Katana

KAT is the base ERC-20 token in the Katana ecosystem. By itself it is transferable, but it does not carry voting power. Its main function is to act as the asset users lock or deposit in order to take part in the network’s emission and reward system.

When KAT is locked, it becomes vKAT, a non-transferable position that gives the holder voting power. That voting power is used to direct KAT emissions towards specific liquidity pools and applications through gauge voting. Users who vote with vKAT can also receive rewards linked to that participation, including voting incentives and a share of fees from the markets they support, and they can choose how rewards are received.

KAT can also be deposited into avKAT, a transferable ERC-4626 vault token. This route is aimed at users who want exposure to the staking and voting system without managing the process directly. The vault holds a master vKAT position, while its strategy handles delegation, reward claiming and compounding. Because avKAT is liquid, it can be transferred, traded or used in DeFi, which gives KAT a second utility path beyond direct locking and manual voting.