
Rough water outside. Calm water inside.

Breakwater lets you pick how much of SOL’s fall you take at each monthly resolution and give up gains above a cap, on Solana.

Absorbs the first 9% of losses; losses beyond it pass through. No floor.

Maximum loss 9, 15 or 30% at resolution, before fees.

The lending market prices the share at its floor, not its mark. Looping multiplies the cap and the loss alike.
After deposits close,
the operator posts a USDC bond,
withdraws the escrow once and
hedges each Vintage with
on-chain options.

Circle’s CCTP v2 burns USDC on one chain and mints it on another: the operator’s margin path.
We know of nothing like them on Solana.
Options, native USDC and lending markets are now on-chain.

https://breakwater.surf · PRIVATE REPO; JUDGES HAVE READ ACCESS (hackathon@colosseum.com)
SUITE · 16 LADDERS CREATED · BUFFER AND FLOOR · FIVE ASSETS
SOL FLOOR LADDER · COVER · VINTAGES 30 OCT / 27 NOV / 25 DEC · 2hdBZmVF…Lpvs
HEDGES · 3 OF 3 VINTAGES ON DERIVE'S V3 TESTNET, OUR OWN ACCOUNT · 30 OCT: SHA-256 49bd9fb3…d560 IN A MEMO ON SOLANA
LOOP · LIVE ON DEVNET · ROUNDS 2 · 1015.25 TEST USDC BORROWED AGAINST SHARES, IN OUR LENDING MARKET ON KAMINO'S LENDING PROGRAM
RAIL · LIVE ON SOLANA DEVNET + ETHEREUM SEPOLIA · 6 CIRCLE CCTP V2 TRANSFERS, 24 TEST USDC
PRICE
FEED
FAIRNESS
PASS
AUDITS
LEGAL
REVIEW
KEY CUSTODY,
A RESERVE
MAINNET
BUILD
SMALL, CAPPED
VAULTS
Don’t trade the waves.
Build the breakwater.