{"kind":"kerne.facts.v1","generated_at":"2026-07-19T17:01:53.954Z","protocol":{"name":"Kerne Protocol","token":"kUSD","staked_token":"skUSD","summary":"A self-custody synthetic dollar on Base. kUSD is minted 1:1 from USDC through an on-chain Peg Stability Module; staking it into skUSD (ERC-4626) is designed to earn a delta-neutral yield (liquid-staked ETH rewards plus Hyperliquid perpetual funding, hedged to zero directional exposure). Every reserve is verifiable on chain.","chain":"Base","chain_id":8453,"site":"https://kerne.fi","app":"https://app.kerne.fi","contact":"kerne.systems@protonmail.com"},"disambiguation":{"note":"Kerne is spelled K-E-R-N-E. Kerne kUSD on Base is a distinct project. It is NOT Kernel Protocol kUSD on Ethereum, and NOT KernelDAO (formerly Kelp DAO) which issues its own KUSD on BNB Chain.","kerne_kusd_base":"0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3","not_kernel_kusd_ethereum":"0x0bB9aB78aAF7179b7515e6753d89822B91E670C4","pages":["https://kerne.fi/kernel-vs-kerne","https://kerne.fi/not-kerneldao"]},"contracts":{"chain":"Base","chain_id":8453,"source_of_truth":"https://kerne.fi/api/por and deployments/8453.json","items":[{"name":"kUSD","role":"synthetic dollar","address":"0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3"},{"name":"skUSD","role":"yield-bearing ERC-4626 wrapper of kUSD","address":"0x96F5102C15b839757f811A98CEc3725Ac21DfA14"},{"name":"KUSDPSM (live mint)","role":"USDC to kUSD mint module, holds kUSD MINTER_ROLE, redeployed 2026-07-10","address":"0xaBDE1138aa1Ce88d1dF06422C0c3b05D70569803"},{"name":"KUSDPSM (retired mint)","role":"retired 2026-07-10, MINTER revoked, redeem-only reserve until migration","address":"0x07eBb486e11BD217e6085eb5ab663e4517595993"},{"name":"KUSDPSM (redeem reserve)","role":"kUSD to USDC redeem reserve, MINTER revoked","address":"0xFf3025ec18e301855aB0f36Ec6ECa115a29A5Fbc"},{"name":"KerneVault v2","role":"ERC-4626 collateral vault, holds kUSD MINTER_ROLE","address":"0x8ccc56B5624e2FDB592F6609d81F4c3798e3292B"},{"name":"Governance Safe","role":"2-of-3 Gnosis Safe","address":"0x52d3E450bA6c299B1B07298F1E87DD74732D4877"},{"name":"KERNE","role":"governance token, fixed 1,000,000,000 supply","address":"0x230f3a63E8413D42bEe9103b98a204030206186c"},{"name":"USDC","role":"mint collateral (Base)","address":"0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913"},{"name":"WETH","role":"vault collateral (Base)","address":"0x4200000000000000000000000000000000000006"}]},"reserves":{"ok":true,"as_of":"2026-07-19T17:01:53.941Z","block_number":48845583,"kusd_supply":1114.737154,"kusd_outstanding":1114.737154,"vault_tvl_usd":37.695737636947435,"primary_backing_ratio":1.0010010000976428,"primary_backing_pct":"100.10%","aggregate_collateral_ratio":1.0348168081575826,"solvency_status":"fully-backed","source_url":"https://kerne.fi/api/por","signed_source_url":"https://kerne.fi/api/por/signed","note":"primary_backing_ratio is the PSM USDC reserve over user-held kUSD (the 1:1 mint backing and the headline). aggregate_collateral_ratio is a wider USD figure that includes the paused legacy v1 vault and reads above par; it is not the backing ratio. Recompute either from the reads under /api/por -> attestation.verifyVia."},"apy":{"modeled":{"ok":true,"pct":"12.94%","value":0.1294,"basis":"modeled-target-leverage","staking_yield_pct":"2.20%","avg_annual_funding":0.0397,"source_url":"https://kerne.fi/api/apy","note":"A live model at target leverage, computed from liquid-staked ETH yield plus Hyperliquid trailing funding, net of costs, an insurance allocation, and the protocol fee. It is a forward model, not a record of yield paid. Read it against the realized figure below."