Ondol Protocol builds real world asset yield vaults for the GIWA ecosystem. Each vault is collateralized by tokenized short term credit instruments, including trade receivables and invoice financing sourced from vetted originators, and pays out on-chain in a GIWA native stablecoin as the underlying credit performs rather than as a fixed APY.
Originators are onboarded through a credit committee that reviews payment history and collateral quality before any receivable is tokenized. Vault performance, repayment schedules, and default events are all readable on-chain, so LPs are not relying on a quarterly PDF to know what they hold.
The team has run two testnet cohorts with institutional LPs since Q1, processing over ₩54,000,000,000 in simulated vault volume before bringing the product to a public sale.
Highlights
- Yield paid as the underlying credit performs, never promised as a fixed APY
- Vaults collateralized by short term trade receivables rather than synthetic leverage
- Two completed testnet cohorts, over ₩54,000,000,000 in simulated volume
- Reference calls completed with two institutional LPs already using the product
- Native to GIWA's execution layer from day one, not a bridged TVL sink
Funds raised in this sale settle into a treasury contract scoped to Ondol Protocol alone. Reaching the hardcap does not unlock it. To spend anything the team files a request with a stated purpose, and every wallet that contributed to this raise can vote, weighted by what it put in. No quorum, no release.
Everything below reads directly from the treasury governor contract on GIWA Sepolia testnet. Approve or reject with a connected wallet and it sends a real transaction.
Open request
Every request, vote, and release is a transaction against Ondol Protocol's own treasury governor, independent of GADAPAD. Nothing here relies on our word for it.
The sale above is intentionally open, so you can test the full participate and vote flow without holding a Dojang attestation. GADAPAD's real sale contracts enforce Dojang verification directly on-chain. A second, Dojang-gated Ondol Protocol contract is deployed as proof: a wallet without a Verified Address attestation gets a genuine NotVerified() revert from participate(), checked live against GIWA's own DojangScroll contract.
Distribution
No allocation to prior investors. Every wallet outside the team and ecosystem reserve entered through this same public sale.
| Category | At TGE | Cliff | Vesting |
|---|---|---|---|
| Public sale | 30% | None | 6mo |
| Ecosystem | 0% | None | 36mo |
| Protocol reserve | 0% | 12mo | 24mo |
| Team | 0% | 12mo | 24mo |
“I spent three weeks with the Ondol team, reviewing contracts with our security lead, sitting through two live demos of the yield engine on testnet, and calling two of their institutional LPs directly. The team has shipped production DeFi before. This is not an audit. It is my own read after doing the work, and I am comfortable putting my name on it.”
- Team backgrounds verified against prior shipped projects
- Contracts read line by line with our internal security lead
- Live testnet walkthrough of the yield engine, not a deck
- Confirmed no allocation was sold to investors ahead of this listing
- Reference calls with two institutional LPs already using the product
This is one curator's professional judgment. It is not a legal, financial, or security audit, and it is not investment advice.
Ondol Protocol has not sold any allocation to investors ahead of this listing, and curators confirm that during review before a sale is scheduled. There is no GADAPAD token to buy or stake and no capital tier to climb. Complete Dojang verification once and every wallet is eligible for the same flat allocation cap on this sale, ₩2,025,000, whether it belongs to a fund or to a first time participant. Beyond verification, participation is first come first served while the sale is live.