Katana @katana is an Ethereum Layer 2 specifically designed for DeFi. It’s incubated by Polygon Labs @0xPolygon and market-making firm GSR. Polygon is responsible for Agglayer and CDK OP Stack technology, while GSR brings over a decade of liquidity and market-making experience. The goal is to consolidate fragmented liquidity onto one chain, making yields more stable. The entire chain is designed around liquidity yield, with core applications including Sushi for spot liquidity, Morpho for lending, and Vertex for perpetuals. The fees and yields generated by these applications flow back to the chain and its users. The token structure is community-friendly. The total supply of KAT is 10B, with no VCs, no private sales, and no insider discounts. All tokens have already been minted and are under a maximum 9-month non-transfer period. The TGE will happen no later than February 20, 2026, with the first unlock going to TVL and early users, not the team or funds. As for specific products, take USDC as an example. The net annualized yield for this pool is currently around 42-43%. Breaking it down roughly: 1️⃣ KAT incentives: ~35 2️⃣ Base strategy plus AUSD treasury yield: ~4+ 3️⃣ VaultBridge on Morpho: ~2 4️⃣ A bit of additional incentives from the applications themselves After deducting small management and performance fees, the net yield still comes close to 43% annualized.