Tiers and venues
Aqueduct has two vaults with different mandates. Each holds its own whitelist of strategies across 8 venues, and every strategy has a risk score and a hard cap that the program checks on every allocation. The tables on this page are generated from the SDK registry when the docs are built, so they always match the code.
The two tiers#
| Bedrock | Rapids | |
|---|---|---|
| Mandate | Blue-chip lending only. Built to never surprise you. | Adds credit, delta-neutral and fixed-rate yield. Higher return, higher risk. |
| Risk | Low | Elevated |
| Target gross APY | 4.5–6.5% | 8–14% |
| Performance fee | 5% of yield above the high-water mark | 10% of yield above the high-water mark |
| Management fee | None | None |
| Venues | 5 (2 cross-chain) | 6 (1 cross-chain) |
| Riskiest venue | 3 / 10 | 6 / 10 |
| Idle buffer target | 5% | 5% |
The target APY ranges are the registry's design targets, not a forecast. Actual yield is whatever the venues pay, weighted by where the keeper has placed the vault, minus the performance fee. The app shows each vault's live gross and net APY.
Bedrock#
Bedrock lends only to large, established USDC markets: Kamino's main market and its curated Steakhouse vault, Jupiter Lend, and through Circle CCTP, Aave v3 on Base and Morpho's Steakhouse USDC vault on Ethereum. Every venue has a risk score of 2 or 3.
- Kamino LendMain market USDC
- Chain
- Solana
- Risk score
- 2/10
- On-chain cap
- 40%
- Strategy id
- kamino-main-usdc
- Jupiter LendEarn USDC
- Chain
- Solana
- Risk score
- 2/10
- On-chain cap
- 40%
- Strategy id
- jup-lend-usdc
- Kamino EarnSteakhouse USDC vault
- Chain
- Solana
- Risk score
- 3/10
- On-chain cap
- 25%
- Strategy id
- kamino-earn-steakhouse
- Aave v3USDC on Base (via CCTP)
- Chain
- Basevia CCTP
- Risk score
- 2/10
- On-chain cap
- 25%
- Strategy id
- aave-base-usdc
- MorphoSteakhouse USDC (via CCTP)
- Chain
- Ethereumvia CCTP
- Risk score
- 3/10
- On-chain cap
- 20%
- Strategy id
- morpho-steakhouse-eth
Rapids#
Rapids keeps a Jupiter Lend position as its liquidity buffer and adds products that pay more because they carry more risk:
- Kamino RWA: a Kamino lending market whose borrowers post OnRe's tokenised real-world-asset yield token as collateral.
- Perena USD*: a yield-bearing stablecoin backed by a basket of other stablecoins.
- Solstice eUSX: the yield-bearing form of Solstice's USX synthetic dollar, which earns from delta-neutral strategies.
- Exponent PT: fixed-rate principal tokens that redeem at par at maturity.
- Maple syrupUSDC: over-collateralised loans to institutions, on Ethereum through CCTP.
- Jupiter LendEarn USDC (liquidity buffer)
- Chain
- Solana
- Risk score
- 2/10
- On-chain cap
- 30%
- Strategy id
- rapids-jup-buffer
- Kamino RWAOnRe market USDC
- Chain
- Solana
- Risk score
- 5/10
- On-chain cap
- 25%
- Strategy id
- kamino-rwa-onre
- PerenaUSD* yield
- Chain
- Solana
- Risk score
- 6/10
- On-chain cap
- 20%
- Strategy id
- perena-usd-star
- SolsticeeUSX delta-neutral
- Chain
- Solana
- Risk score
- 6/10
- On-chain cap
- 20%
- Strategy id
- solstice-eusx
- ExponentFixed-rate PT
- Chain
- Solana
- Risk score
- 6/10
- On-chain cap
- 20%
- Strategy id
- exponent-pt
- MaplesyrupUSDC (via CCTP)
- Chain
- Ethereumvia CCTP
- Risk score
- 5/10
- On-chain cap
- 25%
- Strategy id
- maple-syrup-eth
Rapids venues can lose principal in ways a lending market rarely does: a stablecoin can trade below its backing, a principal token can be worth less than par before maturity, and a credit borrower can default. See Risks.
Risk scores#
Each strategy has a risk score from 1 (safest) to 10, set in the registry and stored on-chain with the strategy. It is a judgement, not a measurement. It weighs the venue's track record and audits, how it earns its yield, how quickly funds can leave, and for cross-chain venues the bridge and the destination chain.
| Score | Meaning | Used for |
|---|---|---|
| 2 | Large, long-running overcollateralised lending market | Bedrock core, Rapids buffer |
| 3 | Curated vault on top of lending markets, or a strategy with more moving parts | Bedrock |
| 5 | Real-world-asset or institutional credit exposure | Rapids |
| 6 | Synthetic or yield-bearing dollar, or a fixed-rate token with price risk | Rapids |
The score does two things. The keeper's optimizer charges a penalty proportional to the score squared, so a riskier venue must pay clearly more to win the same weight (see Rebalancer). And withdrawals that need to pull from strategies take from the lowest scores first.
Caps#
Three layers of limits decide how much of a vault a venue can hold. Each can only be tighter than the one above it.
- Strategy cap
- Where it lives
- On-chain, in each strategy account. The allocate instruction fails if the position would exceed it.
- Value
- 20% to 40% per venue, listed in the tables above
- Concentration limit
- Where it lives
- Keeper policy, when it computes targets.
- Value
- 35% of the vault per venue
- Chain caps
- Where it lives
- Keeper policy, when it computes targets.
- Value
- 50% per non-Solana chain, 50% for all cross-chain venues together
- Sentinel cap
- Where it lives
- Keeper policy. The risk sentinel multiplies a venue's cap by 0.75, 0.5 or 0 when it sees trouble.
- Value
- Risk sentinel
Strategy caps add up to more than 100%, so the vault always has somewhere to go, while no single venue can hold more than its share. The on-chain cap is the only limit the program enforces. The others are rules the keeper follows; the program would accept any allocation inside the strategy caps.
Changing the whitelist#
Only the admin can add a strategy (at most eight per vault), change its cap or risk score, or disable it. A disabled strategy receives no new funds, but the keeper and withdrawals can still drain it. Strategies cannot be removed, so the on-chain index of every venue is permanent. See Admin powers.
packages/sdk/src/registry.ts, apps/keeper/src/optimizer.ts and apps/keeper/src/rebalancer.ts. If the code and this page disagree, the code wins.