Verifiable Data

Trust but Verify

We believe transparency is not optional for a yield protocol. If you are trusting a protocol with your capital, you deserve to verify that your capital is actually there.

Kerne publishes an automated, signed Proof of Reserves every hour. This includes:

• Total kUSD supply: how many kUSD tokens exist
• Total backing: the USDC held in the three PSM contracts
• Individual asset balances: the value of each asset type the vault holds
• Backing ratio: that USDC divided by kUSD outstanding, which is total supply less the kUSD the PSMs hold

On Chain Proof

All of this data is verifiable on chain. You do not need to trust us. You can check the smart contracts directly, or use the Kerne Transparency page, a real time dashboard of all solvency metrics, and the Proof of Reserves page.

The Transparency page also displays historical collateralization data, so you can see how the ratio has trended over time. Our goal is to keep the collateralization ratio above 100% at all times; the Insurance Fund is designed as an additional buffer once it is funded.

A New Standard

USDC reserves rest on Circle's attestations. Kerne adds a signed hourly statement of the USDC behind outstanding kUSD on Base. The underlying USDC reserve risks remain.