.The loan term extends, but you’re never forced into bankruptcy over fixed payments. You have time to recover or restructure.
No, collateral is optional. You can choose:Unsecured loan:
  • No collateral required
  • Based purely on revenue history
  • Higher repayment cap
Secured loan:
  • Provide on-chain collateral (tokens, LP positions, etc.)
  • Lower repayment cap
  • Collateral returned when loan is fully repaid
Yes! You can repay your loan early without penalty. Once you hit the repayment cap (or pay off the remaining balance), the loan is complete.Early repayment can save you money if you choose to pay more than the minimum revenue-based percentage.
Default handling depends on your loan terms:
  • Unsecured loans: Lenders may pursue restructuring or workout terms
  • Secured loans: Collateral may be used to repay lenders
  • Threshold-secured loans: Ika dWallet enforcement reduces default risk
The protocol surfaces your status to lenders, and you can negotiate restructuring options.

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For Lenders

Returns vary based on:
  • Borrower’s revenue history and risk profile
  • Repayment cap (1.2x, 1.3x, 1.5x, etc.)
  • Loan term and payment cadence
  • Whether the loan is secured or unsecured
Typical gross IRRs range from 15-30% depending on risk level.
When browsing deals, you’ll see:
  • Borrower’s revenue history
  • Requested principal amount
  • Repayment cap and term
  • Use of funds
  • Whether collateral is provided
You can filter by risk level, industry, loan size, and other criteria to find deals that match your investment mandate.
Yes, but only to other accredited investors via the secondary marketplace (coming in Phase 1).The secondary marketplace will allow:
  • Whitelisted transfers to verified accredited investors
  • Private order book for matching buyers and sellers
  • Instant liquidity for senior tranches
Retail investors cannot participate in secondary trading to maintain compliance.
On-chain loans:
  • Revenue is secured using Ika’s 2PC-MPC infrastructure
  • Repayments flow automatically to lenders
  • Non-custodial architecture prevents unilateral fund movement
  • Much lower default rates (under 2% vs. 8-15% traditional)
Off-chain loans:
  • Monthly ACH pulls or wire transfers
  • Borrower commits to payment schedule
  • Protocol tracks total repaid amount
Your options depend on the loan structure:
  • Secured loans: Collateral is used to repay lenders
  • Syndicated loans: All lenders share losses pro-rata
  • Unsecured loans: May pursue restructuring or workout
The protocol surfaces borrower status and facilitates lender coordination.
Yes. To maintain compliance and avoid securities classification, Inkwell restricts lending to:
  • Accredited investors (US)
  • Qualified institutional investors
  • Institutional capital providers
You’ll need to verify your accreditation status before funding deals.

