What Katana Network does

Katana Network is a DeFi-focused Layer 2 blockchain built on Polygon CDK using an opgeth (zero-knowledge) rollup architecture. It went live on mainnet on July 1, 2025 after a pre-deposit phase that attracted more than $240 million from early participants, and by the end of Q3 2025 had reached roughly $500 million in productive Total Value Locked (TVL) with approximately 95% of assets actively deployed across its core applications. The network is organized around an opinionated "one primitive per core app" stack: Morpho for lending, Sushi for spot DEX liquidity, Kensei for memecoin launches, and (as of March 2026) Katana Perps for perpetual futures, integrated via the Polygon AggLayer. The defining design choice is Chain-Owned Liquidity (CoL), in which 100% of net sequencer fees plus a share of core-app revenue is recycled into protocol-owned liquidity rather than distributed as profit. A complementary mechanism, VaultBridge, bridges USDC, USDT, WETH, and WBTC from Ethereum into Morpho yield strategies on L1 and routes the resulting real yield (stated as $3M+ since launch) back into Katana pools. The protocol also issues AUSD, a native stablecoin fully collateralized by off-chain U.S. Treasuries, with reserves managed by VanEck and custodied by State Street, and is governed by a vote-escrow KAT/vKAT model with avKAT automation through relayers.

Name

Katana Network

Legal name

Katana Foundation (Cayman) Ltd.

Website

https://katana.network

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Katana Network is a Polygon-based DeFi Layer 2 blockchain serving self-custodial crypto users with lending, spot DEX, perpetual futures, and a native US Treasury-backed stablecoin (AUSD), built around Chain-Owned Liquidity and a vote-escrow KAT governance token.

Ownership category

akta.pro rank

Product category

Decentralized Finance (DeFi) Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending) (FSAGAMAG)

akta.pro secondary industries

Yield, Vaults & Asset Management (vault strategies, robo-vaults, structured yield) (FSAPAEAG), Lending Protocol Infrastructure (Oracles, Rate Models, Vaults) (FSADAFAN), DEX Aggregation & On-Chain Execution (routing, RFQ, intent-based trading) (FSAPAEAD), Stablecoin Payment Rails & Settlement Networks (Issuer-Led) (FSADADAF)

Keywords

• DeFi blockchain infrastructure
• Decentralized lending protocol
• Yield generation platform
• Liquidity management protocol
• Stablecoin issuance

Headquarters

HQ city

Grand Cayman

HQ country

Cayman Islands

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Sequencer Fees: Transaction fees collected by the Katana sequencer from all on-chain activity (trading, bridging, lending). 100% of net sequencer fees are recycled into Chain-Owned Liquidity (CoL), deepening markets rather than being distributed as profit.
2. VaultBridge Yield: Yield generated from deploying bridged assets (USDC, USDT, WETH, WBTC) into Morpho vaults on Ethereum. VaultBridge has generated $3M+ in revenue since launch, which is reinvested into the Katana ecosystem as a sustainable source of real yield for users actively deploying vbTokens in DeFi.
3. AUSD Treasury Yield: AUSD is backed by US Treasuries held off-chain; yield from Treasury bills is redirected to active AUSD DeFi users on Katana rather than retained by issuers, providing an off-chain revenue stream that is resilient during crypto bear markets.
4. Core App Revenue (Morpho, Sushi, Perps): A share of revenue from core applications (Morpho lending markets, Sushi DEX liquidity pools, Katana Perps) flows into CoL and user yield, with the flywheel designed so that more activity generates more fees, deeper liquidity, and better execution.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels9 records

Core offering

Katana Network is a DeFi Layer 2 blockchain (built on Polygon CDK-opgeth and integrated with the Polygon AggLayer) that provides a non-custodial web interface and core applications for lending, borrowing, DEX trading, perpetual futures, KAT governance staking, and AUSD stablecoin minting. Its core differentiator is Chain-Owned Liquidity (CoL) funded by 100% of net sequencer fees plus VaultBridge yield routed from Morpho strategies on Ethereum, plus US Treasury yield from the AUSD stablecoin.

