Decentralization Status

Layer by layer

Layer	Today	Roadmap
Capital settlement	On-chain (Solana)	—
Share accounting	On-chain	—
LP deposits / withdrawals	On-chain	—
Performance-fee logic	On-chain	—
Challenge-fee collection	On-chain	—
Payout records	On-chain (TXID each)	All future payouts on-chain by default
NAV reporting	Hyro oracle + independent watchdog	Multi-signer (Phase 2); zkTLS proofs (long-term)
Trader admission	HyroTrader’s verified pipeline	Permissionless on-chain challenges (Phase 3)
Execution venue	Bybit (real API, real order books)	Multi-CEX; Drift + Phoenix on-chain (Phase 4)
Trading terminal	Bybit native + HyroTrader interface	HyroTrader proprietary terminal (in development)
Operator wallet	Squads 3/5 multisig	DAO-controlled (Phase 4)
Risk parameters	Hardcoded (mirror HyroTrader’s rules)	DAO-governed (Phase 3)
Governance	Multisig admin	$HYRO token governance (Phase 3)

Stage 4

Own execution stack via HyroTrader’s proprietary terminal — removing all third-party dependencies.

On-chain execution roadmap (Phase 4)

Direct integration with Solana DEXes enables Hyro vaults to execute entirely on-chain, removing CEX counterparty risk for the on-chain track:

Drift Protocol — Solana perpetuals DEX

Phoenix — Solana on-chain order book

Additional Solana perp DEXes as strategic partnerships

Trust assumptions

The full disclosure of what LPs trust today.