InfraredMicro-cap

Infrared receives a B- risk grade (30/100) from Hindenrank, where lower scores indicate lower risk. Moderate risk — dominant position on a brand-new chain whose core economic mechanism has zero track record The largest protocol on Berachain, wrapping the chain's unique proof-of-liquidity rewards into liquid tokens (iBGT, iBERA) you can use across DeFi. It manages $1.6B with $16.5M in funding. Its C+ grade reflects deep dependency on Berachain's untested consensus mechanism and validator concentration.

The key risks identified for Infrared are: (1) Everything depends on Berachain's novel proof-of-liquidity system working correctly. If that mechanism breaks, Infrared's tokens become worthless wrappers around nothing (2) Infrared runs its own validator set controlling a large share of Berachain's security. A slashing event or validator failure hits all $1.6B in delegated assets (3) iBGT can lose its peg on the thin Berachain trading markets. A 5% depeg triggers liquidations across every lending protocol using iBGT as collateral, deepening the spiral

Infrared scores 30/100 across eight risk dimensions: Mechanism Novelty: 3/15, Interaction Severity: 8/20, Oracle Surface: 2/10, Documentation Gaps: 3/10, Track Record: 3/15, Scale Exposure: 3/10, Regulatory Risk: 3/10, Vitality Risk: 5/10. The highest risk area is Vitality Risk at 5/10.

Among 81 rated Liquid Staking protocols on Hindenrank, Infrared ranks #36 by safety (lowest risk score = safest). Its 30/100 risk score and B- grade place it in the middle tier of Liquid Staking protocols.

Infrared scores 3/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.