# Version History

* Tracks meaningful releases of the ksUSD vault program + surrounding docs / scripts
* Older entries cover the legacy multi-strategy architecture, retained for reference
* Canonical product: single-vault ksUSD design as of v2.0

***

## v2.0 — May 2026 · *current*

**The ksUSD pivot.** Wholesale repositioning and code rewrite.

### Positioning

* Current canonical framing: *"Keystone Finance is the carry coordination layer for Solana."*
* Superseded: *"Keystone Finance coordinates carry across Solana's DeFi ecosystem."*
* Earlier framings retired: "on-chain analog of a multi-strategy hedge fund", "Layer 1 / Layer 2 architecture", "three risk profiles", "monetary layer", "productive reserve asset"

### Program

* Single Anchor program: `keystone_finance` (program ID `HvsAc157bJ7Pd4uGr7xssHMifGs6RMbPu14ZMsiEABWT` on devnet)
* Single state struct: `Vault` PDA at seeds `[b"vault"]` (replaces legacy `FundState` + `PortfolioState` hierarchy)
* Single share mint: `ksUSD` (6 decimals) — replaces `ksALPHA`, `ksNEUTRAL`, `ksDEFENSE`, `ksCORE`
* Three internal modes — normal basis, reverse basis, idle — chosen automatically by Drift SOL-PERP funding rate
* Drift Perps v2 as the perp venue (replaces Jupiter Perps in the legacy Neutral fund)
* 29 entry points: see [Instructions](/for-developers/instructions.md)

### Fee structure

* Management fee: **0%** (was 0.5% / yr on legacy Alpha & Neutral).
* Performance fee: **20% above HWM** (unchanged).
* Reserve skim: **5% of accrued perf fees** routed to the reserve fund (new).
* Withdrawal fee: **0%** on both instant and queued paths.

### Withdrawal queue

* Two-path withdrawal: `withdraw_instant` (from liquidity buffer) and `request_withdrawal` + `process_withdrawal` (queued). Replaces the legacy single `withdraw` path.

### Backtest

* **Methodology:** daily resolution on real Drift SOL-PERP funding (Nov 2022 – Jan 2025, 793 days on-venue) with Binance × empirical 2.37×/0.10× ratio for months outside the Drift window. 51-month hybrid window Feb 2022 – Apr 2026.
* **Target net APY: \~11%** after fees, jitoSOL's \~80% Drift collateral weight, and rebalance slippage. Model headline before those frictions is +15.57% net (+19.82% gross). Full ladder: [`reference/historical-simulation.md`](/reference/historical-simulation.md).
* **Bidirectional (reverse-basis) variant** is in MVP via `open_reverse` / `close_reverse`. Adds only +16 bps over normal-basis-only — Drift's long-biased book triggers reverse on just 2–4% of days. Regime coverage, not headline alpha.

### Docs

* New whitepaper at `gitbook/reference/whitepaper.md` (v2.0) — single-vault design, full NAV math, security model, risk disclosures.
* Marketing site (`keystone-marketing/`) rebuilt around ksUSD with a single Performance chart sourced from the canonical backtest.
* Investor memo, PRD, and outreach summary at `docs/KSUSD_*.md` updated to v0.4.

### Breaking changes

* All legacy program IDs (`keystoneAlpha`, `keystoneDefense`, `keystoneCore`) are no longer deployed. The on-chain footprint is now one program.
* `ksCORE` / `ksALPHA` / `ksNEUTRAL` / `ksDEFENSE` mints are unsupported. Integrators should consume `ksUSD` only.
* `rebalance`, `migrate_portfolio`, and all multi-fund admin instructions are gone.

***

## Pre-pivot history (legacy)

Pre-v2.0 covered the multi-strategy design:

* **Keystone Alpha** — directional LST accumulation
* **Keystone Neutral** — basis carry on Jupiter Perps
* **Keystone Defense** — JupSOL baseline + dislocation deployment
* **Keystone Core** — portfolio orchestration with ksCORE

Detailed entries are retained in git history; active narrative is v2.0+.

**Key milestones:**

* **v1.x** — multi-strategy architecture in development; Jupiter Perps as the perp venue
* **v0.11.5** (Apr 2026) — last release of the multi-strategy design; portfolio rebalancing live on devnet
* **v0.10.0** — `deploy_capital` consolidated with auto-unpark; `unpark_capital` retired

For the historical narrative and per-version technical notes, see commits on `main` prior to the May 2026 pivot.


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