Infrared Finance
IR
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Infrared Finance (IR) serves as a liquid staking and Proof-of-Liquidity infrastructure protocol on Berachain. The project demonstrates solid technical momentum with a high active development score (7.5/10), evidenced by a steady cadence of product releases including sIR staking, Dutch auctions, and extensive multi-firm security audits (7.0/10) from firms like Zellic, Cantina, and Spearbit. Leadership and governance (6.0/10) remain active under pseudonymous founders and an 18-person team, supported by regulatory disclosures such as a MiCA whitepaper.
However, the protocol's investment profile is substantially constrained by weak economic fundamentals. Tokenomics (3.5/10) and Market & Use Case (3.5/10) reflect micro-cap conditions ($1.72M-$1.80M market cap), a steep ~97% drawdown from all-time highs, declining quarterly revenue, and significant token unlock overhang with a fully diluted valuation nearly 5x the circulating market cap. No qualifying red-flag events requiring an artificial score cap were identified.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Infrared Finance (IR)
Infrared Finance (IR) is a liquid staking and Proof-of-Liquidity (PoL) infrastructure protocol built on Berachain. Founded in 2023, the platform provides infrastructure for Berachain's consensus and yield mechanisms through products such as iBGT, iBERA, iVaults, and PoL vaults. The IR token functions as the protocol's governance asset, allowing holders to stake for sIR to participate in governance decisions and receive protocol fee distributions through mechanisms like the Red Fund.
The project is led by pseudonymous co-founders Raito and Red alongside an 18-person full-time team. IR has a fixed maximum supply of 1,000,000,000 tokens distributed across community allocations, investors, and core contributors, with a linear vesting schedule extending through December 2028. Infrared maintains documentation including a MiCA whitepaper and has undergone security audits by multiple firms, including Zellic, Cantina, and Spearbit.
The protocol faces several financial and operational challenges. The IR token has experienced a drawdown of approximately 97% from its all-time high, accompanied by low market liquidity, micro-cap status, and declining protocol revenue reaching four-figure quarterly levels. Additionally, the circulating market capitalization of roughly $1.72 million to $1.80 million is subject to dilution overhang against a fully diluted valuation nearly five times higher. On the security front, protocol documentation includes an incident response security review dated February 24, 2025, reflecting an unquantified security incident from early 2025, and the project's Cantina Web3SOC assessment is listed as Not Certified.