x Accountable x Galaxy

K3 Capital Galaxy Lending Vault

An on-chain credit facility managed by K3 Capital, extending a structured AUSD credit line to Galaxy (Nasdaq: GLXY) on Monad. First time an on-chain credit facility of this kind has been extended to a publicly traded borrower.

Strategy: AUSD deposited into the vault is curated by K3 Capital into a structured credit facility extended to Galaxy. Galaxy pays interest on the outstanding facility, and that interest is distributed back to depositors. Accountable's DVN reads directly from those sources to publish continuous proof of deployment, facility status, and interest activity. gAUSD vault shares are transferable and composable with the Euler & Morpho lending markets.

Liquidity: Deposits are bundled, and multiple 90-day loans are tranched to provide a waterfall-type liquidity, resulting in a monthly redemption cadence for depositors. Target redemption availability for each month would be approximately. 30% of the total vault size is made available for redemptions on the first working day of every month.

K3 Capital Galaxy Single Borrower Vault

NetworkMonad
Deposit currencyAUSD
Vault capacity50M AUSD
BorrowerGalaxy (Nasdaq: GLXY)
Legal RecoursePari Passu with other Creditors
Counterparty riskBankruptcy remote from K3 Capital balance sheet
TypeUnsecured to a single borrower
Transparencyinterest payments, term sheet verification, borrower whitelisting
Fees0% management fee / 10% performance fee
Liquidity Buffer0-10%
RedemptionMonthly redemptions of 33% of total vault size on 1st workday of the month
VaultExplore vault
OnboardingStart KYC/KYB HERE
Secondary liquidity OTCK3 Capital, SumCap
Lending marketsEuler, Morpho (coming soon)
Cost of capital6%

Vault Composition

PositionWeightExpected ReturnDuration
Galaxy Loan 130%7.5%30 days
Galaxy Loan 230%7.5%60 days
Galaxy Loan 330%7.5%90 days
Liquid Buffer0-10%3.5%Money market rate
Liquid Buffer0-10%6%Aave Monad
Check Liquidity Diagram

Return Composition*

Blended Portfolio Return7.5%
Performance fees-0.75%
Net Interest Rate6.75%
AUSD Incentives1%
MON Incentives0.5%
Euler deposit (collateral)0.5%
Accountable points (season 2, at $125M FDV)1%
Expected yield 9.75%

*Above 30M rewards are diluted.

K3 Capital Galaxy Lending Vault

Vault demo

K3 Capital Galaxy Lending Vault

About K3 capital

Institutional DeFi.
Built for scale.

Since 2021, K3 Capital's team has managed a suite of non-directional, DeFi-focused funds designed to generate absolute returns across different market conditions through interest rate arbitrage, liquidity pool participation, and early support for emerging DeFi primitives. Spun out of Nexo's internal DeFi department in 2025, the team carries a five-year track record and DNA in managing institutional capital, operating at scale, and creating opportunities at the intersection of CeFi, TradFi, and DeFi.

Testimonials

Nexo Nexo

K3 Capital's core team has been instrumental in managing on-chain risk and has navigated major DeFi opportunities with precision across all market regimes. Notably, they haven't experienced a single technical, economic, or social-engineering exploit and have consistently outperformed expectations at $500M+ scale. We will continue to closely collaborate as their largest LP and on future vaults & Earn infrastructure.

— Kosta Kanchev

Founder, Nexo

Kosta Kanchev
USD.ai USD.ai

K3 Capital was among many curators we spoke to, but their approach set them apart immediately. They took a genuine deep dive into our documentation and financial models and fundamental assumptions. The conviction they built through that diligence is why they became our core risk curator: backing USD.AI with both capital and business development support from day one. Since then, they've been instrumental to our growth, product design & lending markets.

— David Choi

Founder, USD.ai

David Choi
Morpho

K3 Capital team is consistently one of the most active borrowers on Morpho and is on top of our contact list for new opportunities. They move quickly and we are looking forward to see more K3-curated markets on Morpho Midnight.

— Paul Frambot

CEO, Morpho.org

Paul Frambot
Ether.fi

The K3 Capital team has been part of the Ether.fi journey from the very beginning, ranking among our top liquidity providers. Most recently, they developed a tailor-made solution that has become our flagship EUR yield product: Liquid Euro.

Given the limited presence of EUR stablecoins in DeFi, this required innovation and outside-the-box thinking—a testament to their unique ability to create opportunities out of nowhere.

— Mike Silagadze

CEO, ether.fi

Mike Silagadze
Entropy Advisors

By committing first-loss seed capital, K3 Capital brings skin in the game and incentive alignment to onchain asset management. Their deep DeFi expertise makes them a premier partner for underwriting complex assets at the intersection of TradFi, DeFi, and CeFi.

— Matthew Fiebach

Co-founder, Entropy Advisors

Matthew Fiebach
Accountable

K3 was one of the earliest teams to adopt the Data Verification Network, and they have operated with transparency as a first principle ever since. They recently launched a vault on Accountable's infrastructure, and the entire process was smooth from start to finish. They are exactly the partner you want to have for the long run.

— Wojtek Pawlowski

Co-founder & CEO, Accountable

Wojtek Pawlowski
When bootstrapping the initial primitives for Plasma DeFi at launch, partnering with K3 Capital was a game-changer. As our collaboration evolved, their deep mastery of protocol structures and ecosystem design became invaluable. Today, we closelywork with K3 Capital as a core strategic partner for yield strategies, vault mechanics, and overarching protocol fundamentals. They don't just understand Web3 architecture at a high level—they know how to execute it effectively.

— Paul Faecks

CEO, Plasma

Paul Faecks
K3 Capital has been with us since day one as one of our earliest supporters. Beyond being one of the largest holders in the early days, they have played a significant role throughout the Ethena journey. As our ecosystem continues to expand, we are actively looking for deeper ways to utilize their team's exceptional expertise.

— Guy Young

Founder, Ethena Labs

Guy Young