From an asset to a vault

strategist ≠ curator ≠ depositor
1AssetsWhat exists, who holds it, how deep it trades2OpportunitiesNative yield next to what it costs to leave
3StrategiesA split across opportunities, with rules and fees
4VaultsA covenant runs one strategy; the network enforces it
5MonitorEvery term checked against live data

Yield against the way out

5 strategies
0%10%20%30%40%0%25%50%75%100%Share that can leave today →Net APY →MORE YIELD · EASY TO LEAVEDawns_Test34.9%KAS pair fees, 90-day term21.8%KAS core liquidity17.4%Private credit, three borrowers (…7.2%Stablecoin lending, exits first0.0%
Holds its rulesWatchBreaks a ruleAt full capacity, on live data. Hover a strategy; click to open it.
For strategistsWrite a strategy

Pick up to four opportunities, set targets and hard caps, a reserve, the rules that stop new capital, and your fee on yield. dawns checks it against live data and shows which terms the covenant can enforce.

Create a strategyYou sign in with a wallet; it becomes the strategist. Nothing moves funds.
Open termHolds with warningsStablecoin lending, exits firstRedeem from reservePermissionlessExit fee 0.5%Dollar lending on Kaskad, split across USDC and USDT so neither market carries the vault. New capital stops the moment a market's suppliers cannot leave, and 30% stays in reserve for redemptions.
Net APY0.0%Out now66%Legs2Perf. fee10%By Dawns · referencev1 · a201d679b62fOpen termHoldsKAS core liquidityRedeem ≤ 3dPermissionlessExit fee 0.5%Stay close to KAS: fees from the two WiKAS pairs with the most real volume, one against USDC and one against ZEAL. Half the exposure is KAS itself; the rest a dollar and a DEX token. Sized small, because the pools are.
Net APY17.4%Out now100%Legs2Perf. fee15%By Dawns · referencev1 · 458d4ee61bf8Fixed termHoldsKAS pair fees, 90-day term90-day termPermissionlessTrading fees from three KAS pairs on two DEXes. Volatile and exposed to small tokens, so it runs as a 90-day fixed term: deposits for 14 days, no redemptions before maturity.
Net APY21.8%Out now100%Legs3Perf. fee20%By Dawns · referencev1 · ce1b0019f11dOpen termHolds with warningsPrivate credit, three borrowers (testnet)Redeem from reservePermissionlessExit fee 0.3%Short loans to three named borrowers, each capped, with 30% of the vault kept liquid. Repayments can only return to the vault; a loan late past its week of grace is written down 25% a month by rule. The borrowers are invented test names: it exists to show a strategy becoming a credit vault on testnet-10.
Net APY7.2%Out now30%Legs3Perf. fee0%By Dawns · referencev1 · 44540c32f822Open termHolds with warningsDawns_TestRedeem from reservePermissionlessExit fee 0.5%Just a test strategy
Net APY34.9%Out now100%Legs3Perf. fee10%By kaspa:qpppf8c8…4cf7zv1 · 5024a3b32bd4

Strategists

judged on their record, not their pitch
DDawns4 strategies · 4 versionsQkaspa:qpppf8…4cf7z1 strategy · 1 version

Expected yield is native only, from on-chain rates and swap volume right now; it is not a promise. Strategies are published by their strategists; dawns evaluates them, it does not endorse them.