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.
What is Leviathan by Inkwell Finance?
Leviathan is the Universal Credit Layer for ALL On-Chain Revenue — a multi-chain marketplace and infrastructure layer for revenue-informed, fixed-cap loans, with core lending on Solana, policy enforcement on Sui via Ika 2PC-MPC dWallets, and revenue capture on EVM chains. Inkwell never lends. We are the enforcement + liquidity layer. Instead of giving up equity or taking on traditional debt, you raise capital from accredited and institutional lenders through the marketplace. They fund your loan based on your performance data, and you repay up to a fixed maximum amount—no equity dilution, no perpetual revenue shares, no board seats.Current Status (March 2026)
- ✅ Solana programs live — four Anchor programs (core lending, pooled lending, credit scoring, transaction verification) built and operational
- ✅ Full app built — Supply, Borrow, Credit Reports, Positions, and Leaderboard pages live
- ✅ ML credit scoring operational — ensemble scoring pipeline producing on-chain credit reports
- ✅ SDK created — @leviathan/sdk providing unified TypeScript bindings across Solana and Sui
- ✅ Technology validated on testnet with Ika ecosystem partner
- ✅ Primary pilot partner Full Sail (Sui-native DEX) — MOU and LOI signed
- 🔄 Active pipeline of mainnet protocols in term-sheet discussions
- ⏭️ First funded loans via parallel SPV ($5-10M)
The Market Opportunity~$20B of verifiable on-chain protocol revenue exists today (1kx Report, Oct 2025), yet no platform offers:
- Bank wires in / bank wires out
- ISDA-style documentation
- Zero wallets, zero seed phrases, zero gas
Who is it for?
For Borrowers
Get funding without giving up equity
- Borrow against your revenue, not your ownership
- Keep 100% control of your business
- Repay up to a fixed cap, then you’re done
- Fast approval for on-chain revenue (under 3 minutes)
For Lenders
Fund revenue-backed loans
- Earn returns from fixed-cap debt, not equity
- Choose deals based on revenue history and terms
- Transparent, on-chain enforcement of repayments
- Optional liquidity via secondary marketplace (accredited investors only)
The Market Opportunity
$20B+ in on-chain protocol revenue exists today (1kx Protocol Revenue Report, 2025). The top protocols need capital but hate dilution:- Jupiter → $2.6B TVL treasury, still borrows
- Bluefin → $150M+ facility
- Pump.fun → $1.3B non-dilutive revenue-share raise
Why Revenue-Based Financing?
Traditional funding options come with major tradeoffs — and hidden costs:- Equity financing - Give up ownership and control. Token sales can cost 30-67% of effective raise when you factor in price impact, tax liability, and community backlash.
- Bank loans - Require collateral, personal guarantees, and rigid payment schedules
- Venture debt - Expensive and often comes with warrants (equity kickers)
- ✅ No equity dilution - You keep 100% ownership
- ✅ No personal guarantees - The loan is based on your business performance
- ✅ Flexible repayment - Payments can scale with your revenue
- ✅ Fixed cap - Once you hit the repayment cap (e.g., 1.3x of what you borrowed), you’re done
- ✅ Fast approval - Especially for on-chain revenue (under 3 minutes)
- ✅ Source-Chain Enforcement - Revenue captured at source — no bridging required
Is this a security?No. Inkwell loans are structured as debt obligations with fixed repayment caps, not investment contracts or securities. You’re borrowing money and paying it back with interest-not selling ownership or profit shares.All deals are framed as loans between borrowers and lenders with clearly defined principal, term, and maximum repayment cap. Lenders do not receive equity, governance rights, or perpetual revenue shares.This is an architectural goal, not legal advice. Consult your own counsel for your specific situation.
How It Works
Create a loan request
Borrowers propose a loan with:
- How much you want to borrow (principal)
- Repayment cap - the maximum you’ll repay (e.g., 1.3x of principal)
- Term - how long you expect to take (e.g., 12-24 months)
- Revenue proof - on-chain data or off-chain attestations showing your revenue
- Use of funds - what you’ll use the capital for
Lenders fund your deal
Capital can come from direct deals or pooled lending:Direct deals:
- One lender can fund the entire amount, or multiple lenders can split it
- Once enough lenders commit, the deal closes
- Lenders deposit into shared pools and receive LP tokens
- Pool capital is deployed to qualified borrowers based on credit tier
- Lenders earn yield without selecting individual deals
Make repayments
You repay the loan over time:
- Make periodic payments (monthly, weekly, or real-time streaming for on-chain revenue)
- Payments can be a percentage of your revenue (e.g., 5-10% of monthly revenue)
- The protocol tracks your total repaid amount
- Once you hit the cap, you’re done - no more payments, no ongoing obligations
What if I fall behind?
