# Introduction

### The Home of On-Chain Asset Management

Keystone is a fully on-chain asset manager built on Solana. No discretionary managers, no off-chain execution — allocations, rebalances, and fees are enforced by the programs. Deposit once, pick a risk profile, hold **ksCORE**.

Capital is allocated across three strategies. Each runs its own on-chain logic and adapts to market conditions independently.

***

## The three strategies

### Keystone Alpha — Directional

Accumulates SOL exposure through ATH-relative bands. When SOL is far below its all-time high, the fund holds more jitoSOL. As price recovers toward ATH, it rotates back into USDC and deploys idle capital to Marginfi lending. Rebalances are permissionless, cooldown-gated, and capped per interval — no single transaction can move too much.

* **Target APY:** 4–5.5%
* **SOL exposure:** 20–80%, ATH-relative
* [Strategy →](https://docs.keystonefi.xyz/underlying-funds/keystone-alpha)

***

### Keystone Neutral — Carry

Runs a delta-neutral basis trade on Jupiter Perps: long jitoSOL spot, short SOL-PERP, earning the spread. When funding turns negative (shorts pay longs), the fund flips to a reverse-basis position to collect the inverted premium. Idle capital parks in Marginfi or jitoSOL between positions. Net SOL exposure is zero in all configurations.

* **Target APY:** 11–21%
* **SOL exposure:** 0% (delta-neutral)
* [Strategy →](https://docs.keystonefi.xyz/underlying-funds/keystone-neutral)

***

### Keystone Defense — Dislocations & Stress

Holds JupSOL as its baseline (passive staking yield). When specific on-chain conditions are met — negative funding, liquidation cascades, distressed LST collateral — the fund deploys into the opportunity and exits cleanly when conditions normalize. Most of the time it earns staking yield while waiting.

* **Target APY:** 5–8% baseline + episodic upside
* **SOL exposure:** Variable (low by default)
* [Strategy →](https://docs.keystonefi.xyz/underlying-funds/keystone-defense)

***

## Keystone Core

Core is the entry and exit point. It routes capital across Keystone Alpha, Keystone Neutral, and Keystone Defense per the risk profile you select, holds sub-fund shares, and mints **ksCORE** representing your position. The keeper rebalances allocations back to profile targets when drift exceeds the threshold — permissionless, so anyone can crank it.

| Portfolio ID | Profile          | Alpha | Neutral | Defense |
| ------------ | ---------------- | ----- | ------- | ------- |
| 1            | **Conservative** | 10%   | 60%     | 30%     |
| 2            | **Balanced**     | 20%   | 55%     | 25%     |
| 3            | **Growth**       | 35%   | 40%     | 25%     |

Illustrated metrics (not live): [Historical simulation](https://docs.keystonefi.xyz/reference/historical-simulation) · `npm run fund:simulate`

[What is Keystone Core?](https://docs.keystonefi.xyz/keystone-core/keystone-core)

***

## How it works

```
deposit / deposit_jupsol / deposit_with_swap → ksCORE minted → routed to Alpha, Neutral, Defense
withdraw / withdraw_with_swap → burn ksCORE → redeem from sub-funds
migrate_portfolio → move ksCORE between portfolio IDs in one transaction
```

Share price reflects portfolio NAV. Performance fees apply above the high-water mark at the sub-fund level. [Fee structure →](https://docs.keystonefi.xyz/reference/fees)

***

## Doc map

**Users:** [Deposit](https://docs.keystonefi.xyz/keystone-core/deposit) · [Withdraw](https://docs.keystonefi.xyz/keystone-core/withdraw) · [Check position](https://docs.keystonefi.xyz/workflows/check-position) · [Rebalance & ops](https://docs.keystonefi.xyz/workflows/rebalance)

**Builders:** [Quick start](https://docs.keystonefi.xyz/for-developers/quick-start) · [Instructions](https://docs.keystonefi.xyz/for-developers/instructions) · [Accounts](https://docs.keystonefi.xyz/for-developers/accounts) · [Events](https://docs.keystonefi.xyz/for-developers/events) · [Errors](https://docs.keystonefi.xyz/for-developers/errors)

**Operators:** [Admin ops](https://docs.keystonefi.xyz/for-operators/admin-ops) · [Keeper bot](https://docs.keystonefi.xyz/for-operators/keeper-bot) · [Monitoring](https://docs.keystonefi.xyz/for-operators/monitoring)

**Reference:** [Fees](https://docs.keystonefi.xyz/reference/fees) · [NAV & pricing](https://docs.keystonefi.xyz/reference/nav-calculation) · [Security](https://docs.keystonefi.xyz/reference/security) · [Protocols](https://docs.keystonefi.xyz/reference/protocols) · [Deployment](https://docs.keystonefi.xyz/deployment/devnet)

***

## Program IDs

| Program          | Devnet ID                                      |
| ---------------- | ---------------------------------------------- |
| Keystone Core    | `D6jfzSz51KEvyyW9VSuiQyRNGCbpPVGs7UUE1gZuEvd2` |
| Keystone Alpha   | `yw6p2bLSakr1vk9VDf76zoQaXEbg34ZMKZMYQf3cMFR`  |
| Keystone Neutral | `CCu322sd3bp32ss78jBjQj9Z9NEHU9hXGDfQAyABQ6g7` |
| Keystone Defense | `ARDjQfRC63YxS97wT5TVfaGwYtdo9MbciwFfL5AuppEy` |

Mainnet deployment pending security audit.