kpk

What kpk does

KPK (Karpatkey) is a non-custodial onchain asset management platform incorporated in the Cayman Islands as the Karpatkey Foundation (with operations through KPK Digital Assets Inc.), founded in 2020 with 51–100 employees. The company provides three core product lines: Funds (tokenised onchain funds for diversified DeFi exposure), Vaults (automated yield strategies across Morpho, Euler, and Gearbox protocols under PRIME/YIELD/ALPHA risk tiers), and Treasuries (bespoke mandates for organisational capital). As of latest disclosure, KPK manages $215.9M onchain with $162.6M in non-custodial AUM and $8B+ cumulatively deployed, executing over 8,800 automated rebalances.

Underlying technology is built on the ERC-4626 vault standard and is differentiated by a proprietary Permissions Layer (Zodiac Roles Modifier), deterministic rebalancing and exit agents triggered by Hypernative security alerts, a cyclical fixed-rate pricing model using Treehouse's DOR benchmark, and Credora-integrated risk assessment. All assets remain in underlying protocol smart contracts; KPK never holds custody. Products are accessed through Morpho, Euler, and Gearbox native UIs or via SDKs.

The business model generates revenue through a 5% curator fee on borrow interest at KPK-curated markets and through a free Morpho Fee Wrapper product that enables distribution partners to charge performance or management fees on top of KPK strategies. Pricing is not publicly disclosed at the company level, and vault-specific terms vary (e.g., 0% performance fee on the ETH Yield Term vault). The company raised $7M in October 2024 from investors including AppWorks, Wintermute Ventures, and Microsoft, and serves institutional capital allocators, fintech apps and wallets, DeFi integrators, and distribution partners globally (excluding sanctioned jurisdictions).

Name

kpk

Legal name

Karpatkey Foundation

Website

https://kpk.io

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

51–100 employees

Short description

KPK (Karpatkey) is a Cayman Islands-domiciled, non-custodial onchain asset management platform that provides automated yield vaults, tokenised DeFi funds, and bespoke treasury mandates across Morpho, Euler, and Gearbox, serving institutional capital allocators, fintech apps, and DeFi integrators.

Ownership category

akta.pro rank

Headquarters

HQ city

Grand Cayman

HQ country

Cayman Islands

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Curator Fees on Borrow Interest: KPK charges a 5% curator fee on borrow interest at KPK-curated underlying markets. Yield from underlying markets flows directly to depositors, net of curator fees. The ETH Yield Term vault charges 0% performance fee.
2. Distribution Partner Fee Wrappers: Distribution partners can request deployment of Morpho Fee Wrappers to charge performance or management fees on top of KPK strategies. Fee wrapper deployment is a free service on KPK's side.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Karpatkey Foundation (KPK) operates a non-custodial onchain asset management platform that curates automated vault strategies on Morpho, Euler, and Gearbox protocols. It delivers three product lines — Funds (tokenised onchain funds), Vaults (pre-built automated yield strategies), and Treasuries (bespoke mandate-driven management) — and earns a 5% curator fee on borrow interest while deploying deterministic rebalancing agents.

Product overview

KPK (Karpatkey) is an onchain asset management platform offering three core product lines: Funds (tokenised onchain funds for diversified DeFi exposure), Vaults (automated vault strategies for earning yield across DeFi protocols), and Treasuries (bespoke treasury management for organisations). The platform operates across multiple DeFi protocols—Morpho, Euler, and Gearbox—with investment strategies categorized into risk tiers (PRIME for low-risk, YIELD for medium-risk, ALPHA for higher-risk). Individual vault products include Morpho-based vaults (USDC Prime, USDT Prime, ETH Prime, USDC Yield, ETH Yield, EURC Yield) across Ethereum and Arbitrum, Gearbox pools (ETH, wstETH), and Euler vaults (USDC Prime RWA, ETH Yield Term with fixed-rate term structure). Additional offerings include the Morpho Fee Wrapper for distribution partners and the Permissions Layer security framework. All products are non-custodial and accessed through underlying protocol interfaces.

