Options Vault · Review
InactiveKatana Review 2026: The Solana Options Vault That Went Offline
Katana was a Solana protocol that ran automated weekly options vaults. Its app is no longer online, so it is now a historical project rather than a usable product.
By the DappsAtlas editorial team · Updated
DappsAtlas score
3.0/10
Weak
Our verdict on Katana
3.0/10Katana is worth knowing as a historical Solana options vault protocol, not as something to use today. Its weekly covered-call and put vaults were easy to follow and once held about 43.7 million dollars. The main caveat is that the app is offline, with no public wind-down notice, no listed audits and a name shared with unrelated projects. Anyone interested in this kind of yield should look at live options vaults with published audits and fee terms, and should be careful with sites that use the Katana name.
Score breakdown
How Katana scores
- Security
- 3.0/10
- Ease of use
- n/a
- Fees
- n/a
- Features
- 4.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Katana?
Katana was a yield protocol on Solana that ran automated options vaults. It was introduced in a November 2021 post and operated from katana.so until about 2023.
The protocol reached about 43.7 million dollars in locked value in January 2022. A late-2023 archive capture of the app shows a deployment-disabled error, and no public wind-down notice was found. On-chain tracking still counts roughly 1.5 million dollars in its Solana contracts.
The katana.so domain now hosts an independent guide site. It is not run by or affiliated with Katana Network or the Katana Foundation, and it has no wallet connection and no token. Katana Network, an Ethereum Layer-2, and Katana DEX on Ronin are separate projects that share the name.
How Katana works
Katana ran automated options strategies. Each week, a vault pooled user deposits and sold options against them. A covered call vault sells the right to buy an asset at a set price, and a cash-secured put vault sells the right to sell an asset at a set price while holding the cash to honor it.
The buyers of those options pay a premium. The vault passes that income back to depositors as yield. In exchange, depositors accept limits: in a covered call vault, big price rises are not fully captured, and in a put vault, a sharp drop can leave the user holding assets bought above market price.
The protocol settled on the Zeta Markets FLEX stack and used Pyth price feeds. Vaults reset weekly, so users could choose each cycle whether to stay in.
Pros and cons
What we like
- The strategy was simple to understand: weekly covered-call and cash-secured put vaults.
- It covered more than 11 assets, giving users a choice of exposure.
- It reached about 43.7 million dollars in locked value at its peak, which shows real early demand.
- It used established infrastructure, with Zeta Markets FLEX settlement and Pyth price feeds.
- It had no token to speculate on, so yield came from option premiums rather than emissions.
Watch out for
- The app is offline and returned a deployment-disabled error in a late-2023 archive capture, so new deposits are not possible.
- No public wind-down notice was found, so users have no official guidance on old vault positions.
- No audits are listed for the protocol.
- Options strategies carry real risk: covered calls cap upside and cash-secured puts can mean buying assets at a loss.
- The name is shared with an unrelated Ethereum Layer-2 and a Ronin exchange, which makes scams and wrong-site mistakes more likely.
- Remaining locked value is small, about 1.5 million dollars, and fell about 6.7 percent over seven days.
Katana fees
Katana's fee schedule is not published. Option vault protocols commonly charge a performance fee on premiums and sometimes a withdrawal fee, but the exact figures for Katana are not stated, so none are given here.
Because the app is offline, there is no live place to check current fees. Users would have needed to look in the vault interface or the original documentation, and neither is currently available.
Is Katana safe?
No audits are listed for the protocol, and the team and any custody arrangements are not described. The app is offline, so the practical risk now is confusion and fraud: no one can use the original vaults, and the shared name creates room for phishing and fake recovery offers.
Anyone with old positions should treat unsolicited help with suspicion, check addresses carefully and never approve a wallet prompt they did not start. Options vaults also carry market risk even when running, since a vault can lose value in sharp price moves.
5 steps
How to get started with Katana
- 1
Confirm that you are looking for the Solana options vault protocol and not Katana Network or Katana DEX on Ronin.
- 2
Do not search for a working app: the deployment is disabled and the current katana.so site is an independent guide with no wallet connection.
- 3
If you held a vault position, review your Solana wallet's transaction history to see what was deposited and withdrawn.
- 4
Treat any site or message offering to recover old Katana vault funds as a likely scam and never approve unexpected wallet prompts.
- 5
If you want similar exposure, compare options vaults that are currently live and read their audit and fee disclosures first.
