kyGBP — Kyros Staked GBP
kyGBP is a yield-bearing wrapper around tGBP. You deposit tGBP, you receive kyGBP, and kyGBP becomes worth more tGBP over time. There is nothing to claim, no rewards to harvest, and no position to manage — the yield shows up as a rising redemption rate.
Access is permissioned: only whitelisted wallets can deposit or redeem.
How it works
The vault is a single Solana program holding tGBP. Its state is two numbers:
- the tGBP it has settled to holders, and
- the kyGBP supply.
The redemption rate is simply the ratio of the two:
rate = settled tGBP / kyGBP supplyDeposit tGBP at the current rate and you mint kyGBP. Redeem kyGBP at the current rate and you burn it for tGBP. Your kyGBP balance never changes on its own — only what it is worth does.
Rewards are funded by transferring tGBP into the vault. That tGBP does not reach holders immediately: it sits as a pending pool and is released into the rate gradually, at a fixed annual rate, net of a performance fee. So the rate moves as a slope rather than a step — a large funding transfer does not produce a jump that could be timed or front-run, and any yield you measure over a period is a real one.
The release depends on elapsed time, not on how often anyone interacts with the vault. Deposits and redemptions bring the rate up to date automatically before they price, so you are never quoted a stale rate, and the vault sitting idle for a week still pays that full week.
The rate can only go up. Every conversion rounds in the vault's favour and no operation in the program can lower the rate — not even an administrative one.
Permissioning
kyGBP is not open to the public.
- Deposit requires the wallet to be on the deposit whitelist.
- Redeem requires the wallet to be on the redemption whitelist.
- Whitelist entries are managed on-chain by the vault administrator.
kyGBP itself is an ordinary SPL token and can be transferred freely, but only a whitelisted wallet can redeem it for tGBP.