Kestrel

Kestrel Finance is a strategy layer on Solana that packages delta-neutral carry into a holdable yield token. Deposited SOL goes to Kamino as collateral, the vault borrows stablecoins at a low rate and deploys them into on-chain venues paying more, and collateral yield plus carry minus borrow cost and a performance fee makes up the net return. The token count stays fixed while redemption value rises as carry accumulates.

The vault continuously resizes its debt to keep position health inside a safe band, so users do not monitor liquidation levels themselves, and the performance fee applies only to yield generated, with published figures already net of it. On 11 August 2026 it launched SOL* with Perena, wrapping the strategy into an end-user yield certificate, disclosing a net APY of 8.5 percent at the time, with withdrawals settling immediately or queuing depending on vault liquidity.