},"realized":{"ok":true,"annualized_pct":0.2327,"window_days":15.4969,"clamped":true,"source_url":"https://kerne.fi/api/honesty-index","note":"Realized from skUSD ERC-4626 share-price growth on chain. It derives from a single 0.10 kUSD distribution the deployment registry records as a plumbing test, not strategy carry, and decays toward zero absent further distributions. Kerne has not yet paid meaningful realized yield."},"note":"Kerne publishes a modeled APY and, on the Honesty Index, its realized APY read from chain. As of this writing the two are far apart: the model assumes the strategy runs at target leverage, and Kerne has not yet distributed meaningful realized yield. Both are shown so the distance is visible."},"audit":{"status":"in-progress","auditor":"Hexens","fieldwork_start":"2026-07-13","report":"pending","pre_audit":true,"note":"Kerne is a pre-audit protocol. Hexens fieldwork is underway; until the report is public, treat the code as unaudited. The findings-response protocol and audit status are on the live security surface.","pages":["https://kerne.fi/security/audits","https://kerne.fi/security/findings-response"]},"honesty_index":{"as_of":"2026-07-19T16:37:32.603Z","source":"live-signed-blob","window_days":30,"signed":true,"signer":"0x84949170e0ad0f9bd8686a4aa4922c10f5fdc4ea","attestation_hash":"0x3a5a47b95649e6f7bf9c5a890cb3c7b82cec783d6f76ddfc93d17b03671a84db","page_url":"https://kerne.fi/honesty-index","source_url":"https://kerne.fi/api/honesty-index","board_summary":{"comparable_competitors":3,"competitors_within_half_point":3,"competitors_publishing_nothing":2,"kerne_gap_pp":12.71,"kerne_is_worst":true,"worst_competitor_gap_pp":-0.09},"rows":[{"protocol":"Kerne","symbol":"skUSD","chain":"base","address":"0x96F5102C15b839757f811A98CEc3725Ac21DfA14","is_kerne":true,"status":"live","advertised":[{"label":"skUSD APY","pct":12.94,"basis":"modeled","source_url":"https://app.kerne.fi/api/apy","captured_at":"2026-07-19","verbatim":"\"expectedAPYPct\":\"12.94%\",\"framing\":{\"kind\":\"modeled-target-leverage\"}"}],"realized":{"ok":true,"annualized_pct":0.2327,"growth_pct":0.009867,"window_days":15.4969,"pps_from":"1","pps_to":"1.000098667771066974","from_block":48175381,"to_block":48844846,"clamped":true},"stated_gap_pp":12.71,"comparability":"direct"},{"protocol":"Cap","symbol":"stcUSD","chain":"ethereum","address":"0x88887bE419578051FF9F4eb6C858A951921D8888","is_kerne":false,"status":"live","advertised":[{"label":"7 day average USD APY","pct":5.05,"basis":"trailing-7d","source_url":"https://api.cap.app/v1/vaults/1/0xcccc62962d17b8914c62d74ffb843d73b2a3cccc/metrics","captured_at":"2026-07-14","verbatim":"\"stakingApy7d\":\"0.05046781619625797\""}],"realized":{"ok":true,"annualized_pct":5.2802,"growth_pct":0.423812,"window_days":30,"pps_from":"1.066874990448445201","pps_to":"1.071396532831661542","from_block":25352865,"to_block":25567995,"clamped":false},"stated_gap_pp":null,"comparability":"different-window"},{"protocol":"Ethena","symbol":"sUSDe","chain":"ethereum","address":"0x9D39A5DE30e57443BfF2A8307A4256c8797A3497","is_kerne":false,"status":"live","advertised":[{"label":"sUSDe staking yield","pct":3.75,"basis":"spot","source_url":"https://app.ethena.fi/api/yields/protocol-and-staking-yield","captured_at":"2026-07-14","verbatim":"\"stakingYield\":{\"lastUpdated\":\"8 Jul 26\",\"value\":3.7528571428571422}"},{"label":"30 day average sUSDe