Akashi Pro

• Largest single adapterOver best practice

  Today

  30% · Token leg

  Best practice

  ≤ 8% (10% at most)

  Contract

  ≤ 35% for Token leg

  not acknowledged by the curator

• Single borrowerWithin

  Today

  none held

  Best practice

  ≤ 4%

  Contract

  —

• Largest originatorWithin

  Today

  —

  Best practice

  ≤ 25%

  Contract

  —

• Largest source of yieldWithin

  Today

  —

  Best practice

  ≤ 35%

  Contract

  —

• Largest programWithin

  Today

  —

  Best practice

  ≤ 35%

  Contract

  —

• Stress lossWithin

  Today

  0%

  Best practice

  ≤ 25% budget

  Contract

  —

  Token leg, Hastra PRIME / AUTO, Huma PST, Kamino Earn not rated

• Can leave within a dayOver best practice

  Today

  5%

  Best practice

  ≥ 25%

  Contract

  —

  Token leg, Hastra PRIME / AUTO, Huma PST, Kamino Earn has no measured exit

• Can leave within a weekOver best practice

  Today

  5%

  Best practice

  ≥ 50%

  Contract

  —

  Token leg, Hastra PRIME / AUTO, Huma PST, Kamino Earn has no measured exit

• Highest cost to sellWithin

  Today

  no sale needed

  Best practice

  ≤ 60 bps (200 above $1M)

  Contract

  —

• CashPast a contract limit

  Today

  5%

  Best practice

  ≥ 5%

  Contract

  ≥ 5%

• Junior cushionWithin

  Today

  22.8%

  Best practice

  ≥ the stress loss (0%)

  Contract

  ≥ 20%

No saved strategy: best practice shows the limit book's defaults.

No independent rating agency covers these venues. Akashi screens each one against its limit book; the method is public.

Liquidity

Holders can ask for all of it: Senior after 10 min, Junior after 7.0 d.

Same-day liquidity (5% of the vault) is short of what can be asked for in a day (77.2%): withdrawals beyond it wait for slower routes.

• Token legNot in the registry

  Venue can absorb

  —

  Vs this holding

  —

  Cost

  —

• Hastra PRIME / AUTONot in the registry

  Venue can absorb

  —

  Vs this holding

  —

  Cost

  —

• Huma PSTNot in the registry

  Venue can absorb

  —

  Vs this holding

  —

  Cost

  —

• Kamino EarnNot in the registry

  Venue can absorb

  —

  Vs this holding

  —

  Cost

  —

Capacity is measured daily by Akashi: the USDC a lending venue has free to withdraw now, or the size a market sale fills within the curator's cost ceiling (sales are measured up to $1M, so a sale reads “≥ $1M”). Several holders leaving at once share the same capacity.

Valuation

• Token leg

  Token price (pricing read pending)

  Venue's oracle

  —

  Withdrawal haircut

  none

  Last valued

  8 min ago

  Not in Akashi's registry: the venue is not reviewed

• Hastra PRIME / AUTO

  Token price (pricing read pending)

  Venue's oracle

  —

  Withdrawal haircut

  −1%

  Last valued

  8 min ago

  Not in Akashi's registry: the venue is not reviewed

• Huma PST

  Huma pool share price (pool assets ÷ PST supply) read on chain

  Venue's oracle

  —

  Withdrawal haircut

  −0.6%

  Last valued

  8 min ago

  Not in Akashi's registry: the venue is not reviewed

• Kamino Earn

  kvault share price from on-chain reserve rates: idle cash plus each reserve's cTokens at its refreshed rate, less fees due, per share

  Venue's oracle

  —

  Withdrawal haircut

  none

  Last valued

  8 min ago

  Not in Akashi's registry: the venue is not reviewed

Each value is read from the venue by the vault's adapter; no one can hand the vault a price. A deposit or withdrawal refreshes every value in its own transaction and is refused if a source cannot be valued within 60 s. The haircut is the lower edge of the value band the contract keeps for each holding: withdrawals are paid at it, deposits mint at the upper edge.

Losses and incidents

History

Reading the vault's history…

Read from the vault's on-chain events; each line opens the transaction.

Who does what

Curated by Akashi. The curator has not yet filled in who they are; the admin wallet is 23n8…oXNw.

The executor is a separate signing service; the website never signs and holds no key.

