Kormos

Kormos is a leverage-free yield vault on Solana that replaces leverage with a fractional reserve design. Deposits are split into a liquid reserve and a locked, yield-generating tranche, and the vault allocates capital across Solana DeFi protocols with pricing that reflects risk and duration. A reserve ratio sets the split, and the earning side is deployed into lending markets as well as principal tokens with fixed maturities.

Depositors fall into two roles. Liquid depositors can redeem instantly but queue first-in-first-out during a run, and earn more than comparable liquid assets. Locked depositors choose their own term, earn a higher coupon the longer they commit, and absorb losses first as a buffer if an underlying protocol takes a hit. The project placed second in the DeFi track of the 2025 Solana Cypherpunk hackathon and joined Colosseum Cohort 4, moving from devnet to mainnet; the vault contracts are written in Rust, with accounting and share values recorded on-chain.