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By Cushion - Capital protection
This submission adds non-custodial, capital-protected investment strategies implemented as tokenized vaults on Stellar.
The product dynamically rebalances between risky Stellar assets (including digital assets and RWAs) and stablecoins using on-chain vault logic, while preserving a predefined downside protection floor.
By leveraging Stellar’s asset model, SEP-56 tokenized vaults, and low-cost execution, the project enables institutional-grade tokenized fund strategies with transparent allocations, auditable performance, and efficient on-chain execution.
A short presentation video explaining the project vision and product approach is available here: https://x.com/cushiondottrade/status/1936079742110756954?s=20
$118.4K
In 2025, Cushion processed over $3M in on-chain volume across multiple networks (Sui and Solana), executing thousands of transactions through automated capital-protected strategies. The platform reached approximately $400K in total value locked (TVL) and has been used by more than 250 investors and company treasuries, demonstrating real market demand for structured on-chain capital protection products.
On Solana, strategy activity and vault performance are publicly verifiable via the Drift vault interface (jitoSOL strategy instance):
https://app.drift.trade/jitoSOL?authority=FTKm3WgS8K5AkDKL9UZnmD12JdhFnvxvNN1mF6adGXH9
The associated vault program activity can be reviewed on Solana Explorer:
https://explorer.solana.com/address/DriFtupJYLTosbwoN8koMbEYSx54aFAVLddWsbksjwg7
Strategy-level transaction history is also visible via the strategy authority wallet:
https://explorer.solana.com/address/FTKm3WgS8K5AkDKL9UZnmD12JdhFnvxvNN1mF6adGXH9
The initial strategies launched in May 2025 and reached peak exposure in October 2025, with full allocation to risky digital assets. During the November market correction, the strategies automatically rebalanced into safe assets, successfully preserving the predefined downside protection levels (40% capital protection on SOL and 40% on SUI strategies).
As per the CPPI model, capital protection remains active while cushion value is positive. Once the cushion reaches zero, reallocation to risky assets is suspended, as the strategy does not attempt directional market timing. Following this phase, investors were invited to withdraw funds while the team redesigned the next generation of strategies.
Distribution & Institutional Partnerships
Cushion has entered into a commercial agreement with Tilvest, enabling distribution of its capital-protected strategies to a retail network of over 400+ independent financial advisors (CGPs) in France.
In parallel, Cushion is in advanced discussions with Rcube to structure institutional distribution channels targeting professional investors.
These partnerships allow Cushion to operate within MiCA-aligned regulatory frameworks through regulated intermediaries, positioning the product for compliant European distribution.
Supporting Documentation
All supporting documentation — including on-chain dashboards, transaction history, signed agreements, LOIs, and regulatory positioning — is available in the project data room:
--> DATA ROOM : https://drive.google.com/drive/folders/1cN8pgyR_fPEpNhM9r48k22kJ27bqUfAs
Description
Develop and unit test Soroban smart contracts implementing SEP-56 compliant non-custodial vaults. This includes standardized deposit and withdrawal flows, share minting and burning logic, event emission, and explicit on-chain enforcement of capital protection invariants (asset allowlists, slippage bounds, trade limits, cooldowns, and floor-preservation checks).
How to measure completion
Contracts compile without warnings using stellar-cli
≥90% unit test coverage including invariant tests
Unit tests validate:
Correct share minting and burning
NAV-based share price calculation
Rejection of trades violating floor or slippage constraints
Successful local deployment and interaction via Soroban RPC
Budget: $15,790
Completion Date: 18.03.2026
Deliverable 2: NAV Accounting, Floor Logic & Oracle Integration
Description
Implement the full NAV-based accounting model for SEP-56 vaults, including storage of total assets, total shares, and floor parameters. Integrate a dual-layer pricing system (DEX-based TWAP with external feed fallback) to compute validated asset prices used for share pricing and execution guardrails.
How to measure completion
NAV and share price update correctly based on asset balances
Floor invariant is validated during simulated strategy execution
DEX TWAP and fallback feed return validated prices in dev/test environments
Execution is halted if oracle deviation exceeds predefined thresholds
Budget: $12,640
Completion Date: 01.04.2026
Description
Design and implement an indexer that captures on-chain vault events (deposits, withdrawals, strategy executions) to compute vault-level and user-level performance metrics (TVL, allocation split, historical performance). Provide APIs enabling efficient frontend rendering without direct dependency on live Soroban RPC calls.
How to measure completion
On-chain deposit, withdraw, and execution events are indexed
TVL, allocation ratios, and performance metrics are displayed on frontend
Data retrieval latency under 1 second for standard dashboard views
No missing or inconsistent metrics caused by RPC latency
Budget: $11,720
Completion Date: 16.04.2026
Description:
Design and backtest CPPI strategies applied to Stellar assets (including stablecoins and tokenized real-world assets). Deploy the off-chain strategy engine and keeper (cron-driven) to compute floor monitoring signals and submit structured execution plans to Soroban vaults on Stellar testnet, operating within on-chain guardrails (allowlists, minAmountOut/slippage caps, notional limits, cooldowns, and pause controls).
