Verdict This is the riskiest listing in the set so far, and the cover fits it least well. What is covered is an exploit of InfiniFi own contracts, on a protocol with genuine strengths (renounced ownership, fully on-chain reserves, tests and fuzzing, a coded loss waterfall) but real weaknesses (new in 2025, novel design, no named third-party audit we could confirm, and reserves deployed into higher-risk venues including Ethena). The two dominant risks sit outside the cover: an iUSD depeg is excluded as a protocol-issued asset (9.6), and losses at the underlying farms are outside the designated protocol. The market agrees it is riskier: cover here is priced near 2.6% per year, roughly nine times a blue-chip AMM.
Confidence: medium 7 red flags As of 2026-07-14