Earn more onall the assetsyou hold

For Memes such as ZCAT+, yield comes from transfer-fee airdrops. ZCAT’s transfer fees fund ZEC rewards distributed to holders. Kestrel uses rewards earned by the ZCAT backing ZCAT+ to buy more ZCAT. As buybacks add to those holdings, each ZCAT+ represents more ZCAT. Returns depend on reward activity and buyback prices; the transfer-fee percentage is not an annual yield.

Kestrel tokens earn yield in three ways:

1. Performing an on-chain carry trade by borrowing liquidity at a low rate and lending at a higher rate
2. Earning interest on lending platforms when others borrow your assets.
3. Receiving a share of all mint and burn fees.

The carry trade works by depositing the underlying token as collateral in Kamino, borrowing stablecoins at a low rate, and converting them into assets that earn a higher rate than the borrow cost. Earned interest is periodically reinvested into more of the underlying token, compounding returns over time.

Users never face liquidation risk — the protocol continuously rebalances debt to keep each vault safely inside its health band.

Yes. Sell ZCAT+ at the current share price to receive ZCAT, including your share of completed buybacks. There is no lockup. Rewards still waiting to be bought back are not included in your sale.

Memes default to 0.2% when you buy, 0.2% when you sell, and a 5% performance fee on base-token rewards used for buybacks. The remaining rewards are swapped into more ZCAT. Each vault’s authority can adjust these rates, up to 1% for buying or selling and 15% for performance fees. ZCAT’s own transfer tax and Solana transaction fees also apply.