Who Katana is for
This page suits readers who held a Katana vault position, people confused by the shared name, and researchers tracking how Solana options vaults developed. It is not for anyone looking for a live product to deposit into.}],
Katana FAQs
Is Katana on Solana still working?
No. The Solana options vault protocol ran from late 2021 until 2023, and its app returned a deployment-disabled error in a November 2023 archive capture. No public wind-down notice was found.
Is Katana the same as Katana Network (KAT)?
No. Katana Network is a separate Ethereum Layer-2 with its own token, KAT. No public source links it to the Solana options vault protocol, and the Solana protocol has no token of its own.
What did the Katana options vaults do?
It sold covered calls and cash-secured puts through weekly vaults on more than 11 assets. Users deposited assets and the vaults ran the strategy automatically, aiming to turn option premiums into yield.
Can I recover funds from old Katana vaults?
Katana does not publish a way to do so, and the current katana.so site is an independent guide with no wallet connection. Anyone with old positions should be careful of sites that offer recovery and ask for wallet approvals.
Was Katana audited?
No audits are listed for the protocol. Weekly option vaults depend on smart contracts, price feeds and the underlying options market, so each of those is a source of risk.
Does the Solana Katana protocol have a token?
Katana does not have a token of its own. Any token sold under the Katana name is most likely tied to a different project.
Compare
Katana alternatives
Ribbon is a structured products protocol that runs options vaults to generate yield on assets like BTC and ETH.
Rysk V12 is a DeFi options vault offering upfront covered-call yield on ETH, BTC, HYPE and other assets across Hyperliquid and Ethereum.
Cega V1 is an options vault protocol on Solana, Ethereum and Arbitrum that combined exotic options with bond elements to target yield.
Hypersurface is a DeFi structured products platform offering covered-call and cash-secured-put yield on HyperEVM and Base for options-curious holders.
Typus DOV is the options-vault product of Typus Finance on Sui, offering automated option strategies and short-dated options, now alongside perps.
Ribbon Earn is the options-vault yield product of Ribbon Finance on Ethereum, built for DeFi users who want automated structured-product strategies.
Same category
More Options Vaults
Rysk Premium offers upfront options yield through covered calls and cash-secured puts on HyperEVM and Ethereum, aimed at allocators and holders.
Typus Safu is a closed Sui yield vault combining lending yield with options upside; existing positions can still be redeemed with no exit fee.
Ribbon Lend is associated with Ribbon Finance, but its specific lending product and current operating details are unclear.
Olive is listed as a multi-chain structured-products protocol, but its associated website describes bank payment software and does not confirm a connection.
Chest Finance is a Solana options vault that stakes collateral and runs weekly covered-call and covered-put strategies.
Polynomial Earn was an Optimism-based options-vault product for automated derivative strategies; it announced it would cease operations in February 2026.
Same chain
More on Solana
Lido is a liquid staking protocol where users stake ETH and receive stETH, a reward-earning token usable across DeFi, governed by LDO holders.
OKX is a major centralized crypto exchange for spot and derivatives trading, earn products and a Web3 wallet, with its own OKB token.
LayerZero V2 is a cross-chain messaging protocol and bridge infrastructure for developers and asset issuers, connecting dozens of blockchains.
Jito Liquid Staking lets Solana users stake SOL for JitoSOL, a liquid token that accrues staking and MEV rewards.
Marinade is a Solana staking protocol offering native and liquid staking (mSOL) via an auction where validators bid for delegated SOL.
Across is an intent-based cross-chain bridge and swap protocol for moving tokens between Ethereum, rollups and other chains, with an API for apps.
Guides
Guides about Katana
DeFi
Katana DEX on Ronin: Why It Ranks Up and What to CheckKatana was a native decentralized exchange on Ronin, the gaming chain built for Axie Infinity. This explainer covers what it was, what drives a DEX up ranking tables, and how to check a Ronin-based exchange's current status and liquidity before you use it.
DeFi
Katana, Raydium and Uniswap: Judging Debut-Week DEX ClaimsA reported Katana debut on Stellar supposedly beat Raydium and Uniswap in its first week. This guide explains what a claim like that would need to show, how DEX volume is measured, and how to check launch-week rankings yourself.
Web3 gaming
What Is Axie Infinity? How the Game, Tokens and Economy WorkAxie Infinity is a blockchain game where players collect creature NFTs called Axies, battle with them, and earn tokens. This guide explains the mechanics, the tokens, the Ronin network, and the risks.
How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.