[SOL] Katana wLUNA Pool

    Observations

    Daily Stats

    1. We see a peak in the amount of call shares claimed on Feb 4th.
    2. Since then we've had days where no shares have been claimed while on other days it's been less than 50K.
    Loading...
    Loading...

    Total Stats

    1. Since Feb 4th, 52 distinct wallets have claimed a total of ~740K shares.
    2. The average for each claim has been around ~13K.
    Loading...
    Loading...
    Loading...
    Loading...

    What is Katana?

    At its core, Katana simplifies yield generation on Solana by identifying, composing, and packaging the best strategies in DeFi into accessible yield products. The protocol offers a comprehensive suite of these products across the risk spectrum, enabling users to mix and match strategies to easily produce their desired exposure.

    Importantly, Katana's yield is not dependent on liquidity mining programs but price action, thereby offering a diversified and more sustainable source of yield.

    wLUNA Covered Call Vault

    Recently, Katana released a covered call vault for LUNA. Users can bridge over LUNA from Terra to Solana using the Wormhole Portal bridge and take advantage of this vault.

    This vault accepts WLUNA deposits and earns yield via an automated WLUNA covered call strategy. The strategy works by first depositing the underlying WLUNA on Zeta and minting out-of-the-money WLUNA calls in return. The vault then sells these call options earning the option premium as initial yield. If the price of WLUNA is below the strike price at the time of expiry, the vault earns the full value of the options it sold and can repeat the strategy, compounding its WLUNA over time

    db_img
    db_img
    db_img

    At the time of writing, this vault is projecting an APY of 84.42% based on a strike price of $62.

    1. There doesn't seem to be a lot of variance in the daily number of wallets claiming the shares.
    2. On most days, less than 5 wallets are claiming the shares.
    3. The peak on Feb 4th, involved 11 wallets which means each wallet claimed around 30K shares on average.

    Share claim distribution

    1. Looking at the distribution of the size of claimed shares, we see only 4 claims larger than 50K with the largest being 185K.
    2. Most of the claimed shares have been less than 25-30K, therefore we can conclude this vault is not used by whales.

    Conclusion

    1. A total of 52 wallets have claimed a total of ~740K shares since Feb 4th.
    2. The average claimed share is around ~13K.
    3. I don't believe this vault is used by "whales".