Can a single on-chain contract do what three separate DeFi protocols currently require?
That is the technical bet at the core of Everything.inc's pre-market launch announced this week. The Switzerland-based project is deploying an EV/USDT liquidity pool on Arbitrum, the first live test of a unified architecture that collapses swapping, lending, and margin trading into one smart contract and one capital base.
The architecture question is genuinely interesting. But the more immediately newsworthy decision is the one the team made before writing a single line of production code: they walked away from $60 million in institutional capital because the terms attached to it contradicted the protocol's core principle of equal access. That choice, and the public dynamic funding round that replaced it, tells you more about what Everything.inc is trying to build than any technical specification does.
Inside the EV/USDT pre-market liquidity pool
The EV/USDT pre-market pool is the first live deployment of Everything.inc's unified architecture on Arbitrum. In standard DeFi, liquidity pools serve one function. A Uniswap pool facilitates token swaps. A Compound pool handles lending. A GMX pool runs leveraged trading. Capital deposited into one cannot work for the others. Everything.inc's pool runs all three from a single deposit.
Within the pool, 85% of deposited capital actively supports borrowing, margin trading, and swaps, while the remaining 15% is reserved as dedicated swap liquidity. Liquidity providers earn from three sources simultaneously: swap fees from token exchanges, borrowing interest from lenders using the pool as collateral, and liquidation fees when over-leveraged positions are closed. Jean Rausis, Founder of Everything.inc, describes the approach: "We designed this protocol so new projects can launch markets, liquidity layers, and financial primitives without relying on fragile and fragmented integrations."
From launch, users in the EV/USDT pool can trade, lend, borrow, and open leveraged positions within the same contract. During the dynamic funding phase, a 5% trading fee on swaps and leverage supports ecosystem development. The protocol operates without external price oracles. Instead, it prices assets from its own internal reserve data using a tick-based framework, the same liquidity positions that determine swap prices also serve as the benchmark for lending and margin execution.
This matters because oracle dependency has historically been among the most exploited vectors in DeFi. External price feeds can be briefly manipulated to drain protocol funds. By pricing internally, Everything.inc removes that attack surface entirely, at the cost of requiring sufficient pool depth to make internal prices reliable.
Pre-market milestones at a glance
|
Valuation |
Trigger event |
What unlocks |
|---|---|---|
|
$40M |
Round opens |
EV/USDT pool live, lending and leverage active |
|
$80M |
Mid-phase |
5% trading fee on swaps and leverage continues |
|
$150M |
Ceiling hit early |
Pre-market opens ahead of schedule, LP incentives activate |
|
Post-TGE |
Token generation event |
Full public trading begins, 12-month vesting starts |
The structural problem this pool is designed to fix
To understand what Everything.inc is targeting, consider how a retail DeFi user earns yield today. They must make three separate decisions and three separate deposits: one into an AMM pool for swap fees, one into a lending protocol for borrowing interest, and one into a perps or futures platform for trading yield. Each deposit is locked in a separate contract, earning from only one source. Capital allocated to Uniswap cannot simultaneously back a Compound loan.
A 2025 report by 1inch Research, presented at Devconnect Buenos Aires, found that between 83% and 95% of capital in top DeFi pools sits idle at any given moment, earning nothing. The same report found that 50% of liquidity providers lose money once impermanent loss is factored in, with net LP deficits exceeding $60 million. The ecosystem has more than seven million fragmented pools. That number is not a sign of growth — it is evidence of the same capital being carved into smaller and smaller inactive slices.
Why the $60M institutional round collapsed
Institutional capital in crypto typically comes with conditions: lockup structures, allocation rights, preferential pricing, or governance influence that retail participants do not receive. For most projects, those terms are accepted as the cost of a credible launch. Everything.inc concluded that accepting them would have created a structural contradiction: a protocol built on equal access and permissionless market creation cannot simultaneously offer preferential terms to any single class of investor.
After extensive discussions, the team chose not to proceed. The institutional round was replaced by a public dynamic funding round that opens access to all participants at the same terms. The round allocates 1% of the total EV token supply through the EV/USDT pool — the same pool that retail users will trade in from day one. Up to 8.5% of EV supply will be available through this round in total, in addition to the 5.5% sold in the earlier initial round.
Early participants from the initial $30M round received improved conditions as part of the restructure. Token distribution now begins at the start of the dynamic round rather than at the token generation event, and the vesting period was reduced from 18 months to 12 months. The valuation model is activity-based: it opens at $40 million and scales toward $150 million as trading activity in the EV/USDT pool increases.
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"We designed this protocol so new projects can launch markets, liquidity layers, and financial primitives without relying on fragile and fragmented integrations."— Jean Rausis, Founder, Everything.inc |
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The SMARDEX foundation
Everything.inc is not a first-time team. The protocol is built as the evolution of SMARDEX, an existing Ethereum-based AMM that introduced a modified constant-product formula designed to reduce impermanent loss for liquidity providers. SMARDEX had a live product, a public track record, and identifiable founders before Everything.inc was announced.
The upgrade from SMARDEX to Everything.inc extended the base AMM infrastructure to include lending and margin trading within the same contract architecture. Rausis describes it as the shift from a protocol built for one function to a foundation built for scale. The pre-market EV/USDT pool on Arbitrum is the first production test of whether that foundation holds.
Final Thoughts
The pre-launch pool structure is the right place to focus scrutiny. The oracle-free design removes one class of attack but introduces a bootstrapping dependency: internal pricing only works reliably when the pool has sufficient depth. Deep liquidity requires early participants willing to deposit before the token has full price discovery. The dynamic funding round is precisely designed to solve this, it creates an incentive to deposit early because doing so drives the valuation toward the $150M early-trigger ceiling. Whether that flywheel spins fast enough to build the depth the architecture requires before the pre-market transitions to full trading is the key variable.
The institutional round cancellation is not purely a values statement. It is also a calculated bet that a retail-led bootstrap at $40M can achieve the same network effects as an institutional round at $60M, without the governance or access constraints. Retail participants are harder to coordinate but they also cannot impose terms. For a permissionless protocol, that trade-off may be coherent.
Everything.inc is testing whether a single smart contract can replace three separate protocols without creating new failure modes at the seams. The EV/USDT pre-market pool is the first live evidence either way. The architecture is compelling. The risk is concentration of early liquidity in a single pool that also happens to be pricing the asset it holds — a feedback loop that requires careful monitoring in the early weeks.
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