Dawns TN10 credit vault

testnet-10Not auditedOpen
Verified: this address runs the credit covenant with this mandatechecked 2026-09-29 16:35 UTC · no key, no trust in who published the ledger
  1. Mandate hashes to accd062a6d…efedbc, the hash the ledger records
  2. Code the address is blake2b of dawns-credit/0 compiled with this mandate and state, rebuilt here byte for byte. This version's address commits to the terms the covenant checks (keys, borrowers, caps, schedule, limits), not the name or labels, which v0.2 adds
  3. Chain neutrino-10.kaspa.stream shows 91.2297 KAS at the address, carrying covenant id baf9e099d5…fbddd7
NAV90.23 KAS90.23 KAS liquid · 0 KAS in loans
How it's valued

KAS held by the vault's coin, less its 1 KAS seed, plus each loan at the lower of the valuer's mark and the covenant's schedule. The same formula prices every deposit and withdrawal, inside the covenant.

Verified on-chain · the vault's coin matches this ledger · 2026-09-29 11:45 UTC
Per share0.014320+43.20% since launch at 0.01
How it's valued

NAV ÷ 6,301 shares. Deposits mint at this price rounded up; withdrawals pay it rounded down, less the 0.25% exit fee that stays with holders.

Verified on-chain · the vault's coin matches this ledger · 2026-09-29 11:45 UTC
Loans0 of 310 KAS lent · 5.01 KAS repaid
How it's valued

Principal, due date and mark per slot, from the vault's state, which the covenant rewrites on every lend, repayment, markdown and mark. Whether a borrower will repay is the one figure no chain can give.

Verified on-chain · the vault's coin matches this ledger · 2026-09-29 11:45 UTC
Holders26,301 shares · 90 KAS deposited
How it's valued

Owners of live share notes: each deposit mints one KCC-20 note to its owner's personal withdrawal account, and each withdrawal burns a whole note.

Verified on-chain · the vault's coin matches this ledger · 2026-09-29 11:45 UTC
Where the NAV is
Hover a segment
Liquid in the vault100%

Balance sheet

the chain agrees
Assets · what is heldliquid + loans at their counted value
91.23 KAS
KAS in the vaultpays withdrawals now; includes the 1 KAS seed91.23 KAS100%
Claims · what is owedredeemable at NAV
90.23 KAS
Shareholders6,301 shares at 0.014320 KAS90.23 KAS100%
Standing behind the claims
The vault's own seednever shares; kept so the vault can always price and pay1 KAS
Total assets91.23 KAS
Total claims90.23 KAS
Assets ÷ claims101.1%

Loans count at the lower of the valuer's mark and the covenant's schedule, exactly as every deposit and withdrawal prices them, so claims equal assets less the seed by construction. What this cannot show is whether borrowers will repay: that is the off-chain part.

Tokens and coins

everything this vault is made of
Outstanding claims and the coins behind them
Share tokenmainKCC-20 bound to the vault · 6,301 shares in 2 notes · at 0.014320 KAS90.23 KAS09b1ab…b3bbdb
Vault cointhe covenant itself: one coin, its state in its script, moved only by its rules91.23 KASpqusad…yq5x84 ↗
Seedthe vault's own, inside the vault coin: never shares, kept so it can always price and pay1 KAS
Note deposits1 KAS held with each share note, returned with its withdrawal2 KAS
Repayment account · Borrower Ano loan open; a payment here would be a recovery—pzq6ks…qlj8qp ↗
Repayment account · Borrower Bno loan open; a payment here would be a recovery—ppk79x…yjvqaw ↗
Repayment account · Borrower Cno loan open; a payment here would be a recovery—pzcegm…pu7e62 ↗

Share price since launch

after every move · KAS
0.014320KAS a share now
+43.20%since launch at 0.01
0.0080.0100.0120.0140.0160.01809:0710:3612:0613:3615:0516:35launch 0.01
Deposit or withdrawalCapital out or backMarked or written down

The price moves only when value changes for everyone already in: interest, marks, markdowns and exit fees. Deposits and withdrawals happen at NAV and leave it where it is, except the first deposit: shares were minted at the launch price while the vault's opening seed already counted in NAV, so the first holders received it.

What holders made

every entry and exit pair
1 of 30entries ahead if held to now
6%of all 465 windows didn't lose
+60.86%best · 09:07 → 09:22
−11.42%worst · 09:22 → 11:52
09:0711:3714:0716:2209:2211:5214:2216:35
Entry down the side, exit along the bottom · one step = 15 minuteslostevengained

Each cell is one holder who came in at the start of a step and left at the end of another, at the share price then, less the exit fee that stays with the others. Not a forecast: it is what the recorded price did.

