Keystone Finance × Jupiter DAO — Integrator & Treasury Mandate

Jupiter DAO
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Keystone Finance × Jupiter DAO

Integrator Partnership & Treasury Pilot

Hello Jupiter community,

We are building Keystone Finance, an on-chain asset management protocol on Solana designed to deploy capital into structured strategies while routing execution through Jupiter.

Frontend

Smart contracts are currently deployed on Solana devnet, with mainnet launch planned soon.

Ahead of launch, we’d like to begin discussions around a potential Jupiter integrator partnership and DAO treasury pilot.

What Keystone Finance Does

Keystone Finance provides structured vault strategies for Solana capital, designed to perform across different market environments.

All vault execution and rebalancing routes through Jupiter to access the best available liquidity.

Because strategies rebalance and hedge positions periodically, Keystone vaults generate recurring swap flow through Jupiter, producing consistent routing activity rather than one-off transactions.

Supported Deposit Assets

All Keystone vaults accept:

  • SOL
  • Liquid staking tokens (LSTs)
  • USDC
  • JUPUSD

Assets are converted on entry to the vault’s working asset, allowing ecosystem assets like JUPUSD to be deployed into strategies while execution occurs in the appropriate settlement asset.

This allows Keystone to act as a yield layer for idle JUPUSD liquidity.

Vault Strategies

Keystone launches with three complementary strategies designed for different market regimes.

Keystone Alpha

Directional SOL exposure — bull markets

  • Accumulates jitoSOL during drawdowns
  • Reduces exposure near market peaks
  • Maintains 20–80% SOL exposure range
  • Idle USDC earns lending yield via Marginfi

Rebalances occur weekly via Jupiter swaps.

Keystone Neutral

Basis and funding carry — stable / sideways markets

Runs a basis trade between jitoSOL and SOL-PERP, dynamically flipping direction depending on funding conditions while maintaining near-zero SOL exposure.

Yield sources include:

  • jitoSOL staking rewards
  • perpetual funding spreads
  • spot/perp basis dislocations

All hedging and rebalancing routes through Jupiter.

Keystone Defense (in development)

Strategies for bear markets and market stress

Maintains JupSOL staking exposure and deploys capital into:

  • negative funding capture
  • liquidation arbitrage
  • distressed collateral opportunities

The goal is to generate yield during market dislocations.

Alignment with Jupiter

All strategy execution routes through Jupiter when routing quality is competitive.

This integration generates:

  • recurring swap volume through Jupiter
  • integrator fee revenue
  • additional liquidity across Solana markets

Because vaults rebalance periodically, they produce consistent routing activity.

Risk Framework

Vaults support configurable risk profiles:

  • Conservative
  • Balanced (default)
  • Aggressive

Risk parameters govern:

  • exposure limits
  • volatility thresholds
  • automated de-risking triggers

Documentation

Proposed Treasury Pilot

Following mainnet launch, we would like to explore a Jupiter DAO treasury pilot.

Proposed parameters

  • Asset: USDC
  • Allocation: $2M – $5M
  • Duration: 90 days

The pilot would evaluate:

  • strategy performance
  • operational transparency
  • routing volume generated through Jupiter

Subject to satisfactory results, the mandate could expand over time.

Fees

  • Management fee: 0.5% annually on AUM
  • Performance fee: 20% of profits (high-water mark)

Performance fees are only charged when new profits exceed the previous peak.

Discussion

We welcome feedback from the Jupiter community regarding:

  • treasury pilot structure
  • JUPUSD ecosystem integration
  • routing alignment with Jupiter

Happy to answer questions and refine the proposal based on community input.

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Why usdc and not JUPUSD?

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Just updated the proposal for Vault strategy correctness. Let us know what you think~

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  1. USDC is the base currency settlement layer across Drift Protocol, MarginFi, Jupiter, and Keystone depositors.
  2. For a structured yield strategy, execution efficiency matters more than marginal base yield. Though the integration could increase the partnership between Keystone Finance and Jupiter DAO - today’s technical limitations will break our current architecture, hence why we opted for USDC, the deepest stable liquid market on SOL.
  3. Drift does not accept JupUSDC as collateral. MarginFi does not offer a JupUSD lending pool with deep enough liquidity. Routing liquidity for JupUSD swaps are still thin. Without these in existence, the automatic self-healing cycle breaks. It would be possible to consider after these core issues are resolved for the current architecture.
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See https://www.keystonefi.xyz/ for latest platform vision.

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We have decided to move towards an asset management platform for Solana-native capital, powered by Jupiter. Requesting feedback from the community on our strategic positioning.

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We would like to request initial feedback from the community regarding this proposal as we believe that Jupiter DAO is the best first partnership to strike between our asset management platform and a reliable, battle-tested and trustable trading venue for swapping. Keystone Finance exists as the allocation layer so users, DAOs, and capital managers do not need to deal with Solana-specific protocols.

