Makina

Makina is a non-custodial DeFi Execution Engine that lets professional strategists (Operators) deploy and automate complex onchain strategies through programmable vaults called Machines. Capital allocators — including DAO treasuries, DeFi users, and retail depositors — can access institutional-grade, risk-managed yield opportunities from curated Operators without needing to build or manage strategies themselves. Each Machine issues a Machine Token (MT) whose price reflects the performance of its strategy, enabling composable exposure across 6+ EVM chains and 30+ DeFi protocols.

Makina does not produce yield on its own. Instead, it provides the software infrastructure that lets professional strategy operators (called Operators) run automated investment strategies inside programmable vaults called Machines.

How yield is generated:

• Each Machine accepts one type of deposit — an Accounting Token (for example USDC, WETH, or WBTC).
• Operators deploy those deposited funds through Calibers (chain-specific execution engines that carry a small virtual machine, the MakinaVM). These Calibers carry out instructions across outside DeFi protocols — lending platforms, liquidity pools, decentralized exchanges, yield aggregators, and others — on six or more EVM-compatible blockchains.
• As the strategy earns returns, the Machine's own token (called a Machine Token or MT) rises in price compared to the deposited Accounting Token. Holders profit by selling their MTs on secondary markets (like Curve) or by redeeming them through the Machine (which may require identity verification, depending on the Operator's rules).

Fees that affect returns:

Machines charge two kinds of fees, set individually per Machine:

• Fixed fees — a tiny rate charged every second, based on the total supply of Machine Tokens (roughly a percentage of assets under management). These are split three ways: to the Security Module (a risk reserve), the Operator, and the Makina DAO.
• Performance fees — charged only when the MT share price rises above its highest previously recorded level (a "high-watermark"). These are split between the Operator and the Makina DAO.

Both fee types are paid by minting new Machine Tokens, which slightly reduces the value of every existing token (dilution).

Safety and custody:

• A Security Module can be attached to a Machine as a reserve fund to cover losses.
• The protocol is non-custodial: all money movements are controlled by smart contracts with programmed rules and limits. No human or company directly holds user funds.

Overall, Makina's role is infrastructure. It connects capital providers (such as DAO treasuries, DeFi users, and retail depositors) with professional strategy creators, giving access to institutional-grade yield strategies without requiring the depositor to build or manage the strategy themselves.