Keystone × Drift: two-sided SOL-PERP flow, built for the relaunch
Type: Ecosystem alignment & technical collaboration
Submitted by: Keystone Finance
Treasury request: None
TL;DR
Keystone is building ksUSD, a carry-backed dollar that earns from staking yield, lending interest, and perpetual funding payments.
Drift is the core funding layer at launch.
We’re not seeking funding from the DAO. We’re looking for:
- Technical review of our SOL-PERP integration
- Clarity around relaunch parameters that impact launch sizing
- An ongoing channel with the Drift team and community
- Consideration as a relaunch partner
As ksUSD grows, it brings recurring SOL-PERP open interest and volume to Drift.
What is ksUSD?
ksUSD is a Solana-native carry asset.
Users deposit USDC and receive exposure to a strategy that coordinates three sources of yield generated by Solana capital markets:
- Staking yield via jitoSOL
- Perpetual funding via Drift
- Lending yield via Kamino
Rather than relying on a single source of return, ksUSD dynamically allocates capital to whichever carry source is most attractive.
The goal is simple:
Coordinate Solana’s carry into a single asset.
Why Drift matters
Drift is the core funding venue within the strategy.
When funding is positive:
- Hold jitoSOL
- Short SOL-PERP on Drift
- Earn staking yield and funding
When funding is deeply negative:
- Borrow jitoSOL
- Sell spot exposure
- Long SOL-PERP on Drift
- Earn negative funding paid to longs
When funding is unattractive:
- Capital moves into lending markets
This makes Drift the only component of the stack that contributes carry in both directions of the funding cycle.
What Drift gets
More open interest
ksUSD maintains SOL-PERP positions sized to protocol TVL.
As TVL grows, so does SOL-PERP OI.
Recurring volume
Mints, redemptions, rebalances, and funding regime changes create organic hedging activity tied to product usage rather than speculation.
A two-sided counterparty
ksUSD is not permanently short.
The strategy can be long or short depending on market conditions, providing flow on both sides of the market over time.
A reference integration
We believe structured products are an important growth vector for Drift post-relaunch.
A successful ksUSD integration provides a blueprint for future builders.
Relaunch questions
There are several parameters that directly affect our launch sizing:
jitoSOL collateral support
Will jitoSOL remain usable as collateral for SOL-PERP exposure?
This materially impacts capital efficiency and projected yield.
USDT settlement
We understand the relaunched market will use USDT.
Our venue adapter and risk controls already support this path.
Open interest limits
As ksUSD grows, so will its SOL-PERP exposure.
What concentration thresholds would the community consider appropriate for a delta-neutral participant?
Devnet readiness
Our final launch gate is a complete strategy cycle across the relaunched market:
Normal → Reverse → Idle
Once completed, we intend to launch with a conservative deposit cap.
What we’re asking for
- Technical review of the integration design
- Guidance on relaunch parameters as they become final
- An ongoing communication channel as the protocol scales
- Consideration as a relaunch partner
We believe Drift is a critical piece of Solana’s capital markets infrastructure and we’re excited to build alongside its return.
— Keystone Finance
X: @Keystone_Fi
Website: https://www.keystonefi.xyz
Docs: https://docs.keystonefi.xyz