Versions

7-day notice before any new version
v1in force since 2026-09-28In force
Expected net APY7.20%7.20% native − 0% of yield to the strategist
Can leave now30%of a full vault: reserve, withdrawable lending cash and pools
Capacity10,000 KAS$442 at today's KAS price
Rules10 / 13Holds with warnings

Split

3 of 4 slots · 30% reserve
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Loan to Aster Liquidity (test)30%Loan to Brightwater Prime (test)25%Loan to Calder Trading (test)15%Reserve (KAS in the vault)30%

Expected net APY

native + rewards − fees

Legs

live, from the opportunities dawns reads on-chain
Loan to Aster Liquidity (test)Market maker · 30 days · secured30% · cap 40% · $13310.00% · contract rateLocked 30 d
  • Contract rate 10% a year, paid by Aster Liquidity (test) (market maker). Not a market: dawns cannot read this yield, only the repayments that reach the vault.
  • Locked for 30 days: it counts as nothing towards what can leave today, and a withdrawal beyond the reserve waits for repayment.
  • Secured: stablecoins at a custodian, 110%. Collateral is held off-chain under the loan agreement; dawns cannot see it.
  • Overdue: after 7 days' grace the loan's mark falls 25% every 30 days, so the share price shows a default before it is certain.
Loan to Brightwater Prime (test)Prime broker · 60 days · secured25% · cap 30% · $11112.00% · contract rateLocked 60 d
  • Contract rate 12% a year, paid by Brightwater Prime (test) (prime broker). Not a market: dawns cannot read this yield, only the repayments that reach the vault.
  • Locked for 60 days: it counts as nothing towards what can leave today, and a withdrawal beyond the reserve waits for repayment.
  • Secured: receivables. Collateral is held off-chain under the loan agreement; dawns cannot see it.
  • Overdue: after 7 days' grace the loan's mark falls 25% every 30 days, so the share price shows a default before it is certain.
Loan to Calder Trading (test)Fund · 14 days · unsecured15% · cap 20% · $668.00% · contract rateLocked 14 d
  • Contract rate 8% a year, paid by Calder Trading (test) (fund). Not a market: dawns cannot read this yield, only the repayments that reach the vault.
  • Locked for 14 days: it counts as nothing towards what can leave today, and a withdrawal beyond the reserve waits for repayment.
  • Unsecured: if Calder Trading (test) does not pay, the vault recovers only through the loan agreement.
  • Overdue: after 7 days' grace the loan's mark falls 25% every 30 days, so the share price shows a default before it is certain.
  • The loan's standing is reported by Calder Trading (test) itself; no third party attests to it.

If everyone left today

full capacity
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Reserve: paid at once30%Waits for borrowers to repay70%

The reserve pays at once; the rest waits for the allocator to recall.

Checks

Holds with warnings
3 of 4 destination slotsThe NAV covenant has four destinations, each with a hard cap.
Targets and reserve add up to 100%Every KAS is either in a leg or in reserve.
Every leg is a listed opportunityListed means over $5K and read on-chain in the last snapshot.
At most 100% in one protocolAster Liquidity (test): 30%.
Lending legs covered 1× by withdrawable cashAt full capacity, against each market's cash right now.
No leg over 20% of its market or poolAt full capacity, against each market's or pool's size today.
No leg paused by its rules right nowAll legs can take capital.
Every leg has a measured yieldFrom on-chain rates and swap volume.
Reserve of 10% or more for an open-term vaultRedemptions are paid from KAS in the vault; the rest waits for a recall.
Loans in an open-term vault70% is lent for up to 60 days: withdrawals beyond the 30% reserve wait for repayment. A fixed term matches loans better.
Every loan is securedCalder Trading (test)
Overdue loans are marked down on a scheduleWithout one, a default shows only when someone admits it.
Loan standing attested by a third partyCalder Trading (test): self-reported

Rules that stop new capital

per leg, checked every snapshot
Exit blockedNo new capital into a market at ≥95% utilization; suppliers there cannot leave.
Oracle faultNo new capital while the market's price oracle is stale, reverting or ≥2% off.
Frozen marketNo new capital into a frozen market.
Suspicious volumeNo new capital into a pool trading more than 3× its size a day.
Rebalance at 5% driftAt most 100% in one protocol; lending legs covered 1× by the market's cash.

Exposure

by protocol · by asset
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Aster Liquidity (test)43%Brightwater Prime (test)36%Calder Trading (test)21%
Hover a segment
KAS (lent)100%

