Akashi Plus
USDC vault · Senior / Junior · Curated by Akashi
Senior earns a steady rate because Junior takes the first loss.
OnRe ONyc11.02%30%
Huma PST8.00%20%
Kamino Earn · Institutional Commodity Yield8.45%15%Akashi Plus
$10.00
a loss hits Junior first
Senior · planned
7.72%
$0.00 · 0% of the vault
Junior · takes the first loss · planned
8.63%
$10.00 · 100% of the vault
OnRe ONyc11.02%30%Huma PST8.00%20%Kamino Earn · Institutional Commodity Yield8.45%15%Akashi Plus
$10.00
Senior · planned
7.72%
$0.00 · 0% of the vault
Junior · takes the first loss · planned
8.63%
$10.00 · 100% of the vault
A loss hits Junior first; Senior is touched only after Junior is gone.
The vault so far
Performance
Senior
- Holds
- $0.00 · 0%
- Room
- $90.00
- Out in
- 10 min
- Expected
- 7.72%planned
- Realised · since launch
- …
Junior
- Holds
- $10.00 · 100%
- Room
- $5.0M
- Out in
- 24 h
- Expected
- 8.63%planned
- Realised · since launch
- …
| Seat | Holds | Room | Out in | Expected | Realised · since launch |
|---|---|---|---|---|---|
| Senior | $0.00 · 0% | $90.00 | 10 min | 7.72%planned | … |
| Junior | $10.00 · 100% | $5.0M | 24 h | 8.63%planned | … |
How it works
01
Deposit USDC
Senior or Junior, from $1.00.
02
Ask to withdraw
Senior pays out 10 min after you ask, Junior 24 h. Shares earn until then.
03
Receive USDC
One transaction at the current price. Junior waits while it holds under 10% of the vault.
Risk at a glance
- Losses to date—the history is still being read—
- Junior cushion vs stress loss100% vs 0%Junior absorbs a bad year before Senior losesWithin
- Same-day liquidity100%of the vault; 100% can be asked for in a dayWithin
- Largest exposure— · best practice ≤ 25%Within
- ChangesNone queueda change can run before you are outOver best practice
No changes queued. A change can run after 24 h, no longer than the 24 h withdrawal notice: a holder who disagrees may not be out before it runs.
Vault program: not independently audited. Details under .
Limits, as held today
Best practice is Akashi's limit book: the curator may depart from it and must acknowledge it. The contract's rules are enforced on chain when money moves: a move that would break one fails. Drift, withdrawals or a guardian lowering a limit can leave the vault past one; then only moves back toward it are allowed.
- Largest single adapterWithin
- Today
- nothing invested
- Best practice
- ≤ 8% (10% at most)
- Contract
- —
- 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
- —
- Can leave within a dayWithin
- Today
- 100%
- Best practice
- ≥ 25%
- Contract
- —
- Can leave within a weekWithin
- Today
- 100%
- Best practice
- ≥ 50%
- Contract
- —
- Highest cost to sellWithin
- Today
- no sale needed
- Best practice
- ≤ 60 bps (200 above $1M)
- Contract
- —
- CashWithin
- Today
- 100%
- Best practice
- ≥ 5%
- Contract
- ≥ 5%
- Junior cushionWithin
- Today
- 100%
- Best practice
- ≥ the stress loss (0%)
- Contract
- ≥ 10%
| Measure | Today | Best practice | Contract | Status |
|---|---|---|---|---|
| Largest single adapterShare of the vault in one venue | nothing invested | ≤ 8% (10% at most) | — | Within |
| Single borrowerShare lent to one borrower | none held | ≤ 4% | — | Within |
| Largest originatorShare with one issuer or lender, looking through tokens | — | ≤ 25% | — | Within |
| Largest source of yieldShare paid by one economic driver | — | ≤ 35% | — | Within |
| Largest programShare held in one protocol's program | — | ≤ 35% | — | Within |
| Stress lossAkashi's bad-year loss on each holding, weighted by today's shares | 0% | ≤ 25% budget | — | Within |
| Can leave within a dayShare of the vault that turns into USDC at the cost ceiling; cash counts | 100% | ≥ 25% | — | Within |
| Can leave within a weekShare of the vault that turns into USDC at the cost ceiling; cash counts | 100% | ≥ 50% | — | Within |
| Highest cost to sellWorst market sell cost at each holding's size | no sale needed | ≤ 60 bps (200 above $1M) | — | Within |
| CashIdle USDC ready for withdrawals | 100% | ≥ 5% | ≥ 5% | Within |
| Junior cushionJunior's share, which takes the first loss | 100% | ≥ the stress loss (0%) | ≥ 10% | Within |
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 24 h.
