Inverse.Finance’s social media presence, consisting of 24 tweets over a 48-hour period, reads like a startup story of decentralized finance (DeFi) in hyperdrive.
Over the course of its short lifespan, the fledgling protocol has already attracted $ 4.3 million in total locked-in value (a figure that appears to be rising as fast as solo developer Nour Haridy can raise the hard cap), luring savers with promise of passive ETH earnings on DAI – earnings enabled through early access with permission from Yearn.Finance’s upcoming, revenue-carrying v2 vaults.
Excited to launch a new DeFi Lego: @InverseFinance
Deposit Dai, passively earn ETH
Powered by Yearn V2 safes
Supervised launch with a maximum of $ 240,000.
– feed (@NourHaridy) December 18, 2020
Even more impressive than the TVL figure is the pace at which Haridy appears to be progressing through the required stages we’ve seen from DeFi protocols in the past. After announcing to the world on December 17 that he was working on ‘a new money lego’, Haridy has jumped his embryonic project through a number of hoops with ease: the launch of new WBTC and YFI-bearing vaults, a board’s announcement token, and a retweet from DeFi maestro Andre Cronje himself.
Notably, Haridy has actively invited hackers to test the protocol for possible exploits of smart contracts – a notorious rite of passage for many protocols – hoping to distract them by the pass with what he promises a generous insect reward:
Hey hackers. There is now $ 1.25 million in our contracts.
If you can hack them (not), DM for a very attractive gov token premium.
1. Find an exploit that can cause money loss
2. Don’t try
3. Disclosure in our DMs (not public)https://t.co/BjnUZRPWPH
– InverseFinance (@InverseFinance) December 19, 2020
All this from a protocol that doesn’t even have a logo yet.
To get a better idea of Inverse.Finance’s remarkable growth, we sat down with Haridy to talk about his progress, the future of the protocol and what it’s like to run a one-man business of DeFi. Far from a roaring, boastful founder who spouts hot air, Haridy is thoughtful, preaching investor caution and waving off compliments. After the interview, it was clear that if DeFi can attract more developers like Haridy, the young are going vertically in the right direction.
A new Lego
CoinTelegraph: Who are you and what are you working on?
Haridy: I’ve worked as a developer in the Ethereum space for the past several years. Mainly built gasless Dai smart wallets, such as Metacash and Mosendo. At the moment I’m only working on Inverse.Finance. I think it has a lot of potential beyond the current simple MVP design.
CT: How were your last 48 hours?
Haridy: I’ve been working on Inverse for the past two weeks. The past 48 hours were no different. Just push updates, increase the deposit limit every day, get feedback from a small community of 200 in the Telegram chat. Until Andre retweeted of course
CT: Inverse Finance – Why Not a Food Name? What does it mean to you? What will the logo be?
Haridy: I think food tokens rely heavily on meme power as their product is mostly lacking or unsustainable. I don’t want to send that message about Inverse to other people.
CT: This tweet was very funny. How would you describe the interest before and after Andre?
Haridy: The whole project is post-Andre to be honest. I first contacted him via Telegram when I had just written the contract and he was surprisingly excited and said he would check it out. That was my first hint at product validation that convinced me to launch it publicly. But yeah, I wasn’t ready for all the hype that followed his retweet. I appreciate the exposure, of course, although it is super stressful.
CT: What was it like working with the YFI team?
Haridy: To be clear, I’m not part of the YFI team. I just hang out in their chat. They just whitelisted Inverse to use their V2 vaults early. And they were super helpful with the integration and helped revise my code and suggest very important changes.
CT: You have already had to raise geese limits for certain safes. Why are people so enthusiastic about your project?
Haridy: Because Andre tweeted about it. Some people call it an Andre coin. Some people have missed previous successful token launches by Andre and they are eager to make amends.
CT: As we speak, assemble a governance token. It seemed like you wanted to avoid that model – why?
Haridy: I am very worried that people will trade the token irresponsibly. I try my best to avoid that, but so little can be done. On the other hand, governance is the only way to match incentives to the early community to stay and help, as well as dividing power that is currently only in my possession.
THERE IS NO https://t.co/gEyDYt5KHb TOKEN FROM STILL. DO NOT GET SCAMMED
– InverseFinance (@InverseFinance) December 19, 2020
CT: You have openly asked hackers to get rid of THAT step, and are trying to get coverage for the protocol through Cover. In many ways, this early Twitter feed is a blueprint for other developers … intentionally or just starting overnight?
Haridy: The latter haha. I had a lot of conversations with people who were not satisfied with the decisions I make. I told myself that I am irresponsible and hasty. I tried to consider every opinion carefully given how much money is at stake. But at one point I felt like I wanted to do things my way.
CT: A solo developer putting together a passive investment fund project is nothing short of wonderful and really shows the power of money legos. What is the future for space?
Haridy: It is not huge yet and many projects had a larger TVL before. But I think it would have grown further had it not been for a cap at launch. But then again, this project would have been 10x more difficult without Yearn and Compound to build on top. Definitely shows the power of DeFi legos.
I don’t know what’s next for the space, but I do have a lot of crazy ideas for Inverse to try in the future. I also think there is great potential to implement more complicated automated investment strategies with varying degrees of risk in the form of safes. In my opinion, Yearn is really just the PoC.
CT: A solo developer putting together a passive investment fund project is nothing short of wonderful and really shows your skill and dedication. What is the future for you?
Haridy: I’ve been working on this for 2 weeks so far, so I have yet to prove my dedication (which I intend). I’ve been working in this space for 4 years now, so of course I’ve earned the skill to build a project like this. Nothing supernatural. For the foreseeable future, I plan to work on expanding Inverse features and products very quickly. I want to repeat very quickly and surpass everyone. I also plan to experiment with new on-chain governance models. I think we can do better than the current state of governance