Who enforces each term

a stated term is not a guarantee
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Covenant19%Keeper14%dawns monitor19%Trust14%Not enforced yet33%
CovenantEvery Kaspa node refuses a breach
Reserve30%reserveFloorBps: an allocation that leaves less in the vault is refused.
Live vault termsfixed at launchA vault's mandate is compiled into its address: a new strategy version never changes a running vault. It applies to vaults launched after it takes effect.
Exit fee0.3%exitFeeBps in redeem; the fee stays with the remaining holders.
AccesspermissionlessAnyone's account can deposit.
KeeperThe operator's process, bounded by the covenant
Rebalance drift5%The allocator rebalances when a leg drifts this far; per-move and per-epoch limits bound it.
Capacity10,000 KASThe keeper stops sweeping deposits at capacity; the covenant has no cap on NAV yet.
Redemption windowinstant from reservePaid from reserve at once; beyond it, within the window after a recall.
dawns monitorChecked every snapshot and flagged, not blocked
Per-protocol limit100%dawns checks the split; the covenant sees slots, not protocols.
Exit cover1×Checked against each market's withdrawable cash every snapshot.
Pause rulesExit blocked, Frozen market, Oracle fault, Suspicious volumedawns flags the leg; the guardian can halt new allocations, which the covenant enforces.
Notice before a new version7 daysdawns lists a new version as current only after the notice; until then the page shows what will change.
TrustA promise: a loan agreement off-chain, not code
Repayment by Aster Liquidity (test)10% a year, 30 daysA loan agreement, off-chain. No contract can make a borrower pay; dawns shows every repayment that reaches the vault and flags a late one.
Repayment by Brightwater Prime (test)12% a year, 60 daysA loan agreement, off-chain. No contract can make a borrower pay; dawns shows every repayment that reaches the vault and flags a late one.
Repayment by Calder Trading (test)8% a year, 14 daysA loan agreement, off-chain. No contract can make a borrower pay; dawns shows every repayment that reaches the vault and flags a late one.
Not enforced yetStated, but nothing stops a breach today
Slot 0: loan to Aster Liquidity (test)target 30%, cap 40%Credit vault covenant (designed, testnet next): only the borrower's registered address can receive, never above the cap, and repayments can only return to the vault.
Markdown if Aster Liquidity (test) is lateafter 7 d, −25% per 30 dThe credit covenant marks an overdue loan down by this schedule itself, so no valuer can hold a defaulted loan at full value (designed).
Slot 1: loan to Brightwater Prime (test)target 25%, cap 30%Credit vault covenant (designed, testnet next): only the borrower's registered address can receive, never above the cap, and repayments can only return to the vault.
Markdown if Brightwater Prime (test) is lateafter 7 d, −25% per 30 dThe credit covenant marks an overdue loan down by this schedule itself, so no valuer can hold a defaulted loan at full value (designed).
Slot 2: loan to Calder Trading (test)target 15%, cap 20%Credit vault covenant (designed, testnet next): only the borrower's registered address can receive, never above the cap, and repayments can only return to the vault.
Markdown if Calder Trading (test) is lateafter 7 d, −25% per 30 dThe credit covenant marks an overdue loan down by this schedule itself, so no valuer can hold a defaulted loan at full value (designed).
Performance fee0%Charged on yield above the high-water mark by minting shares to the strategist: needs a fee path in the covenant.

Roles

no key does two jobs
1StrategistDawns (reference)Writes the strategy and earns the performance fee. Cannot touch capital or change a live vault's terms.
2Curator · guardianLaunches the vault from the strategyHolds the guardian key: can halt new allocations. Cannot move capital or stop redemptions.
3AllocatorExecutes inside the mandateMoves capital only to the strategy's slots, within caps, reserve and per-move limits the covenant checks.
4DepositorsAnyone, from any walletGet shares at NAV and can always redeem at NAV, paid only to their own address. No key needed.

Launch as a credit vault

ready: launch as a credit vault
Step 1 of 4

Check

How each term of the strategy lands in the credit vault covenant, and who enforces it.

Collateral is held off-chain under the loan agreement; the vault cannot see or seize it.
Loan standing is reported by the borrower. The valuer marks loans; the schedule still marks late ones down whatever anyone reports.
Loan 1: Aster Liquidity (test) · Market maker30% target, 40% hard capslot 0: at most 40% of NAV, one loan at a timeNetwork
Loan 2: Brightwater Prime (test) · Prime broker25% target, 30% hard capslot 1: at most 30% of NAV, one loan at a timeNetwork
Loan 3: Calder Trading (test) · Fund15% target, 20% hard capslot 2: at most 20% of NAV, one loan at a timeNetwork
Loan 1 terms10% a year for 30 daysdue 30 days after lending; marks capped at principal + 0.82%Network
Loan 2 terms12% a year for 60 daysdue 60 days after lending; marks capped at principal + 1.97%Network
Loan 3 terms8% a year for 14 daysdue 14 days after lending; marks capped at principal + 0.31%Network
If late7 days grace, then −25% / 30 daysafter 7 days, 25% of principal less for every 30 days late, written in by anyone; deposits and withdrawals always price itNetwork
Repaymentthe borrower's promise, under the loan agreementwhether it comes is off-chain; when it does, a keyless account can only pay it into the vaultOff-chain
Reserve30%reserve floor 30%: no loan may leave lessNetwork
Exit fee0.25%0.25% of each payout stays with holdersNetwork
Termopenredeem any time, from liquid KASNetwork
Capacity10,000 KASlending limited to 10,000 KAS a day; deposits are not capped on-chainOperator
Strategy hashblake2b-256 of the canonical document. A vault launched from it commits this hash in its mandate, so a strategy cannot change under its depositors: a new version is a new strategy.Published2026-09-28 · by Dawns · v1 of 1Start a strategy from this one