• Admin · 23n8…oXNw · Changes settings and roles, each through a queued change that waits out the vault's delay. Can pause and lower limits at once.
• Executor · 5G1V…6QEc · Moves money between the chosen adapters, inside the program's limits. Cannot change any limit or take money out of the vault.
• Guardian · D8E6…FEHm · Can only make the vault safer, at once: pause it, lower limits, close an adapter, mark one impaired after a hack.

Who controls what ↗

What can change, and how

Coverage, yield sharing and the withdrawal waits are fixed once the vault is active.

The cap, minimum deposit, cash targets, adapter limits, roles and new adapters change through queued changes that wait out the vault's delay; pausing and lowering a limit are instant.

Changes wait 24 h; new adapters and adapter upgrades wait 2.0 d.

No changes queued. A change can run after 24 h, no longer than the 7.0 d withdrawal notice: a holder who disagrees may not be out before it runs.

Queued changes are listed under Details before they can run.

A change can run before a holder who disagrees is out.

Governance and permissions ↗

How money moves

Each adapter may hold at most its maximum weight: Token leg 35%, Hastra PRIME / AUTO 30%, Huma PST 30%, Kamino Earn 20% (your share plus 5 points).

Adapter caps: $5,000,000 each.

Idle USDC keeps at least 5% (target 5%).

Junior coverage at least 20%.

A source's value may not be booked as growing faster than 30% a year; faster is treated as a bad reading.

A loss above 0.3% of the vault, or any loss reaching Senior, opens an incident.

Allocations and adapters ↗

How holdings are valued

Each value is read from the venue by the vault's adapter; no one can hand the vault a price. A deposit or withdrawal refreshes every value in its own transaction and is refused if a source cannot be valued within 60 s.

Each holding carries a value band: deposits mint at its upper edge and withdrawals are paid at its lower edge, so a leaver never gets the benefit of the doubt against those who stay.

NAV and share pricing ↗

Withdrawals

A Junior withdrawal waits while Junior would fall under 20% of the vault.

When a loss leaves Senior short, deposits and withdrawals close until cash comes back or the vault is settled.

• Deposit USDC · Senior or Junior, from $1.00.
• Ask to withdraw · Senior pays out 10 min after you ask, Junior 7.0 d. Shares earn until then.
• Receive USDC · One transaction at the current price. Junior waits while it holds under 20% of the vault.

Withdraw ↗

If something goes wrong

The guardian and the admin contain first, at once and with no delay; anything that raises risk again is a queued change.

A loss beyond the incident threshold, or any loss reaching Senior, puts the vault in Recovery: Junior absorbs it first, an impaired source is counted at the mark the guardian sets, and cash that comes back restores Senior before Junior. A source that will not come back is retired; a vault that cannot go on is settled and every holder paid from what is realised, Senior first.

• 1 · Pause · deposits, withdrawals or allocation, or everything: nothing moves while the curator looks.
• 2 · Close the adapter to new money · it keeps what it holds; nothing more goes in.
• 3 · Lower its limits · its maximum share and cap, so the executor must bring it down.
• 4 · Mark it impaired · after a hack or a default: it is counted at the mark the guardian sets, and Senior is protected first.
• 5 · Remove the executor · if its key is in doubt; a new one is appointed later as a queued change.
• 6 · Resume · scope by scope, once the reason has passed. Retire or settle only when a position will not come back.

When a protocol fails ↗

Fees

Akashi receives 15% of the premium paid by Senior to Junior. Its rate is fixed at program initialization.

The creator receives 10% of Junior yield after the Akashi commission and 0% of Senior yield after the premium.

The annual asset fee is 0% of each tranche’s investor capital, accrued by elapsed Active time. It stops during Recovery and Settlement.

Creator rate and recipient changes wait at least 7.7 d. Treasury rotations wait seven days.

Commissions accrue separately from investor capital. Outstanding fees absorb losses before investors and are paid only when cash is available.

Fees and execution costs ↗

Audits and reviews

• Vault program · Not independently audited; its mainnet deployment is verified. Read ↗
• Token leg · Not in Akashi's registry.
• Hastra PRIME / AUTO · Not in Akashi's registry.
• Huma PST · Not in Akashi's registry.
• Kamino Earn · Not in Akashi's registry.

Security ↗