Summary
Ketju does not approve KPK’s vaults: we could not confirm whether they exclude US persons or set another eligibility limit. We do not doubt the firm. KPK is the 2025 rebrand of karpatkey, founded in 2020 and GnosisDAO’s sole treasury manager since 2022. It has managed treasuries for ENS, Balancer, Aave, CoW Protocol, Lido, Uniswap, Arbitrum, Nexus Mutual, Safe and dYdX for years in public. Protocol founders, including Stani Kulechov and the Gnosis co-founders, backed its 2024 funding round. Its non-custodial design on Safe and Zodiac Roles is disclosed. GnosisDAO publicly approved its 2025 spin-off into an independent Cayman Islands foundation. KPK has the strongest credentials of the curators we reviewed in this group. The legal disclaimer pages for each vault venue, which would answer the eligibility question, would not render. The only detailed account of the April 2026 Kelp DAO and LayerZero exploit’s effect on its vaults is KPK’s own. No independent source confirms whether KPK’s vaults lost money. Ketju does not leave an open eligibility question unresolved in a verdict.
Review triggers
- The legal disclaimer page for each vault venue renders and confirms that US persons are not excluded
- KPK publishes the eligibility and accreditation requirements for direct access to its funds
- A source other than KPK publishes the Kelp DAO incident’s actual financial effect on positions KPK curates
- KPK publishes and links the Cantina audit report, settling the conflict with DefiLlama’s record of no audits
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Ethereum, Gnosis, Arbitrum, Base, BSC, OP Mainnet, Polygon
- Reviewed
- Last confirmed