Akashi Plus

• Largest single adapterOver best practice

  Today

  30% · OnRe ONyc

  Best practice

  ≤ 8% (10% at most)

  Contract

  ≤ 35% for OnRe ONyc

  not acknowledged by the curator

• Single borrowerOver best practice

  Today

  15%

  Best practice

  ≤ 4%

  Contract

  —

  not acknowledged by the curator

• Largest originatorOver best practice

  Today

  30% · Onre

  Best practice

  ≤ 25%

  Contract

  —

  not acknowledged by the curator

• Largest source of yieldWithin

  Today

  30% · catastrophe cycle

  Best practice

  ≤ 35%

  Contract

  —

• Largest programWithin

  Today

  15% · Kamino Vault

  Best practice

  ≤ 35%

  Contract

  —

• Stress lossOver best practice

  Today

  31%

  Best practice

  ≤ 25% budget

  Contract

  —

  not acknowledged by the curator

• Can leave within a dayWithin

  Today

  85%

  Best practice

  ≥ 25%

  Contract

  —

  Kamino Earn · Institutional Commodity Yield has no measured exit

• Can leave within a weekWithin

  Today

  85%

  Best practice

  ≥ 50%

  Contract

  —

  Kamino Earn · Institutional Commodity Yield has no measured exit

• Highest cost to sellWithin

  Today

  9 bps · OnRe ONyc

  Best practice

  ≤ 60 bps (200 above $1M)

  Contract

  —

• CashWithin

  Today

  5%

  Best practice

  ≥ 5%

  Contract

  ≥ 5%

• Junior cushionOver best practice

  Today

  25.8%

  Best practice

  ≥ the stress loss (31%)

  Contract

  ≥ 10%

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-day liquidity (85% of the vault) is short of what can be asked for in a day (91.7%): withdrawals beyond it wait for slower routes.

• OnRe ONycⓘSell on the market

  Venue can absorb

  ≥ $1.0M

  Vs this holding

  133×

  Cost

  9 bps

  Same day until the vault reaches at least $3.3M

  Backstop: Issuer redemption 1–90 days, KYC only, 0.20% fee

• Hastra AUTOⓘSell on the market

  Venue can absorb

  ≥ $1.0M

  Vs this holding

  133×

  Cost

  9 bps

  Same day until the vault reaches at least $3.3M

  Backstop: Issuer redemption 0–2 days

• Huma PSTⓘSell on the market

  Venue can absorb

  ≥ $1.0M

  Vs this holding

  200×

  Cost

  no cost

  Same day until the vault reaches at least $5.0M

  Backstop: Issuer redemption 1–7 days

• Kamino Earn · Institutional Commodity YieldⓘNo measured route

  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

• OnRe ONycⓘ

  Token price (pricing read pending)

  Venue's oracle

  Pyth / Scope, Chainlink

  Withdrawal haircut

  none

  Last valued

  36 min ago

• Hastra AUTOⓘ

  Token price (pricing read pending)

  Venue's oracle

  Chainlink

  Withdrawal haircut

  −1%

  Last valued

  36 min 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

  −0.5%

  Last valued

  36 min 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

  36 min 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

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

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.

Governance and permissions ↗

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.

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 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.

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 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.

Fees and execution costs ↗

Audits and reviews

• Vault program · Not independently audited; its mainnet deployment is verified. Read ↗
• OnRe ONyc · Onre's reserves audited by Apex Group (NAV attestations); Harris & Trotter (financial audit).
• Hastra AUTO · Akashi does not know whether it is audited.
• Huma PST · Huma's reserves audited by Halborn (contracts); Accountable (solvency); WADSACK (receivables).
• Kamino Earn · Institutional Commodity Yield · Program audited by OtterSec, Sec3, Offside Labs, Certora, Ackee Blockchain.

Security ↗