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Version History

What shipped when, newest first.

  • 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

v2.1 — Jun 2026 · current

Venue pivot to Phoenix Perps + two-mode scope. Design changes for the v1 mainnet path (docs pivoted ahead of code; see the target-architecture banners).

Venue

  • Perp venue: Phoenix Perps (Ellipsis Labs) — program EtrnLzgbS7nMMy5fbD42kXiUzGg8XQzJ972Xtk1cjWih, USDC margin via Ember, on-chain CPI via the Rise SDK.

  • USDC margin posted via the Ember program (EMBERpYNE6ehWmXymZZS2skiFmCa9V5dp14e1iduM5qy); integration is on-chain CPI using the Rise SDK (github.com/Ellipsis-Labs/rise-public).

Architecture (Path B)

  • jitoSOL is held unlevered as the spot leg for staking yield; USDC is the perp margin. No LST is ever posted as perp collateral.

Modes

  • v1 ships two modes — normal basis + parked — with transitions automated on-chain: the smoothed funding signal plus a keeper dynamic threshold with a ±3% hysteresis band (lending-vs-staking spread, floored at 0) decides the mode and the keeper bot executes the switch, no manual intervention. The band covers the round-trip switch cost and prevents whipsaw.

Backtest

  • Recut on the Phoenix venue's own funding history, unscaled: −0.392% max drawdown, 5.04% net, fully loaded, over the 286 days the SOL perp has existed. Full method and caveats: reference/historical-simulation.md.

v2.0 — May 2026

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  • Superseded: "Keystone Finance coordinates carry across Solana's DeFi ecosystem."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 E7tpCcxtvuTXLAckBGWb1AsndpLQ1Y9hQA3iGYSXz2vJ 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

  • Two internal modes — normal basis and idle — chosen automatically by the SOL-PERP funding rate

  • An on-chain perp venue (replaces Jupiter Perps in the legacy Neutral fund)

  • Full entry-point list: Instructions

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

  • Established the canonical method: daily resolution, 7-day rolling mean with a ±3% hysteresis band for mode classification. Superseded in detail by the recut onto measured Phoenix funding; see reference/historical-simulation.md.

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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