IPOR

IPOR started as an interest rate protocol and now runs Fusion, an asset management layer that routes capital between DeFi yield sources. A Fusion vault holds a mandate rather than a single position, moving between lending markets and strategies as rates change.

DefiLlama tracks Fusion and IPOR Derivatives separately, and the derivatives side is the original business: instruments built on benchmark interest rates, closer to a rates desk than to a lending pool. Across twelve chains, Base holds a meaningful share of the combined total.