Frequently asked questions

Honeycomb USDC is a curator vault on Kamino. You deposit USDC and receive hcUSDC, the vault’s receipt token. The vault supplies that USDC into three vetted Kamino lending reserves at curator-set weights. Yield comes from the borrow demand on those reserves — not from emissions, leverage, or token incentives.

hcUSDC is the receipt token for the Honeycomb USDC vault. When you deposit, the vault burns no asset — it mints hcUSDC into your wallet in proportion to the USDC you put in. Holding hcUSDC means you own a share of the vault; redeeming it withdraws your pro-rata claim on the underlying USDC plus accrued interest.

It is a regular SPL token on Solana. It sits in your own wallet, transfers like any other SPL token, and shows up on Solscan and in any Solana-compatible interface. We do not custody it; you do.

The hcUSDC share price rises as the vault earns interest. That is how your yield accrues — not as airdropped extra tokens, but as each hcUSDC becoming worth slightly more USDC over time. Today one hcUSDC is worth approximately 1 USDC; as interest accumulates it climbs (e.g. 1.0003, 1.0010, 1.05 over time). On withdraw you exchange your hcUSDC back for USDC at the current share price.

• ·Deposit: you sign a transaction sending USDC to the vault. The vault mints hcUSDC into your wallet at the current share price.
• ·Invest: a keeper service signs an invest instruction (typically within minutes) that sweeps idle USDC into the three Kamino reserves at the set weights.
• ·Accrue: as borrowers pay interest into those reserves, the value of the underlying claim grows, and the hcUSDC share price rises.
• ·Withdraw: you sign a transaction burning some or all of your hcUSDC. The vault redeems the underlying cTokens through each reserve and sends USDC back to your wallet — same tx, no waiting period.

No. The APY shown on every Honeycomb surface is the current blended supply rate across the three underlying Kamino reserves, weighted by allocation. It is a live read, not a promise. DeFi yields move continuously with utilization, market demand, and macro conditions. Tomorrow’s APY can be higher, lower, or briefly negative if a reserve experiences unusual conditions.

Honeycomb does not subsidize, pad, or backstop the displayed rate. We do not promise a minimum APY, an annualized return, or any yield target. If you are looking for fixed returns, this is not the product.

Yes. Withdrawals are unrestricted, settle in a single on-chain transaction, and require no approval from Honeycomb. There is no lockup, no withdrawal fee, and no admin pause function on user funds. The kvault program does not give the curator the ability to freeze redemptions.

The exact USDC you receive can be a few basis points below the displayed gross value because Kamino’s per-reserve cToken redemption rounds in the protocol’s favor. The withdraw panel shows both the gross share value and the estimated USDC amount before you sign.

Performance fee: 5% of the interest the vault earns, accrued continuously by the kvault program and claimable by the curator. The fee is recognized only against interest that has actually accrued — your principal is never charged.

Management fee: 0%. We do not charge a time-based fee independent of performance.

Withdrawal fee: 0%. Unrestricted withdrawals are part of the non-custodial guarantee.

You also pay normal Solana network fees for the deposit and withdraw transactions (typically a fraction of a cent).

No. Your USDC is held by the on-chain Kamino kvault program — not by Honeycomb, not by any server, not by any human. Your hcUSDC receipt token sits in your own wallet. To redeem your position you sign a withdraw transaction yourself; Honeycomb never has the keys to move your funds.

The curator key controls allocation weights and metadata, not user funds. The keeper key can only invest idle balances, not reallocate or withdraw. Both keys are described in the risk methodology.

hcUSDC is a regular Solana SPL token. Possession is the entire claim — anyone holding the tokens can transfer them or withdraw the underlying USDC. The mint has no freeze authority, which means neither Honeycomb nor Kamino can block, freeze, or recover a position even in cases of theft or lost keys.

If your wallet is compromised, your position is exposed — an attacker can withdraw immediately. If you lose your seed phrase, your position is unrecoverable forever. There is no protocol-level recovery path: this is the same trade-off every non-custodial DeFi vault on Solana makes. Treat your seed accordingly — hardware wallet for non-trivial positions, offline backups, never share, never paste into chat or AI assistants.

DeFi yield carries real risk. The headline failure modes:

• ·Smart-contract bug in the Kamino kvault or klend program — both audited, but no audit eliminates risk.
• ·Reserve insolvency — if a reserve accrues bad debt beyond its insurance fund, that loss flows to suppliers (us) pro-rata.
• ·Stablecoin depeg — a USDC depeg would impair every USDC-denominated balance.
• ·Oracle manipulation or stalls, key compromise, operator wind-down — covered in detail on the risk page.

Worst case is total loss of principal in a smart-contract or reserve-insolvency scenario. This is true of every DeFi yield product. Only deposit what you can afford to lose, and read the full risk methodology before doing so.

User deposits land in the vault’s idle bucket. Yield only begins when an invest transaction sweeps that idle balance into the allocated reserves. The keeper is a small Honeycomb-operated service that signs that invest instruction on a short cadence so new deposits do not sit idle.

The keeper key cannot reallocate, withdraw user funds, or change fees. The keeper is also a permissionless instruction — anyone could run their own keeper against the vault. We run one because we believe relying on third parties to permission your yield is bad product design.

Curation and operations. Kamino runs the lending program; we choose which of Kamino’s reserves to supply into, set the weights, review the allocation against trailing APY and supply-cap data, and operate the auto-invest keeper. The aim is one deposit decision instead of three, with the curation rationale published rather than buried.

We store your wallet address and the trade events the bot or website generates so we can show your transaction history and points balance. No KYC, no email, no off-chain custody. The on-chain balance and position are read live from the vault every time you load the page.

Every Honeycomb account is public. The risk methodology page links to Solscan for the vault, the receipt token mint, and the curator authority. Every deposit, withdraw, and rebalance is a normal Solana transaction — visible to anyone, indexed by anyone.