If your revenue drops and you can’t make payments:- The protocol surfaces your status to lenders
- Depending on your loan terms, you may have options like:
- Restructuring - adjust the payment schedule
- Collateral - if you provided on-chain collateral, it may be used
- Workout terms - negotiate with lenders
Loan Options
Inkwell offers several types of loans to fit different needs. All are fixed-cap debt - you never give up equity or perpetual revenue shares.Standard Loan Templates
Choose from pre-set terms for fast approval:- 1.2x cap / 12 months - Lower cost, shorter term
- 1.3x cap / 18 months - Balanced option
- 1.5x cap / 24 months - More capital, longer to repay
Single Lender vs. Multiple Lenders
Single Lender:- One institution funds your entire loan
- Best for larger deals
- Simpler structure
- Multiple lenders split your loan
- Each gets a proportional share of repayments
- Helps you reach your target amount faster
- All lenders share the same terms and cap
Streaming Repayments (On-Chain Revenue Only)
If you have on-chain revenue (protocol fees, token royalties, etc.):- Repayments happen automatically in real-time
- Uses Superfluid or Sablier streaming protocols
- Much lower default rates than traditional monthly payments
- No manual payment processing
With or Without Collateral
Unsecured:- No collateral required
- Based purely on your revenue history
- Higher interest/cap
- Provide on-chain collateral (tokens, LP positions, etc.)
- Lower interest/cap
- Collateral is returned when loan is fully repaid
- If you default, collateral may be used to repay lenders
Advanced Options (Coming Later)
Tranched Deals:- Your loan is split into “senior” and “junior” tranches
- Senior lenders get paid first (lower risk, lower return)
- Junior lenders get paid second (higher risk, higher return)
- Helps attract more capital at different risk levels
What We Don’t Offer
To keep things simple and compliant, Inkwell never offers:- ❌ Perpetual revenue shares - All loans have a fixed cap
- ❌ Equity or ownership - You keep 100% of your business
- ❌ Governance rights for lenders - Lenders can’t vote or control your business
- ❌ Commingled risk without transparency — Pooled lending is available, but each pool has isolated risk and on-chain accounting
Why Inkwell for On-Chain Revenue?
If you have on-chain revenue (protocol fees, token royalties, NFT sales, etc.), Inkwell offers unique advantages:Source-Chain Revenue Capture
- Revenue is captured at the source chain using Ika’s infrastructure
- No bridging required — enforcement happens natively on each chain
- Automated enforcement without manual intervention
Instant Verification
- Your revenue is already on the blockchain - no need to share private financial data
- Lenders can verify your revenue instantly
- Approval in under 3 minutes for on-chain revenue
Real-Time Streaming Repayments
- Payments happen automatically as you earn revenue
- No manual payment processing
- Lower default rates = better terms for you
DeFi Composability
- Your loan position can be used as collateral in other DeFi protocols
- Lenders can trade positions on secondary markets (accredited investors only)
- Everything is transparent and on-chain
Built for the Future
- Native support for AI agent treasuries
- Works with autonomous on-chain businesses
- Designed for the next generation of internet businesses
- Multi-chain architecture: Solana (lending), Sui (policy enforcement), EVM (revenue capture)
- Powered by Ika 2PC-MPC for non-custodial, cross-chain operations
The Three-Layer Moat
Leviathan’s defensibility rests on three layers that compound over time:| Layer | What It Is | Why It Wins |
|---|---|---|
| 1. Universal Enforcement | Proprietary cross-chain architecture | Native access to revenue on ANY chain (BTC, ETH, SOL, etc.) — no bridging required |
| 2. Institutional Interface | Leviathan brand + bank-wire experience | No DeFi team will ever match the feel — ISDA docs, DocuSign, zero wallets |
| 3. Liquidity Flywheel | First $50M → pricing → dominance | Winner-takes-most order book; first to scale owns the market |
Who Can Use Inkwell?