Differentiator

Problem solved

Functional benefit

Brands

• Katana Perps: Katana's native perpetuals DEX for trading perpetual futures contracts on the Katana chain.
• Katana App
• Kensei

Products and services

• Katana App Non-custodial, wallet-connected web interface that serves as the home base for self-directed crypto users to access core DeFi primitives on Katana, including lending (Morpho), borrowing, DEX trading (Sushi), bridging via VaultBridge, and staking KAT for vKAT governance. Users connect their self-hosted crypto wallet — no KYC required.
• Katana Perps Native perpetuals DEX on Katana enabling retail and professional crypto traders to trade perpetual futures contracts, with margin liquidity sourced from Chain-Owned Liquidity. Accessible via a dedicated self-serve web interface with trading competition incentive programs.
• Kensei Memecoin Launchpad Reputation-based memecoin launchpad and core app on Katana featuring XP-tiered progression (peasant through kensei), slashing mechanisms, and KAT rewards for active, consistent memecoin trading and creation. Users launch or trade memecoins and earn XP and KAT incentives through trading activity, streaks, and referrals.
• AUSD Stablecoin Katana's native stablecoin, fully collateralized by off-chain US Treasuries and issued by Agora, with reserves custodied by State Street and managed by VanEck. AUSD can be minted directly on Katana without bridging, and the off-chain US Treasury yield is redirected to active AUSD DeFi users on Katana rather than retained by issuers. Supports incentives across AUSD-denominated lending markets and liquidity pools.
• VaultBridge Polygon AggLayer-powered bridging protocol that enables users to bridge USDC, USDT, WETH, and WBTC from Ethereum to Katana, with the underlying assets deployed into Morpho yield strategies on Ethereum. Generates real L1 yield that is routed back to Katana DeFi pools, making bridged assets productive vbTokens (vbUSDC, vbWBTC, etc.). Has generated $3M+ of revenue since launch, reinvested into Katana as sustainable real yield for active DeFi users.
• Katana Mainnet (Layer 2 blockchain) The Katana Layer 2 blockchain itself, built on Polygon CDK-opgeth (ZK-based) and integrated with the Polygon AggLayer. Reached approximately $500M in productive TVL by Q3 2025 (within its first full quarter of public operation), with over 95% of assets actively deployed across Morpho lending, Sushi DEX, Katana Perps, and AUSD markets.
• vKAT Governance Token Vote-escrowed governance token system inspired by ve(3,3): KAT holders lock tokens to receive vKAT (1:1), which they use in weekly epoch voting to direct KAT emissions across eligible core apps. vKAT voters earn a share of fees from the markets they vote for plus vote incentives from competing protocols. avKAT automates voting via third-party relayers. Unstaking enters a cooldown with early-exit fees redistributed to remaining vKAT holders. 1.5B vKAT distributed to the Polygon community as POL staking airdrops.

Quantifiable outcome

• $500M productive TVL reached within first quarter of public mainnet (Q3 2025)
• +5 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature6 records

Partnerships

15 partnerships are on record, tiered core and minor.

