Symbiotic
KPK vaults on Symbiotic
Protocol overview
KPK curates on Symbiotic V2, the protocol's modular vault infrastructure for curated onchain strategies. Each vault accepts a single deposit asset and allocates it across approved adapters, each connecting to an external venue or mechanism. KPK's focus is Liquid Lane, Symbiotic's mechanism for providing instant withdrawal liquidity on tokenised RWAs, combined with USDC lending adapters that include KPK-curated Morpho vaults.
This is not restaking. KPK's vault does not use Symbiotic's earlier restaking and shared-security stack, and deposits are never used to secure networks or exposed to slashing.
How Liquid Lane works
Liquid Lane addresses a structural gap in tokenised-RWA markets. RWAs settle on the issuer's schedule, typically T+1 or longer, and a holder who wants out sooner has no onchain venue deep enough to sell into: building secondary liquidity for every individual RWA is expensive for issuers and fragments what liquidity exists.
Liquid Lane closes that gap with a request-for-quote engine. A curator states in advance the discount at which it is willing to acquire a given asset. When a holder needs immediate liquidity, the vault pays out at that discount and the asset is routed straight into a dedicated per-asset redemption account, in the same transaction. The spread between the discounted purchase and redemption at the issuer's NAV is the vault's return, and the holder's cost of exiting early.
The RWA never rests in the vault. What the vault carries between the swap and issuer settlement is a redemption claim, not the token, and there is currently no option to hold an acquired asset, sell it over the counter, or auction it instead. Every acquisition is redeemed natively with the issuer. The vault cannot build a discretionary position in the underlying, and its capital is committed for the length of the issuer's settlement cycle. The minimum discount is what compensates for that.
Each acquisition is bounded by two onchain limits set per asset by the curator: a minimum discount enforced inside the swap, and an acquisition limit on how much unsettled exposure the vault can carry in that asset. The RFQ engine is interface-compatible with Uniswap X and CoW Swap, so requests reach the vault through venues holders already use.
Curator model
Symbiotic uses a curator model: curators decide which venues and assets a vault may use and set the limits that bound each one. KPK acts as curator, defining safe operating conditions and reallocating liquidity when conditions change. All decisions follow the Risk Framework, which governs eligibility criteria, risk-tiering, and monitoring cadence.
Curation on a Liquid Lane vault covers four things:
Asset eligibility and acquisition terms. Only assets that pass due diligence are added to the Liquid Lane adapter. Each carries a per-asset acquisition limit and a minimum discount, which together bound how much unsettled exposure the vault can carry in any one asset and how much compensation it requires for carrying it.
How requests are filled. Fills execute against quotes signed by the curator side, with the minimum discount and the acquisition limit enforced onchain against every fill. A standing quote settles matching requests automatically, which suits assets whose price moves slowly and predictably; for assets where a large single-day move could make an automatic fill mispriced, quotes can be signed per order instead, keeping each fill under individual review. The quoting mode is a per-asset curation choice, made alongside the limit and the discount.
Idle capital allocation. Capital not committed to an RWA acquisition is allocated to lending adapters, so the vault yields continuously rather than waiting in cash for a request that may not arrive.
Withdrawal liquidity. Because a redemption claim cannot be recalled before the issuer settles, the share of the vault sitting in lending venues that can be exited on demand is what backs depositor withdrawals. KPK manages that share directly through adapter limits.
Vault architecture
A Symbiotic V2 vault separates depositor accounting from allocation:
Vault holds depositor assets, issues shares, and applies fees. Deposits and withdrawals happen here.
Delegator holds the ordered list of adapters and the limits on each. It is owned by the vault.
Adapters connect to a single external venue or mechanism. KPK's vault runs Morpho Vault V2 adapters, an Aave V3 adapter, and the Liquid Lane adapter.
Vault and adapter contracts sit behind a MigratableEntityProxy, Symbiotic's versioned upgrade pattern. A migration is triggered through the Symbiotic vault factory, which permits it only from the contract's owner() and only to an implementation version the factory has already whitelisted above the current one. This is not a general upgrade path: the owner selects among Symbiotic-published versions rather than supplying its own code.
Allocation and auto-allocate
Each adapter carries two limits: an absolute limit in deposit-token units and a relative limit as a share of vault assets. The binding constraint is whichever is lower.
Allocation runs through Symbiotic's auto-allocate routine, which fills adapters in list order: the first adapter is filled to its limit, then the next, and so on. The routine can be called on each deposit or on a fixed cadence, which means the standing allocation follows from the queue order and the caps, rather than from a separate allocation engine. The caps are maxima, not targets: within them, a curator can move the actual allocation at any time through a rebalance. KPK's rebalancing agent calls the routine, and can also allocate and deallocate directly within its scoped permissions.
Withdrawals are served from the vault's own balance and from what can be pulled back out of the lending adapters. Capital committed to an outstanding redemption claim cannot be recalled until the issuer settles. Anything beyond the immediately available amount goes through a withdrawal-request queue: a depositor submits a request, it is filled as liquidity becomes available, and the depositor then claims it. The gap between an issuer's settlement cycle and a depositor's expected withdrawal speed is the duration mismatch a curator manages, which is why the share of the vault held in instantly withdrawable venues is an explicit curation decision, documented per vault.
Governance and control
Authority is split so that actions which can expand risk move slowly, and actions needed during an incident move fast.
Roles
Vault and delegator admin
Security Council
Add adapter
Security Council
Set deposit limit, deposit whitelist, fees
Security Council
Allocate, deallocate, force-deallocate
Curator Safe
Swap adapters
Curator Safe
Set adapter limits
Curator Safe
Set auto-allocate route
Curator Safe
Set per-asset limit and minimum discount
Curator Safe
Pause and unpause Liquid Lane adapter
Curator Safe
Migrate vault implementation
Security Council (vault owner())
Security Council (5/8) is the admin on the vault and delegator. On KPK's vault it also holds
owner(), a separate authority whose scope is transferring or renouncing ownership and triggering a version migration through the factory; it reaches no economic parameter.Curator Safe (2/5) holds the operational roles. The Security Council is one of its signers, and can grant itself any operational role directly because it is the admin.
Agents hold narrowly scoped permissions through KPK's Permissions Layer, limited to specific functions on specific contracts.
Expanding the venues a vault can reach is a slower decision than adjusting terms within venues already approved, which is why adding an adapter sits above the Curator Safe. Pause and unpause on the Liquid Lane adapter each resolve to a single address, so both sit with the Curator Safe and there is no single-signature pause path.
Liquid Lane ships without a built-in timelock on its economic parameters. KPK's position is that separating authority by speed is the stronger control here, and that delaying the operational lane would slow incident response without removing the underlying authority. Changes through the Curator Safe are bounded by its 2/5 threshold, the Security Council's seat as a signer, and every parameter change being recorded in the change log.
Vault configuration
Each vault page documents the deposit asset, contract addresses, the Safes with their signers and thresholds, and enabled strategies.
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