Decayless is a new financial primitive for creating leverage tokens that do not decay over time. No decay, no funding, no liquidations.
Decayless is a DeFi protocol for leverage tokens without decay. Existing leveraged tokens, from Binance's BLVTs to Index Coop's ETH2x, rebalance constantly, so volatility eats their value over time. Perps charge funding and liquidate. A Decayless leverage token has a fixed power payoff instead: a 2x ETH token tracks the square of ETH's price. Its value depends only on where the price is, not the path it took to get there. There is no rebalancing, no funding and no liquidation, and one fee covers entry and exit. A single liquidity pool per pair backs four leverage tiers, from 1.25x to 3x. Full leverage holds while the pool has headroom. If price runs past it, the most aggressive tier's leverage compresses first, and no position is ever liquidated. The protocol's token, DCL, is minted once at genesis and never again. Half of every fee goes to liquidity providers. The other half is auctioned for DCL, and each winning bid is split between liquidity providers and a burn, so total supply only goes down. The contracts are written and tested, and a research paper derives the math. We will launch leveraged tokens and leveraged stocks on Robinhood Chain and Ethereum.