How to measure completion:
CPPI backtests are reproducible with documented parameters
Keeper runs continuously and submits execution plans to testnet vaults
Executed trades are verifiable on Stellar testnet and emit StrategyExecuted events
Plans violating vault guardrails are correctly rejected (revert behavior observed)
Budget: $15,250
Completion Date: 30.04.2026
Description:
Integrate Soroban vault contracts with a React-based frontend on Stellar testnet. The user flow includes wallet connection, deposit/withdraw, and indexed views of share balances, NAV, and current allocation between risky and safe Stellar assets.
How to measure completion:
End-to-end testnet flow from wallet connection to successful deposit and withdrawal
Users can view share balances, NAV, and allocation metrics
Strategy execution events are reflected in the UI via indexed data
Budget: $13,410
Completion Date: 15.05.2026
Description:
Implement monitoring and test harnesses to validate behavior under stress and failure modes consistent with the trust model: keeper downtime, oracle staleness/deviation, high volatility, and liquidity constraints. Verify that on-chain safeguards prevent unsafe execution and that fallback behavior (halting, de-risk-only mode under stricter limits when applicable) operates as designed.
How to measure completion:
Stress simulations trigger de-risk execution plans and/or execution halts according to thresholds
Vault rejects plans that violate allowlists, slippage bounds, notional limits, cooldowns, or deadlines
Demonstrable logs showing expected behavior across at least: oracle deviation, stale TWAP, and keeper interruption scenarios
Budget: $10,150
Completion Date: 29.05.2026
Description:
Finalize, security-review, and deploy Soroban smart contracts implementing SEP-56 compliant non-custodial vaults to Stellar mainnet. The deployed contracts include standardized deposit and withdrawal flows, NAV-based share accounting, and on-chain execution guardrails (asset allowlists, slippage bounds via minAmountOut, notional limits, cooldowns, and pause controls) supporting the CPPI capital protection framework.
How to measure completion:
Vault contracts deployed on Stellar mainnet
Public contract addresses and verified source code published
Deposit, withdraw, and executeStrategy() flows callable via Soroban RPC
On-chain execution guardrails validated under mainnet conditions
Budget: $14,570
Completion Date: 17.06.2026
Description:
Launch a production-ready frontend connected to live Soroban vault contracts on Stellar mainnet. The UI displays real-time indexed on-chain data, including share balances, NAV, and allocation between risky and safe Stellar assets. The frontend integrates Soroban-compatible wallets and reflects strategy execution events via indexed contract events.
How to measure completion:
Successful deposit and withdrawal transactions initiated from the live UI
Users can view live share balances, NAV, and allocation metrics
Strategy execution events are visible through indexed data
Budget: $15,650
Completion Date: 09.07.2026
Deliverable 9: On-Chain Fee Attribution & Incentive Distribution Module
Description:
Develop and deploy a smart-contract-based fee attribution and distribution module integrated with the vault performance fee mechanism. The system tracks referral relationships at deposit time and automatically allocates a predefined portion of performance fees to registered referrers, without modifying vault custody or share accounting logic.
The module emits structured on-chain events enabling transparent tracking of referral-linked deposits and fee distributions, ensuring auditability and composability within the Stellar ecosystem.
How to measure completion:
Referral attribution logic integrated into vault contract or companion module
Performance fee distribution split executed automatically on mainnet
Referral-related events emitted and indexable
Fee allocation verifiable via on-chain transactions
Budget: $9,220
Completion Date: 18.07.2026
Team
Cushion is built by a team combining deep expertise in capital-protected financial products and blockchain engineering.
Wajih Msedi (Quant & Product Lead) – LinkedIn
Quantitative finance expert specialized in capital protection strategies. After graduating from one of France’s leading finance master’s programs, Wajih spent four years at Deutsche Bank designing and implementing capital-protected investment products. He later worked as a hedge fund manager for three years, where his fund received an award as the best-performing fund in the Middle East.
Adrien V. (Senior Developer) – LinkedIn - GitHub
Senior developer with strong experience in building and maintaining financial systems. A graduate of 42, Adrien worked as a data scientist before transitioning to financial distributed systems in 2022, where he has been focusing on financial systems data infrastructure.
Jérémie L. (Blockchain & Full-Stack Developer) – LinkedIn - GitHub
Full-stack and blockchain developer with over four years of experience building smart contracts and decentralized applications. A graduate of Epitech, Jérémie focuses on protocol development and on-chain execution logic.
Open-source development
The project is actively developed in open source, with code available on GitHub:
https://github.com/cushyon
Jeremie
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