Versions

7-day notice before any new version
v1in force since 2026-09-28In force
Expected net APY1.16%1.29% native − 10% of yield to the strategist
Can leave now65%of a full vault: reserve, withdrawable lending cash and pools
Capacity100,000 KAS$4.4K at today's KAS price
Rules7 / 9Holds with warnings

Split

2 of 4 slots · 30% reserve
Hover a segment
Supply USDC35%Supply USDT35%Reserve (KAS in the vault)30%

Expected net APY

native + rewards − fees

Legs

live, from the opportunities dawns reads on-chain
Supply USDCKaskad · lending · igra35% · cap 50% · $1.5K72.90% · 70.8%–72.9%Paused
  • Paused by rule: Exit blocked. No new capital into a market at ≥95% utilization; suppliers there cannot leave.
  • At full capacity this leg would be larger than the market's withdrawable cash; the rule asks for 3× cover.
Supply USDTKaskad · lending · igra35% · cap 50% · $1.5K3.68% · 3.7%–21.7%2.1× cash
  • At full capacity this leg would be 47% of the market's withdrawable cash; the rule asks for 3× cover.

If everyone left today

full capacity
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Reserve: paid at once30%Lending: withdrawable now35%Waits for borrowers to repay35%

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

Checks

Holds with warnings
2 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 70% in one protocolKaskad: 70%.
Lending legs covered 3× 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 nowSupply USDC
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.

Rules that stop new capital

per leg, checked every snapshot
Exit blocked · pausing Supply USDCNo 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 70% in one protocol; lending legs covered 3× by the market's cash.

Exposure

by protocol · by asset
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Kaskad100%
Hover a segment
USDC50%USDT50%

Who enforces each term

a stated term is not a guarantee
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Covenant29%Keeper21%dawns monitor29%Not enforced yet21%
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 fee0.5%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.
Capacity100,000 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 limit70%dawns checks the split; the covenant sees slots, not protocols.
Exit cover3×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.
Not enforced yetStated, but nothing stops a breach today
Slot 0: Supply USDCtarget 35%, cap 50%The covenant caps each destination slot, but a slot is a Kaspa L1 address. Reaching an Igra market needs the bridge payload rule, so today this cap is a plan, not a guard.
Slot 1: Supply USDTtarget 35%, cap 50%The covenant caps each destination slot, but a slot is a Kaspa L1 address. Reaching an Igra market needs the bridge payload rule, so today this cap is a plan, not a guard.
Performance fee10%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.

Vault from this strategy

Markets on Igra/Kasplex

A curator launches a NAV v1.1 vault with these mandate parameters. Each leg becomes a destination slot with its hard cap. These legs are markets on Igra or Kasplex, and dawns vaults run on Kaspa L1 covenants only: a covenant can send only to L1 addresses, so these legs cannot be vault destinations.

{
  "covenant": "dawns-nav/1.1",
  "strategy": "a201d679b62f4ba2bc4a3cf4320fc06525e767f5b84dd185f43c4e47ca9a73eb",
  "destinations": [
    {
      "slot": 0,
      "opportunity": "kaskad:USDC",
      "capBps": 5000,
      "address": null
    },
    {
      "slot": 1,
      "opportunity": "kaskad:USDT",
      "capBps": 5000,
      "address": null
    }
  ],
  "reserveFloorBps": 3000,
  "exitFeeBps": 50,
  "maturity": 0,
  "depositUntil": "never closes",
  "maxMarkStepBps": 1000
}
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