• PolygoncoreStrategic or Co-development Partner · 24 March 2026Polygon (specifically the AggLayer team at Polygon Labs) co-supported Katana's development. The AggLayer provides the bridging infrastructure for VaultBridge tokens and yield routing. Katana was incubated through Polygon's AggLayer breakout program.
• GSRcoreStrategic or Co-development Partner · 24 March 2026GSR co-supported Katana alongside Polygon. GSR is a market maker and DeFi infrastructure provider, and is part of the Katana Admin (3/5 multisig) controlling system upgrades and architecture.
• Morpho LabscoreTechnology or IntegrationMorpho runs the lending layer both upstream on Ethereum (Morpho vaults for VaultBridge yield generation) and natively on Katana. Katana's AUSD is used in Morpho lending markets. Core app with 250M KAT allocated for user incentives.
• SushicoreTechnology or IntegrationSushi is Katana's core DEX app — one per DeFi primitive by design. Provides liquidity pools for vbTokens and AUSD pairs. CoL is deployed into Sushi DEX LP positions. 400M KAT allocated for Sushi user incentives.
• AgoracoreTechnology or IntegrationAgora developed and issues AUSD, Katana's native stablecoin backed by off-chain US Treasuries. Agora collaborates with State Street (custodian) and VanEck (asset manager) for reserve management.
• VanEckminorOthersAsset manager responsible for managing AUSD's US Treasury reserves alongside State Street, ensuring institutional-grade safety, security, and compliance.
• State StreetminorOthersCustodial bank holding AUSD's off-chain US Treasury reserves, providing institutional-grade custody alongside VanEck's asset management.
• GauntletminorOthersRisk curator for Morpho vaults used by VaultBridge. Designs and oversees vault strategies, selects markets and sets parameters based on risk modeling and asset quality. Also a member of the DeFi Security Council (10/13 multisig).
• Steakhouse FinancialminorOthersRisk curator for Morpho vaults alongside Gauntlet, managing vault strategies and risk parameters for VaultBridge on Ethereum. Also a member of the DeFi Security Council.
• KenseicoreTechnology or IntegrationCore app memecoin launchpad on Katana (alongside Morpho and Sushi). Fully gamified system rewarding active users with XP and KAT incentives. Feeds productive TVL and chain-owned liquidity. 200,000 KAT allocated for Season 1 campaigns.
• ConduitminorOthersInfrastructure provider and member of the Katana DeFi Security Council (10/13 multisig), providing oversight and emergency execution capabilities for the Katana ecosystem.
• UniversalminorOthersMember of the Katana DeFi Security Council (10/13 multisig) overseeing system security and providing ecosystem-aligned emergency governance.
• LombardminorOthersMember of the Katana DeFi Security Council (10/13 multisig), providing oversight and emergency execution capabilities.
• BitvaultminorOthersMember of the Katana DeFi Security Council (10/13 multisig), providing oversight and emergency execution capabilities for the Katana ecosystem.
• Re7minorOthersMember of the Katana DeFi Security Council (10/13 multisig), providing oversight and emergency execution capabilities for the Katana ecosystem.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Aave: Aave is the largest DeFi lending protocol and the most direct substitute for Morpho-on-Katana. Both target the same yield-seeking, over-collateralized DeFi user base that Katana's lending primitive serves.
• dYdX: dYdX is a leading decentralized perpetuals exchange competing in the same onchain derivatives market as Katana Perps. Both rely on app-chain architecture and target high-volume perp traders.
• Compound: Compound is a foundational DeFi lending protocol and an analog to Morpho-on-Katana. It targets the same crypto-collateralized, yield-driven lending market with overlapping user segments.
• SushiSwap: Sushi is one of Katana's three core apps — the DEX primitive hosted directly on Katana. They share the same AMM product surface (liquidity pools, LP incentives, swap routing) and the same DeFi-native user base, while CoL deploys directly into Sushi LP positions.
• Morpho: Morpho runs both the upstream Ethereum vaults that power VaultBridge yield and the on-Katana lending markets. It is the closest analog to Katana's lending primitive and a major partner for the same yield-and-credit workflow.
• Hyperliquid: Hyperliquid dominates the onchain perpetuals market that Katana Perps launched into (acquired IDEX) in March 2026. Both operate a self-custodial perpetuals DEX targeting professional crypto traders, making them direct substitutes for derivatives volume.

Broad incumbents

• MakerDAO / Sky: Sky (formerly MakerDAO) issues DAI, the largest decentralized dollar stablecoin and a structural competitor to AUSD. They share the same onchain-dollarization thesis with offchain-collateral variants in flight.
• Curve Finance: Curve is a major stablecoin and like-asset AMM with ve-tokenomics similar to vKAT. It competes for stable liquidity provision that AUSD and other stable pairs on Katana's Sushi target.
• Uniswap: Uniswap is the dominant AMM-DEX incumbent across DeFi. While not directly integrated into Katana, it competes for the same spot-trading liquidity and LP capital that Katana's Sushi core app targets.

Regional players

• Polkadot / Moonbeam (AggLayer ecosystem): Polygon Labs — Katana's incubator and core partner via AggLayer — supports a broader ecosystem of L2/appchains. Other AggLayer-deployed chains compete for the same bridging, yield, and liquidity routing flows that VaultBridge captures.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/katana
• YouTubeyoutube.com/@KatanaDeFi
• LinkedInlinkedin.com/company/katananetwork

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Katana Network