Keiko Finance Review: Is It Still Open in 2026?

Keiko Finance was a collateralized debt position (CDP) protocol built on Hyperliquid L1. Its purpose was to let users deposit supported Hyperliquid ecosystem assets as collateral and borrow KEI, which its documentation describes as a stablecoin. The homepage promoted assets including HYPER, PURR, wHLP and HFUN, and advertised a 150% minimum collateral ratio.

The basic CDP model is to lock collateral in a protocol and borrow against it; if the collateral falls too far relative to the debt, liquidation can occur. Keiko also described dynamic interest rates and an adjusted redemption mechanism for vaults. These are historical product details, not features you can use now: Keiko has closed and its app is no longer accessible. Don’t treat the old collateral list or advertised borrowing terms as an active offer, and don’t send funds to try to open a position.

Keiko advertised a 2.5% base interest rate, with the rate adjusting according to your collateral ratio. Its homepage suggested that optimizing the minimum collateral ratio could improve the rate. That gives a broad picture of how borrowing costs were intended to work, but it does not establish the complete rate formula or the rate a particular borrower would have paid.

Keiko’s full fee schedule, including any origination, redemption or other charges, is not established here. Network transactions on a blockchain can also involve gas costs, separate from a protocol’s interest or fees. Since the app is closed, you cannot get a current quote or use its interface to check a live position. Don’t rely on an old advertised rate as a current borrowing cost or as confirmation that a position remains open.

Keiko lists two audits, but the auditors and the findings are not established here. An audit can help identify code risks, but it cannot guarantee that a protocol is secure or that users will recover funds. Keiko also had documentation, terms of service and a privacy policy; their existence does not establish the terms for resolving a position after closure.

Keiko is closed, and its app is no longer accessible. That is a material risk for anyone who used the protocol, but it does not by itself show what happened to individual positions or funds. The project’s licence, custody arrangements and any incident history are not established here. If you have a past position, check your own transaction records and seek guidance through Keiko’s official communication channels. Never share your seed phrase or private keys with anyone offering to help.

There is no accessible Keiko app for new users to connect a wallet, deposit collateral or borrow. Keiko was presented as a Hyperliquid L1 protocol, so its intended use depended on Hyperliquid-compatible assets and on-chain transactions. The project’s historical materials also describe a permissionless borrowing model, but that does not mean the protocol remains operational or that users can manage a position today.

The homepage advertised a 150% minimum collateral ratio, while interest depended on the collateral ratio. Those figures should be treated as historical product information, not current operating parameters. Keiko’s current transaction speed, wallet support, mobile experience and any withdrawal limits cannot be checked through a closed app. If you are choosing a borrowing service now, look for one with an active interface, clearly published terms and a way to verify how open positions are managed.

If you used Keiko before it closed, don’t assume that an old app balance or an inaccessible interface tells you whether collateral was returned, remains locked or can be redeemed. Start with your own wallet transaction history and identify the relevant transactions and contracts. Check Keiko’s official communications for instructions specifically addressing former borrowers or liquidity providers.

Do not approve a new transaction just because someone claims it will recover funds, and never disclose your recovery phrase or private keys. If you cannot verify an instruction independently, pause and seek help from a qualified professional familiar with on-chain transactions. Keiko does not provide an accessible app for taking these steps, and confirmed withdrawal or wind-down instructions are not established here. Treat any message promising guaranteed recovery with caution.