- Same day100%
- Within 7 days0%
- Within 30 days0%
- Over 30 days0%
- No measured route0%
Same-day liquidity (100% of the vault) covers everything that can be asked for in a day (100%).
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
- OnRe ONycⓘ
Token price (pricing read pending)
- Venue's oracle
- Pyth / Scope, Chainlink
- Withdrawal haircut
- none
- Last valued
- 4 h ago
- Hastra AUTOⓘ
Token price (pricing read pending)
- Venue's oracle
- Chainlink
- Withdrawal haircut
- none
- Last valued
- 4 h ago
Akashi has not verified the venue's own oracle
- Huma PSTⓘ
Huma pool share price (pool assets ÷ PST supply) read on chain
- Venue's oracle
- pool rate, Pyth
- Withdrawal haircut
- none
- Last valued
- 4 h ago
- Kamino Earn · Institutional Commodity Yieldⓘ
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
- none (IOU priced by Kamino), Scope
- Withdrawal haircut
- none
- Last valued
- 4 h ago
| Holding | How the vault values it | Venue's oracle | Withdrawal haircut | Last valued |
|---|---|---|---|---|
| OnRe ONycⓘ | Token price (pricing read pending) | Pyth / Scope, Chainlink | none | 4 h ago |
| Hastra AUTOⓘ | Token price (pricing read pending)Akashi has not verified the venue's own oracle | Chainlink | none | 4 h ago |
| Huma PSTⓘ | Huma pool share price (pool assets ÷ PST supply) read on chain | pool rate, Pyth | none | 4 h ago |
| Kamino Earn · Institutional Commodity Yieldⓘ | kvault share price from on-chain reserve rates: idle cash plus each reserve's cTokens at its refreshed rate, less fees due, per share | none (IOU priced by Kamino), Scope | none | 4 h ago |
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
This vault
No loss on the vault account; its history is still being read.
Every source is counted at its full value.
At the venues it holds
No incidents recorded at these venues.
From Akashi's registry: events recorded against the token, its issuer or the protocol behind each holding, whether or not this vault held it at the time.
Risk
Losses hit Junior first and can wipe it out before Senior loses anything. Junior must stay above 10% of the vault: a Junior withdrawal waits below that, and Senior deposits pause. Yields are variable and not guaranteed.
Where the money is
- 10.00 USDC sits idle in the vault's USDC account (100%; target 5%).
- Nothing is in OnRe ONyc yet (target 30%, at most 35%).
- Nothing is in Hastra AUTO yet (target 30%, at most 35%).
- Nothing is in Huma PST yet (target 20%, at most 25%).
- Nothing is in Kamino Earn · Institutional Commodity Yield yet (target 15%, at most 20%).
- Cash (idle USDC)in the vault's own USDC account, for withdrawals
- Rate today
- 0.00%
- Value
- $10.00
- Share
- 100%
Must keep at least 5%
- OnRe ONycⓘreinsurance · Onrevia Token leg · EaNCz41x…
- Rate today
- 11.02%
- Value
- $0.00
- Share
- 0%
Allowed up to 35% · $5,000,000.00
- Hastra AUTOⓘconsumer credit · Figurevia Hastra PRIME / AUTO · GE4SFRJB…
- Rate today
- 9.69%
- Value
- $0.00
- Share
- 0%
Allowed up to 35% · $5,000,000.00
- Huma PSTⓘreceivables · Humavia Huma PST · GWFjatcM…
- Rate today
- 8.00%
- Value
- $0.00
- Share
- 0%
Allowed up to 25% · $5,000,000.00
- Kamino Earn · Institutional Commodity Yieldⓘcommodity trade finance · Kamino SPVvia Kamino Earn · CoUMs6s5…
- Rate today
- 8.45%
- Value
- $0.00
- Share
- 0%
Allowed up to 20% · $5,000,000.00
| Holding | Rate today | Value | Share | Allowed up to |
|---|---|---|---|---|
| Cash (idle USDC)in the vault's own USDC account, for withdrawals | 0.00% | $10.00 | 100% | at least 5% |
| OnRe ONycⓘreinsurance · Onrevia Token leg · EaNCz41x… | 11.02% | $0.00 | 0% | 35% · $5,000,000.00 |
| Hastra AUTOⓘconsumer credit · Figurevia Hastra PRIME / AUTO · GE4SFRJB… | 9.69% | $0.00 | 0% | 35% · $5,000,000.00 |
| Huma PSTⓘreceivables · Humavia Huma PST · GWFjatcM… | 8.00% | $0.00 | 0% | 25% · $5,000,000.00 |
| Kamino Earn · Institutional Commodity Yieldⓘcommodity trade finance · Kamino SPVvia Kamino Earn · CoUMs6s5… | 8.45% | $0.00 | 0% | 20% · $5,000,000.00 |
The vault
Fees
Akashi receives 15% of the premium paid by Senior to Junior. Its rate is fixed at program initialization.
