Frequently asked questions

Honeycomb is a set of yield vaults built on Kamino — currently a USDC vault and a SOL vault. You deposit the vault’s asset and receive its receipt token (hcUSDC or hcSOL). The vault supplies your deposit into vetted Kamino lending reserves at 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: your USDC is automatically supplied into the three Kamino reserves at the set weights, typically within minutes, so it starts earning without any action from you.
• ·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 any admin 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 vault admin. 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 design.

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 vault is governed by a 2-of-3 multisig that can only set allocations across Kamino-verified reserves — it cannot move, freeze, or withdraw user funds. The details are on the About page.

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, operator wind-down — covered in detail on the About 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 About page before doing so.

Selection and operations. Kamino runs the lending program; we choose which of Kamino’s reserves to supply into and set the weights, which are published on-chain and change only through a transparent, disclosed process. The aim is one deposit decision instead of three, with the allocation transparent on-chain rather than buried.

We store your wallet address so we can show your transaction history. No KYC, no email, no off-chain custody. Your balance and position are read live from the vault every time you load the page.

Every Honeycomb account is public. The About page links to Solscan for the vault, the receipt token mint, and the vault admin (the 2-of-3 multisig). Every deposit, withdraw, and rebalance is a normal Solana transaction — visible to anyone, indexed by anyone.