Makina

Makina is a DeFi execution layer that describes itself as vault infrastructure for institutional-grade onchain strategies. Operators run tokenized, cross-chain strategies inside non-custodial vaults, while risk parameters are enforced onchain and deployments span EVM-compatible networks.

At the center of the design are Machines, non-custodial strategy vaults that accept deposits and issue Machine Tokens representing a share of the strategy. Operators move funds from a Machine into Calibers, which execute specific actions under defined rules. Execution runs on MakinaVM, an engine built for composability and atomicity without the need to deploy new smart contracts for every strategy. Cross-chain activity follows a hub-and-spoke model with bridge adapters for Across V3, CCTP V2 and LayerZero V2.

• Machines: vaults with deposits, redemptions, fees and share pricing
• Calibers: rule-bound execution of swaps, positions, harvests and flash loans
• MakinaVM: the instruction engine behind strategy execution
• Access options: buy Machine Tokens on DEXs without KYC, or complete KYC and deposit directly, depending on the Operator
• Safety features: a self-insurance module and an emergency Recovery Mode
• Assets: strategy filters list USDC, WETH and WBTC

Governance roles in the documentation include the Operator, the Risk Manager and a Security Council, with permissions and upgrades managed through Safe multisigs. Machine coverage is offered through Nexus Mutual, and the documentation lists a SEAL Safe Harbor Agreement.

According to its website, the contracts have been audited by ChainSecurity, Sigma Prime, OtterSec and Cantina. The FAQ discloses risks such as smart contract vulnerabilities, bridge risk, exposure to other DeFi protocols used within a strategy, and market volatility. Makina also publishes protocol and operator documentation, a news feed on Substack and an open careers page.