Bringing higher yields without leverage to Solana with a fractional reserves primitive Kormos vaults allocate user funds across Solana DeFi. Part of the funds deposited by 'liquid depositors' is invested into both liquid (i.e. DeFi lending) and illiquid (i.e. PT assets) protocols - just like banks invest short term deposits into long term loans according to set reserve ratios. That allows Kormos to provide superior yield to its users without taking leverage. Two depositor types: 1. Liquid depositors - higher yield (compared to other liquid DeFi yield) with risk of having to wait in a FIFO queue in case of 'bank run' (otherwise - instant redemption) 2. Locked depositors - higher yield (compared to assets of same maturity), select their redemption period, longer period - higher yield Deposit protection: locked depositors act as senior tranche towards liquid depositors, they take the first hit in case of losses from underlying protocols