Roadmap
Phase 1: USDC Vault (Current)
Status: Active
The flagship vault establishing Dawn Vault's core infrastructure and track record.
Base Layer: Kamino Multiply (ONyc/USDC ~16%, USDG/PYUSD ~9.5%) + USDC Lending (Kamino, Jupiter, 3-8%)
Alpha Layer: SOL delta-neutral with dawnSOL enhancement (15-20% APY)
Target APY: 9-16%+
Milestones
Phase 2: Strata — Tranched Vault
Status: Planned
Split the USDC Vault into Senior and Junior tranches, enabling institutional investors to participate with defined risk/return profiles.
Return
8% fixed
Variable (residual upside)
Loss priority
Protected (last to absorb)
First-loss buffer
Withdrawal
Instant
7-day lock
Target
Institutions, stable-yield seekers
High-yield seekers
Underlying strategy remains the same as Phase 1. Risk separation is enforced via an on-chain Accounting Waterfall (Anchor program) built on Ranger Finance infrastructure.
"Stop losing sleep over hacks. Take the Senior tranche."
Phase 3: Japan Institutional Access
Status: Planned
Expand access to Japanese institutional investors and qualified investors (適格投資家) through regulatory alignment and JPY-native on-ramps.
Regulatory & audit compliance: Structured reporting and audit trails meeting Japanese financial regulations
JPY stablecoin integration: Enable vault participation via JPY stablecoins (e.g., JPYC, progmat coin) to remove FX friction for domestic investors
KYC/AML layer: Permissioned deposit flow for compliance with Japanese fund regulations
Localized reporting: Performance reports and risk disclosures in Japanese, aligned with domestic institutional requirements
Timelines are indicative and subject to change based on market conditions and development progress.
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