Breakwater — Colosseum Crypto World's Fair deck

COLOSSEUM CRYPTO WORLD'S FAIR // SOLANA TRACK
Breakwater
Calm is a strategy.
Defined-outcome vaults on Solana, designed for mainnet.
BREAKWATER — SOLANA DEVNET · TEST TOKENS · NOT AN OFFER · NOT AUDITED
01 // WHAT IT IS

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.

BREAKWATER — SOLANA DEVNET · TEST TOKENS · NOT AUDITED
02 // TWO SHAPES, THREE LEVELS
Buffer or Floor?
BUFFER

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

COVER
FLOOR

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

COVER 9%
POWER 15%
ULTRA 30%
ILLUSTRATIVE · GREY LINE: SOL · WHITE LINE: ONE VINTAGE AT RESOLUTION
PER VINTAGE · FEES MAKE THE NET LOSS LARGER; A SALE OR EARLY REDEMPTION CAN LOSE MORE; IF THE OPERATOR DEFAULTS, THE BOND IS PARTIAL RECOURSE · A LADDER SHARE IS NOT ITSELF BOUNDED
BREAKWATER — SOLANA DEVNET · TEST TOKENS · NOT AUDITED
03 // THE SOL FLOOR LADDER
Choose your break.
One share, several Vintages, each rolling into a new one.
ILLUSTRATION
BREAKWATER — SOLANA DEVNET · TEST TOKENS · NOT AUDITED
04 // THE SOL LADDER FLOOR LOOP
Borrow against it. Add it back.

The lending market prices the share at its floor, not its mark. Looping multiplies the cap and the loss alike.

LADDER SHARE
SUPPLY
LENDING MARKET
BORROW
USDC
ADD BACK
NEXT VINTAGE
MORE SHARES
ILLUSTRATION
THE FLOOR RESETS AT EVERY ROLL, SO LOSSES CAN COMPOUND · THE LOAN STEPS DOWN ONLY WHEN MONTHLY REDEMPTION ROUNDS ARE PAID; IF NOT, THE MARKET CAN LIQUIDATE
BREAKWATER — SOLANA DEVNET · TEST TOKENS · NOT AUDITED
05 // THE HEDGE
A bonded operator hedges each Vintage.

After deposits close,

the operator posts a USDC bond,

withdraws the escrow once and

hedges each Vintage with

on-chain options.

THE SEAWALL LAYER · THE DESIGN · ILLUSTRATION
IF THE OPTIONS VENUE FAILS, THE BONDED OPERATOR STILL HAS TO FUND THE PAYOUT; ITS BOND IS PARTIAL RECOURSE
BREAKWATER — SOLANA DEVNET · TEST TOKENS · NOT AUDITED
06 // THE RAIL
USDC across chains, over CCTP.

Circle’s CCTP v2 burns USDC on one chain and mints it on another: the operator’s margin path.

SOLANA
BURN · ATTEST · MINT
CIRCLE CCTP V2
ETHEREUM
OPTIONS VENUE
THE DESIGN · ILLUSTRATION
BREAKWATER — SOLANA DEVNET · TEST TOKENS · NOT AUDITED
07 // WHY NOW
Defined outcomes stayed behind the wall.
$86.75B
IN US STRUCTURED-OUTCOME ETFS · 468 FUNDS

We know of nothing like them on Solana.

Options, native USDC and lending markets are now on-chain.

PROPOSED: 0.35%/YR MANAGEMENT FEE, NO SETUP FEE · BONDED OPERATORS RUN THE HEDGES · LENDING MARKETS: THE SECOND CHANNEL
SOURCE — FACTSET, END OF NOV 2025 · FEES ARE PROPOSED LAUNCH PARAMETERS, NOT FINAL TERMS
BREAKWATER — SOLANA DEVNET · TEST TOKENS · NOT AUDITED
08 // THE PROOF
Running today on Solana devnet.
Test tokens, no value. Mainnet is the design, not the status.
DEVNET

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

SETTLEMENT NOT LIVE: EACH VINTAGE IS UNWOUND AT PAR BEFORE ITS EXPIRY · EACH HEDGE IS ABOUT 3.3 TIMES ITS VINTAGE'S DEVNET DEPOSITS · DEMO PRICE: POSTED BY BREAKWATER'S KEEPER FROM THE LADDER'S ONCHAIN STATE; NOT ORACLE-VERIFIED. BREAKWATER ALSO RUNS THE BORROWING ACCOUNT · DERIVE'S TESTNET LEG USES ITS OWN TEST USDC, FUNDED SEPARATELY · NO PARTNERSHIP WITH DERIVE OR KAMINO; DERIVE'S TERMS RESTRICT US, CANADIAN AND AUSTRALIAN PERSONS · NOT AN OFFER
BREAKWATER — SOLANA DEVNET · TEST TOKENS · NOT AUDITED
NEXT
Milestones, not dates.

PRICE

FEED

FAIRNESS

PASS

AUDITS

LEGAL

REVIEW

KEY CUSTODY,

A RESERVE

MAINNET

BUILD

SMALL, CAPPED

VAULTS

Don’t trade the waves.

Build the breakwater.

BREAKWATER — SOLANA DEVNET · TEST TOKENS · NOT AN OFFER · NO VAULT GOES TO MAINNET BEFORE A FAIRNESS PASS, AUDITS AND LEGAL REVIEW