Loyal
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Earn the Best Available Stablecoin Yield on Solana, Automatically

Lending rates on Solana move all the time. Loyal routes your dollars to whichever reputable lending reserve currently pays the most, bounded by an on-chain policy, so you earn the best available rate without giving up custody. You deposit dollars, set how much goes to earning, and it works from there.

Open the wallet
Loyal optimizer routing dollars to the highest-paying Kamino lending reserve on Solana

How your dollars earn with Loyal

Deposit dollars and let the optimizer do the rotating.

Active and optimized: your dollars earn the most they can. Put your dollars into the optimizer and an agent continuously moves your allocation to the best-paying reserve instead of leaving it in one pool.

Bounded by a policy you approve. The routing runs through an on-chain Squads policy on your own smart account, limited to a whitelist of established Kamino reserves. It never takes custody, and you can withdraw any time.

Your stablecoins are all just dollars

USDC is reputable. PYUSD is PayPal's dollar. USDT is Tether's. USDS is a dollar too. For the purpose of earning lending yield, if holding one of these instead of another doesn't meaningfully change your risk, then they're interchangeable. They're all just dollars.

Once you accept that, a question follows: why pin your dollars to one token in one lending reserve, when a different reserve, sometimes holding a different dollar, is paying more right now? There's no good reason. Today Loyal rotates your dollars between whitelisted reserves for the stablecoin you deposited. Routing across different dollars is next on the roadmap.

Why lending rates spike (and how that's the opening)

This part is usually explained badly, so here it is plainly.

A lending reserve has two numbers that matter: its total supply (how many dollars are deposited) and its utilization (what share of those dollars is currently borrowed). Lenders get paid out of what borrowers pay, so the rate a reserve offers depends on the balance between the two.

Picture a large lender pulling money out. Supply drops, but the borrowers don't leave, so utilization jumps. The reserve is suddenly short on capital, so it raises the APY it pays to attract fresh deposits, sometimes many times higher, before new capital flows in and it settles. Those windows are the opening. Catching them by hand is impractical. Catching them automatically is the point of Loyal.

How Loyal routes to the best rate

Moving from a worse reserve to a better one is mechanically simple. You withdraw from the first and deposit into the second, and that can happen in a single transaction. Withdraw, deposit. That's the whole motion.

Loyal automates that motion across a whitelist of reserves it trusts, not every random pool on-chain. The optimizer watches the market, sees where the rate is moving, and routes your allocation there, repeatedly, as conditions change. You don't sign each move or babysit a dashboard. None of this is a new token or a yield product you have to hold; it's automation on top of your own dollars.

Why not a big contract, a backend key, or a vault

There are a few obvious ways to automate this. We looked hard at each, and each one trades away something we weren't willing to give up.

A big custom contract

Put all the routing logic into one large on-chain program and every reserve you add, every change in logic, means redeploying and re-auditing. The audit surface is large and permanent, and the design is rigid by construction. You spend forever maintaining a contract instead of capturing yield.

A backend private key

Run a wallet in a bot and have it fire the transactions. It's flexible, and it's roughly how a sophisticated solo farmer would do it. But it puts a live private key in a server: if that key leaks, the funds are gone. Not something to hand a normal user, and at real size you'd end up back at a multisig with manual approvals anyway.

A manager-run vault

Deposit into a managed lending vault and let a manager allocate for you. Fine for set-and-forget, especially institutional capital. But you give up custody to the manager, you often accept lock-up periods, and a vault can't move fast enough to catch the short windows where the real edge lives.

How the policy keeps it safe

Loyal's answer keeps what's useful from those approaches and leaves out the risk.

Instead of a big contract that manages all the routing, the routing is a smart-account policy on Squads. The actions it can run are whitelisted intents: withdraw from an approved Kamino reserve and deposit into an approved one, with your smart account as the owner on both sides. Each action is harmless on its own and easy to verify.

Neither intent can move funds out of your account, which is why the yield-only operations are auto-approved by default. Loyal's backend can trigger those moves, but it never holds your key and can never step outside the whitelist. There's no private key sitting in a server waiting to be stolen, because the policy lives on-chain and the funds stay in your own smart account.

Understanding the risks

Plain stablecoin lending: no liquidations, no impermanent loss, no leverage. What's left is the ordinary risk any lender takes. See every risk.

Reserve smart-contract and depeg risk

Your dollars sit in five whitelisted Kamino markets that carry smart-contract risk, where an exploit or a bad-debt event could affect the principal, the same exposure every lender in that reserve takes. The stablecoin you deposited losing its peg is also a genuine risk.

Custody is not among these risks

The automation is bounded by the on-chain policy, so even a worst-case compromise of Loyal's systems cannot move your funds outside the whitelisted intents or seize your balance. You hold the keys throughout.

No liquidations, no impermanent loss

The strategy holds no leveraged positions, so there are no liquidations, and no liquidity-provider positions, so there is no impermanent loss. It's plain lending, with a narrow risk profile.