Could holders leave?

cash payable ÷ NAV, after every move
100%of NAV payable now
89%lowest, 29 Sep 09:23
1withdrawal, 10.78 KAS paid
0%25%50%75%100%09:1110:4012:0913:3715:0616:35reserve floor 20%

There is no withdrawal queue to time: a withdrawal is one transaction the network pays at once or refuses. What decides it is the cash in the vault, shown here. Loaned KAS comes back only when borrowers repay; no loan may take cash below the reserve floor.

Loans

one per slot · read at DAA 583,688,964
Borrower Akaspatest:qz8qwu…0rqtj0Free

Up to 40% of NAV · 1% over 1 d

Borrower Bkaspatest:qzwaua…2tnwauFree

Up to 30% of NAV · 3% over 3 d

Borrower Ckaspatest:qq88cu…4vf05mFree

Up to 20% of NAV · 0.1% over 1 h

A loan counts at the lower of the valuer's mark and the schedule: principal plus the contract interest while current; after 1 h of grace, 25% of principal less for every 1 h late. Every deposit and withdrawal is priced this way by the covenant itself.

Your position

testnet KAS only

What is enforced, what is trusted

  • Loans leave only to the slot's registered borrower, within 40% / 30% / 20% of NAV and a 20% reserve.
  • Repayments can only return into the vault; no key is needed to sweep them, and none can redirect them.
  • Late loans lose value on the schedule above; anyone may write it in, and NAV always applies it.
  • The valuer can raise a mark by at most 5% a period, never above principal plus interest.
  • That a borrower repays at all is a loan agreement off-chain: this is the one thing the network cannot enforce.

How your KAS moves

every step checked by the network
1You deposit KASto your personal deposit address, from any wallet. The vault mints shares at NAV.
2The allocator lendsonly to a slot's registered borrower, within its cap of NAV and the reserve floor. One loan per slot.
3The borrower repaysto the slot's repayment address. It can only flow into the vault; anyone can sweep it in.
4If it is lateafter the grace the loan counts less every period, on a schedule anyone can write in. Deposits and withdrawals always use it.

Who can do what

no key does two jobs

Allocator

  • Lends to a slot's borrower
  • Within caps and the reserve
  • Cannot pay anyone else
  • Cannot touch repayments
kaspatest:qpgc…7dn7jl

Valuer

  • Marks loans, a step per period
  • Writes off a loan at zero
  • Cannot move a single sompi
  • Cannot hold a late loan up
kaspatest:qznf…sy96mf

Guardian

  • Created the share token
  • Halts new loans and deposits
  • Cannot take capital
  • Cannot stop withdrawals
kaspatest:qpey…d03h43

Anyone

  • Sweeps repayments, deposits, withdrawals
  • Writes in overdue markdowns
  • Cannot choose the outcome

History

10 moves
Borrower C written off2026-09-29 11:45 UTC · 4e485c7c2ff2dda7… · NAV 90.23 KAS after
5 KAS
Deposit · 3,411 shares minted2026-09-29 10:35 UTC · 7a0bdb3f922c4c58… · NAV 90.33 KAS after · kaspatest:qppp…6whh0x
+50 KAS
Withdrawal · 621 shares burned2026-09-29 10:09 UTC · d01ca304ecec9de0… · NAV 41.43 KAS after · kaspatest:qppp…6whh0x
−10.78 KAS
Deposit · 621 shares minted2026-09-29 09:53 UTC · d22327593278d68a… · NAV 50.31 KAS after · kaspatest:qppp…6whh0x
+10 KAS
Loans marked by the valuer2026-09-29 09:42 UTC · ce90710449ab62aa… · NAV 41.41 KAS after
Lent to Borrower C2026-09-29 09:23 UTC · 017decf91d1d9637… · NAV 46.51 KAS after
−5 KAS
Repaid by Borrower C · swept in with no key2026-09-29 09:21 UTC · dad7e2d480418593… · NAV 46.61 KAS after
+5.005 KAS
Lent to Borrower C2026-09-29 09:14 UTC · 1a0edda8933b0128… · NAV 46.7 KAS after
−5 KAS
Deposit · 2,890 shares minted2026-09-29 09:14 UTC · ac742bd34b04d7ec… · NAV 46.8 KAS after · kaspatest:qqg5…cz70gv
+30 KAS
Share token created2026-09-29 09:11 UTC · f6acd2d4ae8db47e… · NAV 17.9 KAS after
Vault opened2026-09-29 09:07 UTC · c8abafc5e709ee61… · seed 20 KAS (the vault's own, never shares)

The mandate

dawns-credit/0

Open to anyone on testnet-10: deposit KAS, receive shares at NAV. Up to three fixed-term loans to named borrowers (Dawns-held test keys standing in for real institutions). Repayments come back through keyless repayment accounts; late loans are marked down on a schedule anyone can enforce.

Mandate hash
Vault covenant
Share token
Vault address now

Testnet only, not audited, no outside capital. The borrowers are dawns-held test keys standing in for real institutions.