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Sorry for the delay. A little travel and a little family time. A bit more in the near future but its been great to read your thread.

I really appreciate your response. It is incredibly in depth. I took the time to look into your project. Really awesome. Your basis trade vault looks a lot like the jupiter JLP delta natural strategy which is one of my favorite long term holds. I think people 100% undervalue the JLP delta neutral strategy because of its short term performance but I value it for its long term stability. It’s like the strk preferred from strategy. Sometimes real money can’t take the risk of rising and fall markets because stability is what pays the bills and keeps the institutional investors coming back. I really like your vault. Jupiter is a great place to share your efforts. Users here are looking for well rounded portfolios and what you are offering seems to reallygive a base in such a volatile field.

That aside. I would challange you to integrate JUPUSD. I under draft runs on USDC. Even if it is just accepting just to exchange it right away for usdc. JUPUSD in its infancy. Any volume helps.

As a JUP holder and supporter I would be much more inclined to invest in keystone if I could spend my JUPUSD.

As you can expect I have transitioned from usdt to usdc because of the cex to solana dex environment. As a JUP purest I have been making the transition to pure JUPUSD. All LP. ALL stagnant USDC is JUPUSD. I have taken a small hit looking for liquidity in my swaps but I believe long term JUPUSD will grow. It’s worth the also invisable sacrifice as a jup holder.

If there is a way to integrate JUPUSD I believe you will get a lot more JUP support. I believe with a commitment to JUPUSD, not only would support from the community come but also a DM to leadership can do a lot of good. If we are all aligned I would love to see keystone as a part of the Jupiter long term plan…. As long as JUPUSD can be involved. I think that’s fair.

Great work on the product. We have a lot of users and a lot of liquid looking for strategies that can give consist growth in an ever volitile field.

Keep up the great work and I am really happy to see another avenue to create a well rounded portfolio.

JuSt more JUPUSD. That’s my only thought.

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Thanks for the thoughtful comment — and for taking the time to dig into the strategies. Really appreciate the perspective.

Your comparison to JLP’s delta-neutral profile is actually close to the philosophy behind the Basis Vault. The goal isn’t short-term outperformance, but rather stable yield generation that can compound over time, particularly for treasuries or long-term capital that can’t afford large directional swings.

Structurally the vault is a bit different from JLP though. JLP LPs are effectively earning from trader flow, fees, and funding, whereas the Basis Vault aims to generate yield through a classical basis structure — holding spot SOL (via jitoSOL) while hedging exposure through SOL perps. The intention is to keep net market exposure close to neutral while capturing funding and staking yield.

That said, I think your broader point is exactly right: in an ecosystem as volatile as crypto, strategies that prioritize consistency and capital preservation can be extremely valuable alongside more directional positions.

On JUPUSD, this is a great suggestion. Today the vaults use USDC as the settlement asset because of margin requirements across Solana venues (Drift, lending markets, etc.), but integrating JUPUSD deposits with routing through Jupiter is very feasible. Users could deposit JUPUSD and have it automatically routed to USDC when required for strategy execution.

Longer term, we actually like the idea of Keystone acting as a yield layer for idle JUPUSD liquidity, allowing Jupiter ecosystem capital to earn structured returns while remaining aligned with the ecosystem.

Really appreciate the suggestion and the support — and the push to think about JUPUSD integration as part of the Jupiter ecosystem.

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Appreciate you taking the time to read through the proposal and for the thoughtful feedback. The comparison to the JLP delta-neutral profile is actually quite close to the philosophy behind the Neutral vault — the goal is stable yield that can compound over time rather than short-term directional bets.

Keystone is designed as three complementary strategies for different market regimes :

Keystone Alpha

Directional SOL exposure for bull markets. The vault accumulates jitoSOL during drawdowns and reduces exposure near peaks, while idle USDC earns lending yield on Marginfi.

Keystone Neutral

Market-neutral carry. Runs a basis trade between jitoSOL and SOL-PERP, flipping direction depending on funding conditions to maintain near-zero SOL exposure while earning carry.

Keystone Defense (in development)

Strategies designed for bear markets and market stress — including negative funding capture, liquidation arbitrage, and distressed collateral opportunities .

All three vaults will accept SOL, LSTs, USDC, and JUPUSD deposits. Assets are converted on entry to the vault’s working asset, allowing users to deposit ecosystem assets like JUPUSD while the strategy executes using the most appropriate settlement asset.

Appreciate the suggestion around JUPUSD — aligning with the Jupiter ecosystem here makes a lot of sense.

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You can learn more about our latest platform vision and support for JUPUSD and JUPSOL

We would like to increase this relationship with Jupiter team ASAP as we recognize the environment is changing for the vault space quite rapidly

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Would like to request feedback from the community.