Market-neutral yield,
reserves proven on-chain.
Most DeFi yield is the market in disguise. KEEL holds offsetting long and short legs — direction cancels, the vault earns the spread. One USDC deposit, one token, and a zero-knowledge proof — every ~2 hours, on-chain — that reserves fully back what depositors are owed. Testnet · audit gates mainnet.
// testnet — mint test USDC in the console and try the full flow
On-chain vault · HyperEVM testnet · connecting to the live contract read…
Direction, removed.
The market does what it does. The vault is built so your yield doesn't ride it — up or down. That's the point: a return that doesn't need a bull market to survive one.
// illustration — not a return forecast
Don't trust us. Verify us.
Don't trust this page — read the chain. A zero-knowledge proof checks that the vault's reserves fully back what depositors are owed, at market value, without exposing a single position. An unattended prover re-runs it around the clock, and it fails honest: if a proof ever goes stale, this page shows stale — never a fake green. Audit gates mainnet.
Reserves fully back what's owed, with a surplus we withhold — publishing the exact figure would leak the strategy.
Last verified — · heartbeat fresh — re-proven within the 6h window.
Proven by an SP1 zkVM proof, verified on-chain. Circuit audit gates mainnet — posture & audit status: transparency.
verified by PrimusWhere we stand: live on testnet with staged capacity. An external audit gates mainnet.
Most vaults ask for trust. KEEL ships receipts.
No names, no call-outs — the industry's default posture, next to the one we chose to build.
Every claim above is enforced by contract code you can read — transparency hub →
From deposit to yield, in four steps.
Deposit USDC; the vault runs the strategy, holds it neutral, and rebalances continuously.
Deposit
Receive vault shares (sKEEL), minted at the current exchange rate.
Neutralize
The vault removes market direction, so the return doesn't depend on price going up.
Earn
Yield accrues continuously and compounds into the exchange rate.
Redeem
Request a redemption; the queue settles it at the exchange rate — typically within ~7 days — then you claim your USDC.
"Market-neutral" is an operation, not a button.
It reads like one line — and that one line is the trap. Neutral only holds if a lot of moving parts are managed at once, continuously. That management is the job.
Sources that turn
Where the yield comes from — and when those sources flip. You're not clipping a fixed rate; you're managing a regime that keeps moving.
Decay in minutes
The openings mean-revert fast — minutes, not months. Miss the window and it's gone. This is timing, not deposit-and-wait.
A hedge that drifts
Direction is only removed if the hedge is kept exactly balanced, continuously — not approximately, not once a week.
Risk that never sleeps
Execution and slippage across more than one venue, and exposure watched around the clock. Left unattended, that's how "neutral" books quietly break.
Miss one and "market-neutral" quietly stops being neutral. Most people who try strategies like this don't lose on the idea — they lose on the operation. And the part that makes it work, the edge, is the part we keep private: a published edge stops being one. KEEL runs the operation; you hold one token.
Questions
Market-neutral carry. The vault holds offsetting long and short legs so price direction cancels out, and earns the spread between them. Which instruments, which venues, and when — the edge — stays private: a published edge stops working. The result accrues into the exchange rate, which is published on-chain. Yield is variable, not guaranteed.
You don't have to ask us. A zero-knowledge proof checks — about every two hours — that the vault's reserves fully back what depositors are owed, and an on-chain verifier accepts or rejects it. The result, its history, and the contracts are public: read them on the verify page. Mark-to-market, with audit status on the transparency page.
The strategy is engineered to remove price direction, so it doesn't depend on the market rising. But market-neutral is not risk-free: it carries tracking, hedging, smart-contract, and liquidity risk, and you can lose principal. There is no guaranteed or risk-free return here.
Contract code, not policy. While capital is deployed the NAV is operator-reported, and that trust is bounded on-chain: a zero-knowledge reserve proof (live on-chain) re-checks about every two hours that reserves fully back what depositors are owed. Withdrawals can only move to on-chain allowlisted destinations, with a withdrawal rate-limit armed for mainnet; admin changes wait out a 48-hour timelock; and redemptions and fees are contract-enforced.
Yes — you can request a redemption anytime. Requests are filled through a queue as the book unwinds, typically within about 7 days. Shares are priced at the exchange rate at settlement — not at request, and not at claim. Once settled, you claim your USDC in the console. The ~7-day window is an operator commitment, not contract-enforced.
An external security review and audit are the gate for mainnet — the vault runs on HyperEVM testnet with staged deposit caps until they ship. Testnet figures demonstrate the mechanism.
Verify first. Deposit second.
Open the vault on testnet — mint test USDC in the console, watch the exchange rate move, and read the reserve proof straight off the chain. Test USDC only — mainnet opens after audit.