# 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

* [x] Strategy backtest (821 days, Sharpe Ratio 27.01)
* [x] Manager Bot development
* [x] Live deployment with own capital
* [ ] Public deposits
* [ ] Performance reporting system
* [ ] Documentation site

***

## 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.

|                   | Senior Vault                       | Junior Vault               |
| ----------------- | ---------------------------------- | -------------------------- |
| **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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