About Honeycomb

Every Honeycomb vault supplies only into Kamino lending markets that meet four criteria:

• ·Audited collateral acceptance — the reserve only accepts collateral types Kamino has reviewed and listed.
• ·Established oracles — supported price feeds (Pyth, Switchboard, or Scope-aggregated) with documented update cadence and stale-price fallback behavior.
• ·Healthy utilization curves — interest-rate slopes that price in liquidity stress and that we have observed across at least one cycle of utilization shocks.
• ·No unbounded supply caps where the cap is being actively raised on a short cadence — this is a signal of capital chasing yield rather than the market normalizing.

Today, the USDC vault is allocated across three USDC reserves: Prime Market, Main, and OnRe; the SOL vault applies the same criteria across vetted SOL reserves. Each vault’s reserve addresses are linked from its Allocation Breakdown on the strategy page.

Capital is spread across the selected reserves at published weights that favor reserves with healthy liquidity and stable utilization. The weights live on-chain in the vault.

Because the vault is governed by a 2-of-3 multisig, every allocation change is approved by two independent signers and recorded on-chain — no single person can move the weights, and each decision is public.

The vault is governed by a 2-of-3 multisig. Any change to allocations, fees, or configuration needs two of three independent signers to approve it — no single key can act alone.

• ·The multisig can only allocate the vault across Kamino-verified reserves. It cannot withdraw your funds, freeze withdrawals, or move capital anywhere outside those reserves.
• ·Every signer and every approved change is public and recorded on-chain.
• ·Your deposit stays non-custodial the whole time — it lives in the Kamino vault, represented by a receipt token in your own wallet, and only you can redeem it.

The multisig and both vault addresses are listed in the on-chain reference below.

• ·No leverage loops — all Honeycomb vaults are pure supply positions. We do not borrow against the vaults to amplify yield.
• ·No incentive farming — yield comes from underlying borrow demand, not from emissions of short-lived governance tokens.
• ·No off-chain capital allocation — every deposit lives in a public Kamino reserve, traceable from the vault address.
• ·No admin-pausable user funds — the program does not give any admin the ability to freeze withdrawals.

• ·Reserve oracle stalls — Kamino reserves halt borrow operations when their oracle is past the staleness window. Your position remains intact and withdrawals are unaffected.
• ·Reserve at supply cap — new supply into that reserve is skipped; capital sits idle until the cap is raised or the weights are updated. Idle funds stay in the vault, they just aren’t earning yet.
• ·Indexer lag in display — Kamino’s public metrics endpoint can lag the chain by a few minutes. The /earn page falls back to on-chain reads so the displayed TVL and price-per-share stay real-time.
• ·Infrastructure downtime — supplying into the reserves is permissionless on Kamino, so your capital can still be put to work even if Honeycomb’s own automation is temporarily offline.

The Kamino kvault and klend programs that custody Honeycomb funds have been audited by their respective firms — see the Kamino audit repository.

Because every Honeycomb action settles on Kamino’s audited programs and is recorded on-chain, anyone can verify what the vault is doing at any time.

• ·Performance fee — 5% of earned interest, accrued continuously by the kvault program and claimable by the vault admin. The fee is recognized only against interest that has actually accrued; principal is never charged.
• ·Management fee — 0%. We do not charge users a time-based fee independent of performance.
• ·Withdrawal fee — 0%. Unrestricted withdrawals are part of the non-custodial design.

Every account that touches Honeycomb capital is public. Click through to Solscan and read the state directly.