airKUNAIn one sentence: an investor supplies capital as SOL, held in a self-custodied multisig they control. A small, over-collateralized loan (~10% LTV) is drawn against it and off-ramped to EUR to fund airKUNA’s development. Because the loan is tiny relative to the collateral, the yield the collateral earns exceeds the loan interest many times over — so the loan is retired from carry, and the investor keeps their SOL exposure plus an allocation in airKUNA.
Why this can be honest, not hype. At ~10% LTV the yield accrues on the whole collateral (e.g. ~7% × €108k ≈ €7.5k/yr) while interest is charged only on the small debt (e.g. ~5% × €10.8k ≈ €0.5k/yr). Net carry retires the debt in ~18 months with zero price appreciation. SOL upside is a bonus on retained principal — not the repayment engine. That distinction is the whole point.
What it is not. It is not risk-free and not “liquidation-proof.” It is a leveraged directional position in SOL plus smart-contract, stablecoin de-peg and FX exposure. If SOL falls far enough, or an LST/stablecoin de-pegs, or the yield collapses below the interest, the thesis breaks. The sections below quantify each of these instead of waving them away.
The stack — independent, composable primitives
None of the financing depends on airKUNA building anything new. Every layer is an existing, independently-operated protocol; airKUNA is only the treasury recipient at the end of the rail.
Wallet · self-custody
Solflare
Third-party Solana wallet
Keys and signing stay with the investor. airKUNA never takes custody.
Custody · governance
Squads
Third-party Solana multisig
M-of-N approvals on the collateral vault — no single party can move funds.
Borrow · risk mgmt
Hobba
Third-party borrow optimizer (over Kamino, Jupiter, MarginFi…)
Routes to the best borrow rate; its risk engine de-leverages before liquidation. Automated, not guaranteed.
Swap
Jupiter
Third-party Solana DEX aggregator
USDC/USDT → EURC at best execution across pools.
Euro stablecoin
Circle EURC
Circle, EU e-money / MiCA framework
Fiat-backed euro token, monthly attestations. Full-reserve model.
Off-ramp · SEPA
Monerium
EU-licensed e-money · Gnosis rail
On-chain EUR → 1:1 SEPA to the airKUNA treasury bank account.
Recipient
airKUNA Treasury (ITalk d.o.o.)
This project
Clean EUR funds legal, development and operations.
Provenance note. Some of these tools originate in the broader regional / independent engineering scene, but this page makes no unverified nationality or ownership claims. Each is described by what it does and who operates it. Investors should do their own due diligence on every third-party protocol in the rail.
How it works — the state machine
The capital moves through six states. The only leg that touches airKUNA is the treasury deposit; everything else is the investor’s own self-custodied position.
flowchart TB
I(["Investor capital
EUR or SOL"]):::person --> S0 S0["S0 · Deploy
EUR → SOL (spot)"]:::entity --> S1 S1["S1 · Self-custody & lock
Squads multisig · Solflare"]:::entity --> S2 S2["S2 · Collateralize
SOL → LST (e.g. JitoSOL) via Hobba · ~10% LTV"]:::good --> S3 S3["S3 · Borrow & off-ramp
USDC → EURC (Jupiter) → SEPA (Monerium)"]:::warn --> T T[["airKUNA Treasury
legal · dev · ops"]]:::entity S2 -->|"collateral keeps earning ~7% APY"| S4 S3 -. "debt accrues ~5% APY on a small balance" .-> S4 S4{{"S4 · Carry > interest
net yield repays the loan"}}:::good --> S5 S5["S5 · Exit
loan retired · investor keeps SOL + airKUNA allocation"]:::good classDef person fill:#fff,stroke:#002F6C,color:#002F6C,font-weight:600; classDef entity fill:#002F6C,stroke:#001631,color:#fff,font-weight:600; classDef good fill:#1A7A3C,stroke:#0c3f23,color:#fff,font-weight:600; classDef warn fill:#E3AF35,stroke:#9a6f1f,color:#3a2900,font-weight:600; classDef bad fill:#C0181C,stroke:#7a1418,color:#fff,font-weight:600;
EUR or SOL"]):::person --> S0 S0["S0 · Deploy
EUR → SOL (spot)"]:::entity --> S1 S1["S1 · Self-custody & lock
Squads multisig · Solflare"]:::entity --> S2 S2["S2 · Collateralize
SOL → LST (e.g. JitoSOL) via Hobba · ~10% LTV"]:::good --> S3 S3["S3 · Borrow & off-ramp
USDC → EURC (Jupiter) → SEPA (Monerium)"]:::warn --> T T[["airKUNA Treasury
legal · dev · ops"]]:::entity S2 -->|"collateral keeps earning ~7% APY"| S4 S3 -. "debt accrues ~5% APY on a small balance" .-> S4 S4{{"S4 · Carry > interest
net yield repays the loan"}}:::good --> S5 S5["S5 · Exit
loan retired · investor keeps SOL + airKUNA allocation"]:::good classDef person fill:#fff,stroke:#002F6C,color:#002F6C,font-weight:600; classDef entity fill:#002F6C,stroke:#001631,color:#fff,font-weight:600; classDef good fill:#1A7A3C,stroke:#0c3f23,color:#fff,font-weight:600; classDef warn fill:#E3AF35,stroke:#9a6f1f,color:#3a2900,font-weight:600; classDef bad fill:#C0181C,stroke:#7a1418,color:#fff,font-weight:600;
Six-state financing loop. Green = value that accrues to the investor; gold = the leverage/off-ramp leg; navy = protocol/entity. The loop closes when net carry (S4) retires the loan drawn in S3.
