Kaspa-Native Yield Architecture: A Sovereign Alternativeto STRC
Key Numbers
Pure Proof-of-Work Digital Credit
Executive Summary
Michael Saylor's STRC requires a public company (Strategy/MSTR), securities law, brokerage accounts, USD settlement, and monthly dividend cycles to convert Bitcoin appreciation into "digital credit."
This brief proposes three progressively sovereign architectures that achieve the same outcome — high-yield, low-volatility, hourly-claimable credit — using only Kaspa's native primitives: proof-of-work consensus, covenants, Igra EVM, and eventually vProgs. No legal entities. No stocks. No SEC. No banks.
The Core Insight: Kaspa Can Replicate the Treasury-Credit Dynamic Natively
The key difference: Strategy is a legal person that can own property. A Kaspa covenant is a script that can enforce rules. By making the "treasury" a covenant rather than a corporation, the entire legal layer vanishes.
Architecture A: Covenant Treasury (Simplest, Most Secure)
A protocol treasury holds KAS. Users deposit KAS into a covenant that enforces:
1. Minimum lock duration
2. Hourly accrual rate
3. Principal + yield claimable only by depositor
4. Treasury funds released only to verified yield sources
Under the Howey Test:
- Investment of money? ✅ User deposits KAS
- Common enterprise? ❌ No pooled enterprise managed by others; code is public, user controls keys
- Expectation of profits? Arguable
- From efforts of others? ❌ Yield from lending markets + AMMs, not from anyone's marketing/management
The Revelation
Corporations enforcing
Code is sovereign