Hold your audit-window rate while you finish diligence.
Minting is open. The patched Peg Stability Module completed its cutover on July 10 and is live, so if you are ready you can mint today and this queue is not in your way. The audit is done and public: Hexens published its final report on July 31, 2026, ten findings, none critical, eight fixed and two acknowledged, and we published it in full with a response to each one. If you would rather read it before you move funds, commit your intended mint here and we hold the Opal multiplier from your commitment time, so reading first does not cost you the rate. A soft commitment, on the record, no funds moved.
Kerne's first external audit is complete: fieldwork ran from July 13, 2026 and the final report published on July 31, 2026, readable in full. Committing is still the way to be early without moving funds, and now you can read the report before you decide.
Opal Window 3 is live and date-certain to the September 28, 2026 snapshot. Fragments accrue every hour a wallet holds kUSD, so earlier holding compounds against a smaller denominator.
New mints park through the patched Peg Stability Module, live since its July 10 cutover: USDC in, kUSD out, fully reserved, redeemable at par through the same module at any time at the same published fee.
You will find the live mint module holding a small working balance while the bulk of the reserve sits in a retired one, and at a glance that reads as missing backing. It is not. The mint role moved on July 10, 2026 and the reserve deliberately did not, because moving it would have been an unnecessary transaction with real risk attached. Across the three modules the USDC on hand exceeds the kUSD outstanding. The consequence that does matter to you is that each module pays only from its own reserve, so the deepest single-transaction exit is whatever the largest single module holds, and reaching the full amount takes sequential transactions. The current balances are served live at kerne.fi/api/stats and are readable directly on BaseScan. The anchor terms show the arithmetic and the commands that reproduce it.
How the queue works
State the size you intend to mint and the wallet that will mint it. No funds move, nothing is signed on chain. It is a soft commitment that puts your intent in writing and dates it.
We record the cohort tier your commitment time qualifies for and hold it for you. If you mint after the cohort would otherwise have stepped down, you keep the earlier, higher rate, applied to your position when you mint.
Minting is open now through the patched Peg Stability Module, which went live on July 10 and holds the kUSD minting role. You do not have to wait for us. The final Hexens report is published, so you can read it in full before moving funds rather than waiting on it: mint at your own pace through the same fully reserved, 1:1-redeemable module, and we apply the audit-window tier we held for you.
The multiplier you lock
Opal fragments accrue per hour held, times a deposit-cohort multiplier set by when you first hold. Committing now holds the tier your commitment time qualifies for, so a pause that outlasts a weekly step-down does not demote you. The ladder steps down weekly to the September 28, 2026 snapshot. What you can hold today:
| Cohort | Window (UTC) | Multiplier |
|---|---|---|
| Week 2open now | Aug 26 to Sep 1 | 1.75x |
| Week 3 | Sep 2 to Sep 8 | 1.5x |
| Week 4 | Sep 9 to Sep 15 | 1.25x |
| Final stretch | Sep 16 to snapshot | 1.0x |
1 earlier cohort has already closed. Their rates are no longer available.
| Cohort | Window (UTC) | Multiplier |
|---|---|---|
| Opening weekclosed | Through Aug 25 UTC | 2.0x |
These are kept on the page rather than deleted. They are the record of a step-down that has actually happened every week it said it would, which is the only reason to believe the next one. Nobody can be placed in a closed cohort now, including by us.
The multiplier redistributes shares of the 5,000,000 KERNE community tranche toward earlier holders. It does not enlarge the tranche, so it is zero-sum: a higher multiplier for one holder is a smaller share for every other holder, and that is who bears it. It attaches to a continuous hold: a full redemption resets it to the base rate, and we re-apply your held rate on a fresh mint. Read the full token reality first at the token disclosure.
For anchor allocators
The queue is the soft first step. A signed anchor letter of intent carries an Opal multiplier of no less than 6.0x for the life of the pre-TGE points program, a named transparency page, and a symmetric exit at par through the same module at the same published fee, all set out in the anchor terms. It is a floor rather than a fixed rate: if the public cohort rate you would otherwise qualify for is ever higher, you take the higher one. The queue is the lower-friction way to signal real intent now; the signed terms are the upgrade when you are ready.
If you are sizing above six figures, read rule 5 rather than the multiplier. Since August 6, 2026 the fixed 50,000,000 KERNE allocation is split: 5,000,000 KERNE is divided pro-rata by fragments, and 45,000,000 KERNE is divided pro-rata by dollar-hours on the part of a position above $100,000, with no multiplier of any kind. We changed it because the multiplier was not what made a large deposit worth more than a small one, and our own published arithmetic said so. The full rule, and the arithmetic that forced it, are at the anchor tier rules.
Read the terms before you read the multiplier. They state, in the first two paragraphs, that USDC parked through the module earns nothing, and that the 2-of-3 Safe which administers it also controls who can mint kUSD, though since 2026-08-06 both sit behind a 48 hour timelock rather than being instant. An anchor mint parks capital as verifiable reserve; it does not deploy it. The page lists what we can still do to you, with the commands to check each one. If rate is your decision, it will tell you to buy something else.
Diligence us first in the diligence dossier and the data room. Every number there is read live from public endpoints or verifiable on chain.
Lock your place
Tell us the size you intend to mint and the wallet that will mint it. We record your commitment, hold your audit-window multiplier, and confirm by email. You are free to revise it or walk away at any time before you mint.
Kerne is infrastructure, not a custodian or an investment adviser. Nothing on this page is investment, legal, tax, or accounting advice, and nothing here is an offer to sell or a solicitation to buy any token or security. A commitment is soft and non-binding: no funds move, nothing is signed on chain, and you may revise or withdraw it at any time before you mint. kUSD is a protocol-issued synthetic dollar, not a fiat-backed payment stablecoin; kUSD itself pays no yield for holding it, and yield exists only through the separate skUSD staking receipt, whose external-audit gate was met when Hexens published its final report on July 31, 2026. Opal fragments are a points balance, not a token, a price, or a yield promise. They are denominated in a share of the fixed community pool, and that share becomes $KERNE only at a token generation event. No token generation event is scheduled or guaranteed, the pool is a published policy commitment rather than an escrowed on chain allocation, and no contract exists that converts fragments into KERNE. If no distribution ever happens, fragments convert to nothing. The full position, including who currently holds the fragments, is set out in the token disclosure.