Model it yourself
Adjust the assumptions. The model is deliberately conservative: it estimates loan self-repayment from carry only, holding SOL price flat, then shows price upside separately. Everything is an illustration, not a quote.
Treasury Flywheel model
All figures indicative. Liquidation threshold assumed at 70% (typical for SOL collateral). Carry-repayment assumes yield is harvested monthly to service debt, price held flat.
Collateral acquired
1,440 SOL
≈ $108,000 collateral value
Treasury funded now
€10,000
borrowed & off-ramped to airKUNA
Health factor7.0×
liquidation at $10.71−86%
Net annual carry
€6,500
yield − interest (repays the loan)
Loan self-repays in
~18 months
from carry, SOL price held flat
Retained SOL at target
€333,333
≈ 3.3× principal (price upside, not guaranteed)
Illustrative model only — not a quote, offer, projection or investment advice. Yields, borrow rates, LTV limits and liquidation thresholds are set by third-party protocols and vary continuously. Crypto assets are volatile and can lose all value.
Risk engine — stated plainly
The architecture reduces some risks and accepts others. It does not eliminate them. Here is each material risk, how it is mitigated, and the residual exposure.
| Risk | Mitigation | Residual exposure |
|---|---|---|
| SOL drawdown → liquidation | ~10% LTV keeps the liquidation price ~85% below spot; Hobba’s risk engine can auto-deleverage before that. | moderate A fast, deep crash can still outrun automated deleveraging; oracles can lag. |
| LST de-peg (e.g. JitoSOL) | Blue-chip LSTs, conservative collateral factors, dynamic rebalancing. | moderate A sustained LST de-peg lowers collateral value and can trigger liquidation. |
| Borrow-rate spike | Debt is tiny vs collateral, so interest can rise several-fold before carry turns negative. | low Only bites if borrow APY exceeds yield APY on the whole collateral. |
| Stablecoin risk (USDC/EURC) | Full-reserve, attested, MiCA-framework issuers; short holding window during off-ramp. | moderate Issuer/reserve/regulatory failure is possible, if unlikely for blue-chips. |
| FX (USD/EUR) | Off-ramp to EUR happens near-immediately, minimizing the window of exposure. | low Debt and treasury are both EUR-denominated after off-ramp. |
| Smart-contract / bridge | Established protocols, audits, multisig on the vault. | high impact Exploits happen. This is the tail risk that can zero the position. |
Systemic-risk stance — honestly framed. This model rests on the continued function of several independent protocols (a lending market, an LST, a DEX aggregator, a stablecoin issuer, a SEPA rail). A correlated failure among them would impair or destroy the position. We do not argue this away as “negligible”; we treat it as the principal, conscious risk of the strategy and size positions accordingly.
What the investor gets
- Retained SOL exposure — the principal stays the investor’s, in self-custody, with full upside (and downside) on SOL.
- An allocation in airKUNA — the off-ramped EUR funds development; the size and instrument of any equity/allocation are set by a separate, formal agreement, not by this page.
- Non-dilutive funding for airKUNA — development is financed without selling core equity or tokens at a market bottom.
Legal & regulatory note. This page is an explainer, not an offer of securities, a solicitation, a financial promotion, or investment/tax/legal advice. Any actual participation would be documented in a formal agreement, subject to suitability and applicable law (incl. MiCA / MiFID II and Croatian regulation). airKUNA / ITalk is a non-custodial software company and does not provide regulated financial services. Third-party protocol claims (yields, MiCA status, audits) should be independently verified.