Differentiator

Problem solved

Functional benefit

Products and services

• Funds

Quantifiable outcome

• $215.9M managed onchain, $162.6M non-custodial AUM, $8B+ deployed onchain

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability2 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• MorphocoreTechnology or Integration · 13 November 2025Morpho is the primary decentralized lending network hosting KPK's agent-powered vaults. KPK launched its vaults on Morpho to enhance non-custodial asset management using automation and onchain policies to optimize liquidity and yield across multiple markets. Integration covers Morpho's $10B+ network.
• EulercoreTechnology or IntegrationEuler Protocol hosts KPK's Euler vaults (USDC Prime RWA, ETH Yield Term). Uses Euler Vault Kit (EVK) for ERC-4626 credit vaults with borrowing functionality and Ethereum Vault Connector (EVC) for composability.
• GearboxcoreTechnology or IntegrationGearbox Protocol hosts KPK's Earn Pools (ETH, wstETH). Uses Gearbox Permissionless v3.1 with Credit Account system for leveraged strategies.
• Treehouse FinancecoreTechnology or IntegrationTreehouse Finance provides the Decentralized Offered Rate (DOR) TESR 30-day forward benchmark used for cyclical fixed-rate pricing in ETH Yield Term vault. Borrow rates are set from Treehouse's panel-priced benchmark.
• LidocoreTechnology or IntegrationLido provides wstETH (wrapped staked ETH) as a collateral type in the ETH Yield Term vault's wstETH term borrow market. Lido's standard staking-derivative risk profile applies.
• HypernativecoreTechnology or IntegrationHypernative is used alongside in-house systems for security monitoring. KPK combines automated alerts, protocol-level monitors, and manual oversight. Hypernative alerts trigger deterministic agents.
• Nexus MutualminorOthersNexus Mutual provides coverage options for liquid deposits in ETH Yield Term vault through its cover product.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Set Protocol: Set Protocol offers tokenized, automated portfolio strategies on Ethereum. It is comparable to KPK's Funds product line as a tokenized, rules-based onchain asset management offering, though with a different strategic orientation.
• Yearn Finance: Yearn Finance is one of the original DeFi yield aggregators, deploying automated vault strategies across multiple protocols. While more retail-focused, it competes in the same automated yield strategy category as KPK's vaults.
• Beefy Finance: Beefy Finance is a multi-chain yield optimizer that automates compounding and rebalancing across DeFi protocols. It represents a comparable automated vault strategy product, though with more retail-skewing distribution.
• Re7 Labs: Re7 Labs is a Morpho vault curator and DeFi risk manager that deploys curated lending vaults across multiple chains. It is one of the most directly comparable curators to KPK, both competing for institutional allocations on Morpho.
• MEV Capital: MEV Capital is a Morpho vault curator operating multiple curated lending markets for institutional and DeFi-native clients. It overlaps with KPK's curator role and target segments across Morpho-hosted vaults.
• Steakhouse Financial: Steakhouse Financial is a leading Morpho vault curator specializing in risk-managed lending strategies and treasury management. It competes directly with KPK on Morpho markets for institutional and DeFi treasury capital, with similar curator fee economics.
• Gauntlet: Gauntlet operates a DeFi asset management and risk optimization platform, including Morpho vault curation and onchain treasury strategies. Its risk modeling focus and institutional target market closely mirror KPK's positioning.
• Enzyme Finance: Enzyme (formerly Melon) is an onchain asset management protocol enabling managed vaults with programmable strategies. It overlaps with KPK in the onchain asset management category, though Enzyme is more infrastructure-while KPK is more strategy-led.

Emerging players

• Badger DAO: Badger DAO offers yield strategies focused on Bitcoin-collateralized DeFi. It is a partial competitor in the curated DeFi strategy space but with a narrower Bitcoin-denominated focus than KPK's multi-asset vaults.
• Treehouse Finance: Treehouse provides Decentralized Offered Rate (DOR) benchmarks for fixed-rate DeFi lending. It is both an integration partner (KPK's ETH Yield Term uses Treehouse's TESR 30d benchmark) and an emerging adjacent player in onchain fixed income strategies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights7 records

Customer concentration

• Xx.com/karpatkey
• GitHubgithub.com/karpatkey
• LinkedInlinkedin.com/company/karpatkey

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about kpk