Kestrel docs

Kestrel packages on-chain DeFi strategies into tokens you can hold. Instead of managing multiple protocols, positions, and operational steps yourself, you buy a token whose value is designed to reflect the strategy's underlying holdings.

What you can learn here

• Getting Started: the core concepts before buying a Kestrel token.
• How It Works: what happens when you buy, hold, and sell.
• Strategies: the strategy framework, and a page for each live strategy such as Long Yield Carry.
• Redemptions: instant and asynchronous settlement behavior.
• Fees: protocol fees, network fees, and third-party execution costs.
• Risks: the main protocol, market, and operational risks.

The short version

Kestrel is built around tokenized DeFi strategies. Each token represents exposure to a specific strategy. You deposit an underlying asset, receive a token, and later redeem that token for the underlying asset based on the current on-chain redemption price.

The number of tokens you hold generally does not increase over time. Instead, strategy value is intended to accrue into the redemption price of each token.

Before you use it

Read the Risks page before buying a token. DeFi strategies can depend on smart contracts, third-party protocols, lending markets, swaps, oracles, operator keys, and blockchain infrastructure. Yield is variable and never guaranteed.