Every part is open-source

Loyal doesn't deploy a program of its own for Earn. The programs that hold and lend your funds, Squads Smart Account and Kamino K-Lend, were each audited by OtterSec. Every line of Loyal-specific code on top is open-source.

Who optimizes yield with Loyal

Treasuries holding stablecoins

If you're sitting on a stablecoin treasury, the difference between a parked rate and an optimized one compounds into real money over a year. Loyal earns the better rate automatically, without your team manually rotating positions and without handing custody to a vault manager.

DAOs and on-chain orgs

A DAO treasury can keep its idle stablecoins productive at the best available rate, governed by an on-chain policy the org controls, instead of trusting a single manager or running a risky backend key. Combine it with Smart Account policies for scoped payouts.

Teams managing runway

Stablecoin runway can earn the optimized rate while it waits to be spent, with no lock-up that traps it when payroll is due. You withdraw what you need, when you need it.

Power users and farmers

If you'd otherwise run your own backend to chase reserve spikes, Loyal gives you the same routing without a live key in a server and without a big custom contract of your own to maintain. The whitelist and the policy are yours to trust.

How it's built

The automation rides on Squads smart accounts, the most-deployed smart-account framework on Solana. Routing is a policy with whitelisted intents, rather than a big custom program. The lending itself happens in Kamino reserves, and the privacy layer Loyal is built on uses MagicBlock's ephemeral runtime, with the signer running in a hardware-isolated Confidential VM.

The whole stack is in the loyal-app monorepo; read how the policy, the routing, and the Kamino integration fit together.

Read the docs
Loyal open-source monorepo and SDK for stablecoin yield routing

Start earning

Deposit dollars, set how much goes to earning, and Loyal routes it to the best available rate from there. Loyal lives in four places, all on the same Squads-based smart account: web app, Chrome extension, Telegram mini-app, and the Android app. Stay Loyal.

Get started
Loyal browser extension wallet showing an optimized stablecoin position

Questions?
Answers.

Deposit dollars into Loyal and set how much goes to earning. Loyal routes that allocation to whichever whitelisted Kamino reserve currently pays the most for the stablecoin you deposited, and re-routes as rates move. It runs through an on-chain Squads policy, so the automation never takes custody. You can withdraw any time.

A reserve pays lenders out of what borrowers pay, balanced by its total supply and how much of it is borrowed (utilization). When a large lender withdraws but borrowing demand stays high, the reserve is short on capital, so it raises the APY it pays to attract deposits. The rate can jump well above normal for a few hours until new capital arrives and it settles. Sitting in the right reserve during those windows is where the extra yield comes from.

No. The automation runs as a policy on your Squads smart account with two whitelisted intents: withdraw from an approved Kamino reserve and deposit into an approved one, with your smart account as the owner on both sides. Loyal's backend can trigger those moves but never holds your private key and can't act outside the whitelist. Only your key can move funds out of your account.

A variable, market rate, not a fixed promise. Yield comes from Kamino's lending reserves, so the rate floats with on-chain supply and demand, and the optimizer keeps your dollars in whichever reserve is paying the most. Loyal doesn't quote magic numbers. The current rate shows in the app before you deposit, and the underlying reserve rates are public on Kamino so you can check them yourself.

The strategy is built to be low-variance. It's plain stablecoin lending, with no liquidations and no impermanent loss, because it uses neither leverage nor liquidity-provider positions. Your dollars sit in five whitelisted Kamino markets, in the stablecoin you deposited, so the residual risks are the ordinary ones any lender takes: a smart-contract issue or bad debt in a reserve, or that stablecoin losing its peg. You keep custody the entire time, and the automation can never move funds outside the whitelisted intents. The full breakdown is at askloyal.com/risks.

A managed vault takes custody and allocates for you, often with lock-ups, and it can't move fast enough to catch short rate spikes. Loyal keeps custody with you, has no lock-up, and routes faster because it monitors reserves and reacts to spikes as they happen. The trade-off is that Loyal is a newer approach; a vault is the more established set-and-forget option, better suited to institutional capital that wants to delegate.

No. You deposit dollars and set how much goes to earning. The routing runs on its own from there, moving your allocation to the best reserve as rates change. Your funds stay in your own smart account the whole time, and you can withdraw whenever you want.

Loyal Earn has no audit of its own because it has no smart contract of its own to audit. A security audit reviews on-chain program code, and Earn deploys none. Your funds sit in the Squads Smart Account program and earn in Kamino K-Lend, both audited by OtterSec. What Loyal adds is a policy: configuration stored in your Squads account and enforced by the audited Squads program, listing the two instructions the automation may call (deposit and withdraw) and the Kamino reserves it may call them on. Anyone can read it on-chain. Loyal's off-chain automation is open source and hasn't been audited, but it can only submit transactions the policy allows, so a bug in it can't move funds out of your account.