Borrowers
On-Chain Businesses:- DeFi protocols with fee revenue
- NFT projects with royalty streams
- On-chain creators earning in crypto
- AI agent treasuries
- On-chain gaming economies
- Benefit: Instant approval (under 3 minutes), automatic streaming repayments
- SaaS companies with subscription revenue
- E-commerce businesses
- Marketplaces with transaction fees
- Any business with measurable recurring revenue
- Benefit: Non-dilutive capital, flexible repayment based on revenue
Lenders
Who can lend:- Accredited investors
- Institutional capital providers
- Crypto credit funds
- DAOs with treasury capital
- Family offices
- Fixed-cap debt returns (not equity)
- Transparent, on-chain loan tracking
- Choose your own risk/return profile
- Optional liquidity via secondary marketplace (accredited only)
How Revenue is Verified
On-Chain Revenue:- Automatically verified via blockchain data
- No manual data sharing required
- Public and permissionless - anyone can verify
- Real-time updates
- Connect your accounting software or payment processor
- Provide attestations from trusted data providers
- Share only what’s needed for underwriting
- Keep sensitive business data private
Go-to-Market Phases
Phase 1: Credibility (Dec 2025 – Feb 2026) ✅
Building trust with institutional lenders:- 3–5 binding LOIs with mainnet protocols
- Testnet demos and technical validation
- Parallel SPV structure ($5-10M) for first 10-20 loans
- ✅ Testnet validation complete with Ika ecosystem partner
- ✅ Full Sail (Sui-native DEX) MOU and LOI signed (primary pilot partner)
- ✅ Solana programs built and operational (core, pool, score, verifier)
- ✅ Full app with Supply, Borrow, Credit Reports, Positions, Leaderboard
- ✅ ML credit scoring pipeline operational
- ✅ @leviathan/sdk created with unified Solana + Sui bindings
- 🔄 Active term-sheet discussions with mainnet protocols
Phase 2: Paid Pilots (Mar – Jun 2026)
First funded loans via parallel SPV:- Deploy first capital via $5-10M SPV
- 10-20 pilot loans with established protocols
- Prove streaming enforcement and default rates
Phase 3: Supply Momentum (Jul – Oct 2026)
Building the borrower pipeline:- 20-30 live borrowers with public track record
- Standardized deal templates (1.2x, 1.3x, 1.5x caps)
- Secondary marketplace for accredited lenders (Phase 1+)
Accredited Investors OnlyThe secondary marketplace is restricted to verified accredited or qualified institutional investors to maintain compliance. Retail investors cannot participate in secondary trading.
Phase 4: Institutional Sale (Nov 2026+)
Scaling with institutional capital:- Raise $50M+ institutional lending facility
- Leverage track record and default data
- Winner-takes-most liquidity flywheel
Phase 5: Embedded Lending (2027+)
For on-chain businesses: Instant, automated lending integrated directly into your platform One function call is all it takes:| Leviathan (2026–2028) | Inkwell Embedded (2027+) | |
|---|---|---|
| Target | Institutions + protocols | Treasury UIs, wallets, agent platforms |
| Integration | Manual (dashboard + policy) | One-line Inkwell.embeddedBorrow() |
| Pricing | 50–100 bps marketplace fee | 25–40% revenue share with integrator |
| Scale | 50–200 large deals | 100,000+ borrowers via partners |
| Borrower feels | High-touch credit facility | ”Click to borrow” inside their own UI |
The Three-Layer Moat
What makes Inkwell defensible in a world where AI commoditizes underwriting and legal templates?| Layer | What It Is | Why It Survives AI |
|---|---|---|
| 1. Liquidity & Order-Book Depth | First-mover loans + transparent pricing | Network effects + proprietary default data flywheel |
| 2. Source-Chain Enforcement | Proprietary cross-chain enforcement | Physically impossible without protocol integration |
| 3. Embedded Distribution | One-line code already live in 3 verticals | Winner-takes-most installation base |
Future Features
More loan options:- Flexible term structures
- More risk tiers and pricing options
- Cross-chain support
- Integrations with accounting and analytics tools
- Automated reporting and reconciliation
- Inkwell Revenue Durability Score (IRDS) – standardized scoring of revenue durability for better pricing and guardrails
Safety & Transparency
For Borrowers
You’re protected:- Fixed cap - You’ll never pay more than the agreed maximum
- No equity dilution - You keep 100% ownership
- Flexible payments - Payments scale with your revenue
- Clear terms - Everything is defined upfront and enforced on-chain
- Your payments drop (or pause) automatically
- You’re not forced into bankruptcy over fixed payments
- You have time to recover or restructure
For Lenders
You’re protected:- On-chain enforcement - Repayment caps and terms are encoded in smart contracts
- Transparent tracking - See loan status, payments, and balances in real-time
- No perpetual claims - Once the cap is reached, the loan is done
- Collateral options - Some loans include on-chain collateral
- Choose your own risk/return profile
- Diversify across multiple borrowers
- Access to revenue history and performance data
Protocol Safeguards
- Compliance-first design - Structured as debt, not securities
- Configurable guardrails - Maximum caps, terms, and borrower types
- Conservative approach - Focus on safety over maximum leverage
Get Started
Ready to explore revenue-based financing?For Borrowers
Learn how to create a loan request and get funded
For Lenders
Learn how to fund deals and earn returns