Roadmap
Dawn Vault is being developed in three phases, with each phase building on the operational experience and infrastructure of the previous one.
Phase 1: USDC Vault (Current)
Status: Live
The flagship vault establishing Dawn Vault's core infrastructure and track record.
Deliverables
USDC Vault with two-layer architecture (lending + delta-neutral)
Manager Bot for automated strategy execution
Risk management system with backtested parameters
Performance dashboard
Yield provenance reporting
Strategy
Base Layer: USDC lending across Kamino, Drift, Jupiter Lend (3–8% APY)
Alpha Layer: SOL delta-neutral with dawnSOL enhancement (15–30% APY)
Target APY: 8–15%+
Milestones
Phase 2: SOL Vault
Status: In Development
Expanding to SOL deposits with validator-native staking strategies.
Deliverables
SOL Vault with staking + LST loop strategy
dawnSOL LST integration
Jupiter Native Stake integration
Enhanced risk management for leveraged positions
Strategy
Base Layer: Dawn validator staking (6–7% APY)
Alpha Layer: LST Loop via dawnSOL × Kamino or Jupiter Native Stake (10–20% APY)
Key Challenges
LST loop requires careful LTV management (tight liquidation buffers)
Monthly rebalancing cycles (swap cost sensitivity)
Two implementation paths to evaluate (Kamino vs. Jupiter)
Phase 3: BTC Vault
Status: Planning
The most complex vault, unlocking SOL yield from BTC collateral.
Deliverables
BTC Vault with cbBTC lending + multi-hop delta-neutral
4-stage collateral deleverage protocol
Multi-variable decision engine (SOL FR + USDC borrow cost + BTC price)
Strategy
Base Layer: cbBTC lending (1–3% APY)
Alpha Layer: cbBTC collateral → USDC borrow → SOL DN (3.5–11% effective APY)
Key Challenges
Highest operational complexity (multi-hop + collateral management)
Two independent decision variables plus BTC price monitoring
Requires proven operational excellence from Phase 1 and 2
Future Considerations
Beyond the three core vaults, Dawn Labs is exploring:
JPY stablecoin integration for Japanese market access
Multi-venue CEX support to reduce single-exchange risk
On-chain attestation of off-chain positions
Governance token considerations
Additional strategy modules as market opportunities emerge
Timelines are indicative and subject to change based on market conditions and development progress.
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