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Technical Questions

Cybernetic loan objects are Inkwell’s core innovation - they bind together three components into a single, immutable agreement:
  • Prose: The legal language describing the loan terms
  • Parameters: The specific numerical values (principal, cap, term, etc.)
  • Code: The on-chain smart contract that enforces the agreement
This follows the Ricardian Tripler standard, where all three elements are cryptographically linked. The legal prose is hashed and stored alongside the on-chain logic, so there’s no ambiguity about what was agreed.Once created, a cybernetic loan object lives forever on-chain and cannot be modified - it can only progress through its lifecycle (funding → repayment → completion).
Source-chain revenue capture is how Inkwell ensures loan repayments are truly enforceable:
  • Ika dWallets are deployed at the protocol level to intercept revenue at the source
  • Revenue is diverted to repayment flows before it reaches the borrower’s general wallet
  • This happens on the borrower’s native chain - no bridging required
The result: once a protocol integrates with Inkwell, enforcement is technically and economically irreversible. Revenue flows through Inkwell infrastructure automatically, making default nearly impossible for on-chain revenue streams.
Leviathan is a multi-chain protocol deployed across three blockchain environments:
  • Solana — Core lending programs are live: loan origination, pooled lending, credit scoring, and cross-chain transaction verification (four Anchor programs)
  • Sui — Policy enforcement, dWallet signing, and destination whitelisting via Ika’s 2PC-MPC infrastructure
  • EVM chains — RevenueSplitter contracts for automated revenue capture and loan repayment at the smart contract level
Additional chain support may be added over time.
For on-chain businesses, revenue is automatically verified via:
  • Blockchain data: Protocol fees, token royalties, NFT sales are all public
  • Oracles: Real-time price feeds and revenue calculations
  • Smart contracts: Automatic tracking and enforcement
No manual data sharing required-everything is permissionless and verifiable.
For off-chain businesses, you can:
  • Connect accounting software: QuickBooks, Xero, etc.
  • Connect payment processors: Stripe, PayPal, Shopify, etc.
  • Provide attestations: Trusted third-party data providers
You only share what’s needed for underwriting, and sensitive data stays private.
Inkwell uses Ika’s 2PC-MPC technology for non-custodial security:
  • Multi-Party Computation: Cryptographic security without single points of failure
  • Non-Custodial: No single party has unilateral control over funds
  • Cross-Chain: Works natively on Bitcoin, Ethereum, Solana, and Sui
Technical implementation details are available under NDA. Contact security@inkwell.finance for more information.
On-chain data:
  • Already public on the blockchain
  • No additional privacy concerns
Off-chain data:
  • Encrypted in transit and at rest
  • Only shared with lenders who fund your deal
  • You control what data is shared
  • Sensitive business details stay private
Solana wallets:
  • Phantom
  • Solflare
  • Backpack
EVM wallets:
  • MetaMask
  • WalletConnect
  • Coinbase Wallet
  • Rainbow
Sui wallets:
  • Sui Wallet
  • Suiet
  • Ethos Wallet
  • Martian Wallet
The app uses Dynamic Labs for multi-chain wallet management. More wallets will be added over time.
InkPact is Leviathan’s on-chain agreement verification system. It creates a cryptographic link between off-chain legal documents and on-chain loan state:
  • The legal loan agreement is hashed and the hash is stored on-chain at loan approval
  • Both borrower and lender can independently verify that the on-chain terms match the signed agreement
  • The hash is immutable once recorded — neither party can claim different terms after the fact
InkPact does not store the full agreement on-chain — only a verifiable fingerprint. The complete document is maintained off-chain by the parties.
Every borrower on Leviathan has an on-chain credit score ranging from 0 to 1000, computed from their on-chain activity and trading history:
RangeTier
800–1000Excellent
600–799Good
400–599Fair
200–399Poor
0–199Very Poor
Your score directly affects your borrowing eligibility, interest rates, and credit limits. Higher scores unlock better terms.Privacy-preserving: Only the final score and tier are published on-chain. The raw trading data, portfolio analysis, and ML model inputs that produce the score remain off-chain — your detailed financial behavior is never exposed on a public ledger.
When a loan enters default and cannot be recovered through standard enforcement, Leviathan uses an NPL (non-performing loan) auction mechanism:
  • The defaulted loan position is listed for auction on-chain
  • Qualified participants can bid on the distressed position
  • The winning bidder assumes the loan’s rights and enforcement capabilities
  • Proceeds from the auction are distributed to affected pool depositors
This provides a market-based resolution mechanism, allowing the protocol to clear defaulted positions without indefinite deadlock. It also gives specialized distressed-debt participants an opportunity to acquire positions at a discount.
Session keys are scoped, time-bounded signing keys that enable automated operations within defined policy bounds — without granting full wallet authority.When a borrower deploys capital through Leviathan, they need to execute frequent operations (trading, yield deployment, etc.) within their policy sandbox. Session keys allow this without requiring lender co-signing for every transaction:
  • Scoped — each key is authorized for specific operations only (e.g., trading on approved DEXs)
  • Time-bounded — keys expire after a configured duration
  • Replay-protected — nonce tracking prevents reuse of previously signed actions
  • Revocable — keys can be revoked immediately if policy violations are detected
Session keys strike the balance between operational flexibility for borrowers and security guarantees for lenders.
Leviathan is designed to operate as a decentralized lending protocol that facilitates debt-based loans, not securities.The protocol is structured to:
  • Fail the Howey test (not an investment contract)
  • Pass the Reves test (commercial loan)
  • Comply with commercial lending regulations
  • Use ISDA-style documentation for institutional lenders
Legal & Regulatory Structure:
  • Instrument: Commercial Loan Note (forward purchase of receivables)
  • Reves Test exclusion: Secured by revenue stream + <9-month maturity
  • Borrower entity: Cayman Foundation or Singapore VASP
  • Lender entity: SPV domiciled in Cayman Islands
  • Counsel: Sheppard Mullin - full opinion in diligence
  • Sanctions screening: Chainalysis KYT + TRM Labs continuous monitoring
However, regulations vary by jurisdiction. Consult your own legal counsel.
Phase 0:
  • United States (accredited investors only)
  • Select international jurisdictions
Future phases:
  • Expanded international support
  • Jurisdiction-specific compliance
Check the platform for your specific jurisdiction’s availability.
For borrowers:
  • Loans are generally not taxable income
  • Interest/fees may be tax-deductible
  • Consult your tax advisor
For lenders:
  • Returns are generally taxable as interest income
  • Tax treatment varies by jurisdiction
  • Consult your tax advisor
This is not tax advice. Always consult a qualified tax professional.
Inkwell is designed with regulatory flexibility:
  • Protocol-level parameters can be updated
  • Loan structures can be adjusted
  • Compliance frameworks can evolve
The team monitors regulatory developments and adapts the protocol accordingly.

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Getting Started

  1. Connect your wallet to the Inkwell platform
  2. Verify your revenue (on-chain or off-chain)
  3. Create a loan request with your desired terms
  4. Wait for lenders to fund your deal
  5. Receive funds and start making repayments
For on-chain revenue, approval can happen in under 3 minutes!
For institutional lenders (The Leviathan Experience):
  1. Receive Leviathan term sheet (PDF)
  2. DocuSign + one-time entity KYB
  3. Wire USD/USDC from custodian
  4. Single line on statement: “Leviathan Revenue-Backed Loan – 16% fixed-cap”
  5. Monthly interest + principal back to same account
Zero wallets. Zero blockchain visibility. Zero gas.For crypto-native lenders:
  1. Verify accreditation status
  2. Connect your wallet to the Leviathan platform
  3. Browse available deals and filter by your criteria
  4. Fund deals that match your investment mandate
  5. Receive repayments automatically on-chain
You can fund partial amounts (syndicated) or entire deals.
Our team and community are here to help!

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Still have questions?

Can’t find what you’re looking for? Join our Discord or reach out to us at support@inkwell.finance. For institutional inquiries, see the Institutional Overview or contact partnerships@inkwell.finance. For information about the $20B+ on-chain revenue market opportunity and Leviathan’s Three-Layer Moat, see the Institutional Overview.