{"state":"live-vault-degraded","tvl":1113.885006,"apy":2.9499999999999997,"modeled":true,"apyBasis":"deployed","apyModeledTargetAtScale":13.44,"realizedApy":0.157,"realizedApyWindowDays":23,"kusdSupply":1144.707154,"vaultAddress":"0x8005bc7A86AD904C20fd62788ABED7546c1cF2AC","chain":"base","chainId":8453,"timestamp":"2026-07-27T04:42:47.212Z","ethPrice":1953.8,"totalAssetsETH":0.04991987960114005,"psmUSDC":1113.885006,"psmUSDCLegacy":85.885006,"psmUSDCMint":30,"psmUSDCPrevMint":998,"vaultDegraded":true,"hedgeActive":true,"skusdSharePrice":1.000098667771067,"skusdRealizedYieldPct":0.009866777106704028,"skusdParDate":"2026-07-03","_meta":{"schemaVersion":7,"disclaimer":"While vaultDegraded=true, tvl reflects PSM USDC reserves only. The v1 KerneVault at 0x8005bc7A86AD904C20fd62788ABED7546c1cF2AC is in a known degraded state pending v2 redeploy: its totalSupply (~4.87e36 kLP) does not reconcile with its small residual WETH backing (live read: the totalAssetsETH field in this response). The vault leg is therefore NOT counted toward protocol TVL while degraded. Outstanding kUSD is USDC-backed by the combined reserves of three Peg Stability Modules, and psmUSDC is their sum: the redeem-reserve PSM at 0xFf3025ec18e301855aB0f36Ec6ECa115a29A5Fbc (psmUSDCLegacy), the live mint PSM at 0xaBDE1138aa1Ce88d1dF06422C0c3b05D70569803 (psmUSDCMint), which holds kUSD MINTER_ROLE and receives every mint since the 2026-07-10 cutover, and the retired mint PSM at 0x07eBb486e11BD217e6085eb5ab663e4517595993 (psmUSDCPrevMint), whose MINTER_ROLE is revoked but which still custodies the reserve for kUSD minted before that cutover. Compare psmUSDC against kusdSupply to check backing yourself; the ratio is published as psm_solvency_ratio in the signed attestation at /api/por/signed, which sums the same three legs (this endpoint reads them live, the attestation reads them hourly, so the two can differ by recent flow). apy is the modeled delta-neutral carry and is published ONLY while hedgeActive is true, meaning the signed attestation measured an open hedge book. It is null whenever the strategy is not running, because a carry that is not being earned is not a rate. The model itself, and its assumptions, stay available at /api/apy. Since 2026-07-24 apy is on the DEPLOYED basis (apyBasis): the engine sizes its short one for one against on-chain spot, so the carry is multiplied by L/(L+1), which is below one, and never by L. Before that date this field carried a flat 3.0x multiplier, which overstated the deployed book by roughly four and a half times; that figure is still published, but only as apyModeledTargetAtScale and only under that label. modeled is hardcoded true because BOTH of those numbers are forward models. For yield actually paid read realizedApy (annualized on-chain skUSD share-price growth) or skusdRealizedYieldPct (the same growth, cumulative and not annualized). If any number here disagrees with those two, those two are the ones that are true. See /api/risk-status and /api/por for the canonical reserve and solvency reads, and /docs/exit-triggers-and-emergency-runbook for the documented v2 redeploy plan. /api/risk-status also publishes the state of the PSM contract safety gates, including solvencyCheckDisabled, which is true on the live mint PSM.","canonicalSources":["https://kerne.fi/api/risk-status","https://kerne.fi/api/por","https://kerne.fi/api/por/signed"],"fieldNotes":{"state":"'live-vault-degraded' describes the retired v1 KerneVault leg (0x8005bc7A86AD904C20fd62788ABED7546c1cF2AC), NOT kUSD solvency. It means the first PSM mint has happened while the v1 vault is still in its documented phantom-supply state. kUSD backing is independent and healthy: compare psmUSDC against kusdSupply, or read psm_solvency_ratio in the signed attestation at /api/por/signed.","vaultAddress":"This is v1 (0x8005bc7A86AD904C20fd62788ABED7546c1cF2AC) by deliberate design: public WETH vault deposits are hard-closed at the UI until the final audit report publishes, so the funnel keeps pointing at the retired vault rather than opening a deposit path into v2. It is intentionally NOT repointed. The live mint and backing run through the PSM, and the hourly signed attestation at /api/por/signed covers the live v2 vault (0x8ccc56B5624e2FDB592F6609d81F4c3798e3292B), which holds no user deposits. Neither vault field is a backing signal.","vaultDegraded":"True reflects the v1 vault phantom kLP supply, an accounting artifact, not a solvency failure. kUSD is USDC-backed via the PSM regardless; this flag and kUSD backing are separate reads.","apy":"null is this endpoint declining to quote a modeled carry it cannot confirm is being earned (hedgeActive is not true this cycle). It is not an error and not a claim of zero yield. The model lives at /api/apy; for yield actually paid, read realizedApy or skusdRealizedYieldPct, which are the numbers that are true if anything here disagrees.","modeled":"Hardcoded true, and it will never be false. Both apy and apyModeledTargetAtScale are forward models computed from market funding and staking rates. Neither is a record of yield distributed. An aggregator that ingests either as a realized rate is misreading this endpoint; realizedApy is the field for that.","apyBasis":"'deployed' means apy is computed as [L/(L+1)] x (staking + funding) x the three published haircuts, where L is the venue leverage the engine targets at the prevailing funding rate. The multiplier is below one because the short is sized one for one against spot and the margin posted behind it earns nothing. Venue leverage reduces posted margin; it does not multiply the carry earned on the underlying.","apyModeledTargetAtScale":"The 3.0x design target at scale, published beside the headline rather than in place of it. It is reachable only if the spot leg is itself levered to three times notional through a borrowing facility Kerne does not operate today, and the model charges no borrow cost against it. This number was the headline until 2026-07-24. It is not a rate anyone is being paid, and it is not a forecast of what apy will become.","realizedApy":"Annualized growth of the on-chain skUSD share price over the measurement window (realizedApyWindowDays), sourced from /api/honesty-index. This is the only yield figure on this endpoint that is a measurement rather than a model, and it is deliberately NOT gated on hedgeActive: it describes yield already paid, which stays true whether or not a book is open right now. null means the read missed or failed its plausibility bounds, never that the yield was zero.","hedgeActive":"Whether the signed hourly attestation MEASURED an open hedge book this cycle: true = measured, false = no book or the venue read failed, null = the attestation could not be verified or predates the v5 qualifier. null is not a claim that the hedge is off. The signed source is delta_neutral_state at /api/por/signed."}}}