> ## Documentation Index
> Fetch the complete documentation index at: https://docs.hyro.network/llms.txt
> Use this file to discover all available pages before exploring further.

# Decentralization Status

> What's on-chain today, what's planned, and exactly when it changes.

We tell you exactly what is centralized and exactly when it changes. This is the honest, layer-by-layer view.

## 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)                |

## The staged approach

<Steps>
  <Step title="Stage 1 — today">
    Decentralized capital, transparent on-chain settlement, programmatic rules.
  </Step>

  <Step title="Stage 2">
    Permissionless trader onboarding.
  </Step>

  <Step title="Stage 3">
    On-chain execution via Drift and Phoenix.
  </Step>

  <Step title="Stage 4">
    Own execution stack via HyroTrader's proprietary terminal — removing all third-party dependencies.
  </Step>
</Steps>

## 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

<Card title="Trust assumptions" icon="shield-half" href="/resources/decentralization" horizontal>
  The full disclosure of what LPs trust today.
</Card>