The creator receives 5% 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 3.0 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.
Outstanding commissions have accrued but have not been received. Paid amounts are actual USDC transfers.
Who runs it
Rules
Coverage
Premium curve
Withdrawals
Vault cap
Minimum deposit
Idle buffer
Junior seed
Queued changes
Reading the queued changes…
History
Reading the vault's history…
Read from the vault's on-chain events; each line opens the transaction.
Smart contracts and accounts
- Vault program12i2UkpXrG9QExaZfisyqowHVDW2kf2RK7xFxUo71bDi
- VaultGtzJSacCoDhYUNHkXZbdA9e7ArDa6KjD8BJybA35yd9H
- Senior share token9puWC466dNjGZ5XAjReHi7gyigq18jPFdjXTRzv6UBvc
- Junior share token2qk8wuT7fQP3Zji2RYadueY1H4BcVAtRXybFGLeDM6fm
- USDC mintEPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v
- Idle USDC accountF243RzP4FKaMyyeyW65JnvzaoZtXEMEwGMjPzNnp88TA
- Payout accountASiH2m2T6otoitGap9LnmQSpi5gfquhDDqdZY7UfdL3P
- Leg 0 · OnRe ONycEaNCz41x97py4iBhpADhDFgm6kZEGdRY72NcktsgJfgs
- Leg 0 adapter program4NyupaKzPL1NCLtq3T23wFAWbsYQS6NDfdQudincGoc6
- Leg 1 · Hastra AUTOGE4SFRJBtSpzPmBRPUdSvD7BLnwaSqVuanviPPxAaEGm
- Leg 1 adapter programENA7ftYdtFEVN6USm7rp7UarmhECzBdoZbLyW246V7kX
- Leg 2 · Huma PSTGWFjatcM68zKGfRvxvysi7hm2w26sgujzRsWSD98ffRm
- Leg 2 adapter programCSvtbc7FXDd25ChaESEPFhC8oFGEapyYWwksYqZYKw2x
- Leg 3 · Kamino Earn · Institutional Commodity YieldCoUMs6s5qmnN3QgfY3gVhWgBqU9WLQ8T5yqfddP7TkNt
- Leg 3 adapter program8fKFEDznsxyi6KTGuJsCpNt5udJYji78hqD9mnQ6nG1y
Mandate
The curator has not written a mandate.
The vault is set up to hold OnRe ONyc up to 35%, Hastra AUTO up to 35%, Huma PST up to 25%, Kamino Earn · Institutional Commodity Yield up to 20%.
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.
What can change, and how
The coverage floor and the withdrawal waits change only through a queued change that waits out the vault's change delay, and a withdrawal already asked keeps its wait; yield sharing is 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 24 h.
No changes queued. A change can run after 24 h, no longer than the 24 h 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.
How money moves
Each adapter may hold at most its maximum weight: OnRe ONyc 35%, Hastra AUTO 35%, Huma PST 25%, Kamino Earn · Institutional Commodity Yield 20% (your share plus 5 points).
Adapter caps: $5,000,000 each.
Idle USDC keeps at least 5% (target 5%).
Junior coverage at least 10%.
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.
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.
Withdrawals
A Junior withdrawal waits while Junior would fall under 10% 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 24 h. Shares earn until then.
- Receive USDC · One transaction at the current price. Junior waits while it holds under 10% of the vault.
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.
Fees
Akashi receives 15% of the premium paid by Senior to Junior. Its rate is fixed at program initialization.
The creator receives 5% 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 3.0 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.
Audits and reviews
- Vault program · Not independently audited; its mainnet deployment is verified. Read ↗
Non-custodial · Akashi never holds your funds