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.

honeySOL is Honeycomb’s liquid staking token — a separate product from the lending vaults above. You stake SOL and receive honeySOL, a token you hold in your own wallet that earns Solana staking rewards. It is issued through the audited SPL Stake Pool program — the same program behind established LSTs like jitoSOL and bSOL — so Honeycomb runs no custom on-chain code for it.

• ·100% staked, no lending — all SOL is delegated to a curated set of 0%-commission validators. honeySOL appreciates against SOL each epoch as rewards compound; it does not rebase.
• ·Redemption is epoch-delayed — unstaking returns SOL after about one epoch (~2–3 days), the same as native Solana staking. There is no instant withdrawal and no liquidity reserve; until you unstake, honeySOL stays liquid and composable across Solana DeFi.
• ·Fees — a 3% fee on staking rewards (never on principal) plus a 0.1% deposit fee fund Honeycomb; there is no withdrawal fee.
• ·Non-custodial — you hold honeySOL at all times and only you can redeem it. The mint is controlled by the stake-pool program itself, not by any admin, so no one can mint away your claim.
• ·Authorities — a keeper key runs the required epoch maintenance and rebalances stake across the whitelisted validators; by design it can only move stake between those validators, never withdraw or redirect your SOL. Fees route to Honeycomb’s 2-of-3 multisig, and pool management is held by Honeycomb and moving to that same multisig.

Staking risk is standard Solana staking risk: rewards are variable and not guaranteed, validators can underperform, and staked SOL carries the network’s slashing risk. You can stake or unstake on the Stake page.

Strategies are automated baskets of real on-chain assets — tokenized equities, crypto majors, and hard assets. A single USDC deposit buys the whole basket, which is held in your own non-custodial smart account and kept at its target allocation automatically. This is a separate product from the lending vaults above.

• ·Your own account — each strategy runs in a smart account that only you can withdraw from, built on the open-source, independently-audited Swig smart-account program. Honeycomb never takes custody, and you can exit to USDC at any time.
• ·Real assets — a basket holds actual on-chain tokens (for example tokenized equities via xStocks, crypto majors, and tokenized gold), which you hold in your own account — not a synthetic or a pooled fund.
• ·Automatically managed — a keeper checks your basket against its published target weights about once a day and rebalances only the portion that has drifted past a set band, nudging it back toward (not exactly onto) target to avoid needless trading. When you add funds, the new money is used to buy up the underweight holdings first, so the basket rebalances with incoming cash rather than by selling wherever possible. There is nothing to manage day to day, and you keep sole ownership of the account and the right to withdraw at any time.
• ·Fees — no deposit, withdrawal, management or performance fee. A flat 0.3%, in USDC, applies only when a basket trades: when it is first bought, when it is rebalanced, and when it is sold on exit.
• ·Performance is a model — the return figures shown are a model curve built from the target allocation’s historical prices, not realized returns. Past performance is not indicative of future results.

Strategy risk is higher and different from the lending vaults. You hold volatile assets whose prices can fall, including tokenized real-world assets that carry additional issuer, counterparty, liquidity, and eligibility considerations. Automated management also depends on software and a delegated signing authority; a bug in, or a compromise of, that authority could cause adverse trades or loss of the assets held in your strategy account. Only deposit what you can afford to lose.

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