yield","pct":3.72,"basis":"trailing-30d","source_url":"https://app.ethena.fi/api/yields/protocol-and-staking-yield","captured_at":"2026-07-14","verbatim":"\"avg30dSusdeYield\":{\"lastUpdated\":\"8 Jul 26\",\"value\":3.7183333333333333}"},{"label":"sUSDe yield since inception","pct":10.97,"basis":"inception-to-date","source_url":"https://app.ethena.fi/api/yields/protocol-and-staking-yield","captured_at":"2026-07-14","verbatim":"\"avgSusdeYieldFromInception\":{\"lastUpdated\":\"8 Jul 26\",\"value\":10.966934782608696}"}],"realized":{"ok":true,"annualized_pct":3.8059,"growth_pct":0.307479,"window_days":30,"pps_from":"1.236066007818608976","pps_to":"1.239866653286812134","from_block":25352865,"to_block":25567995,"clamped":false},"stated_gap_pp":-0.09,"comparability":"direct"},{"protocol":"Falcon Finance","symbol":"sUSDf","chain":"ethereum","address":"0xc8CF6D7991f15525488b2A83Df53468D682Ba4B0","is_kerne":false,"status":"live","advertised":[{"label":"sUSDf APY","pct":4.86,"basis":"trailing-7d","source_url":"https://falcon.finance/","captured_at":"2026-07-14","verbatim":"4.86%"}],"realized":{"ok":true,"annualized_pct":5.3995,"growth_pct":0.43316,"window_days":30,"pps_from":"1.121428050252091413","pps_to":"1.126285623849977054","from_block":25352865,"to_block":25567995,"clamped":false},"stated_gap_pp":null,"comparability":"different-window"},{"protocol":"Neutrl","symbol":"sNUSD","chain":"ethereum","address":"0x08EFCC2F3e61185D0EA7F8830B3FEc9Bfa2EE313","is_kerne":false,"status":"live","advertised":[{"label":"7 day average APY","pct":4.1,"basis":"trailing-7d","source_url":"https://www.neutrl.finance/performance","captured_at":"2026-07-14","verbatim":"7D Avg. APY 4.1%"},{"label":"30 day average APY","pct":4.3,"basis":"trailing-30d","source_url":"https://www.neutrl.finance/performance","captured_at":"2026-07-14","verbatim":"30D Avg. APY 4.3%"},{"label":"Since inception APY","pct":8.9,"basis":"inception-to-date","source_url":"https://www.neutrl.finance/performance","captured_at":"2026-07-14","verbatim":"ITD APY 8.9%"}],"realized":{"ok":true,"annualized_pct":4.2942,"growth_pct":0.346177,"window_days":30,"pps_from":"1.057190218817956147","pps_to":"1.060849971203880809","from_block":25352865,"to_block":25567995,"clamped":false},"stated_gap_pp":0.01,"comparability":"direct"},{"protocol":"Sky","symbol":"sUSDS","chain":"ethereum","address":"0xa3931d71877C0E7a3148CB7Eb4463524FEc27fbD","is_kerne":false,"status":"live","advertised":[{"label":"Sky Savings Rate","pct":3.6,"basis":"spot","source_url":"https://info-sky.blockanalitica.com/api/v1/overall/","captured_at":"2026-07-14","verbatim":"\"sky_savings_rate_apy\":\"0.036000000000000000\""}],"realized":{"ok":true,"annualized_pct":3.6,"growth_pct":0.291112,"window_days":30,"pps_from":"1.100313371325748198","pps_to":"1.103516512981622673","from_block":25352865,"to_block":25567995,"clamped":false},"stated_gap_pp":0,"comparability":"direct"},{"protocol":"Resolv","symbol":"wstUSR","chain":"ethereum","address":"0x1202F5C7b4B9E47a1A484E8B270be34dbbC75055","is_kerne":false,"status":"recovery","advertised":[],"realized":{"ok":true,"annualized_pct":0,"growth_pct":0,"window_days":30,"pps_from":"1.132966158918315225","pps_to":"1.132966158918315225","from_block":25352865,"to_block":25567995,"clamped":false},"stated_gap_pp":null,"comparability":"context-only"},{"protocol":"Elixir","symbol":"sdeUSD","chain":"ethereum","address":"0x5C5b196aBE0d54485975D1Ec29617D42D9198326","is_kerne":false,"status":"wind-down","advertised":[],"realized":{"ok":true,"annualized_pct":0,"growth_pct":0,"window_days":30,"pps_from":"1.07056672845499187","pps_to":"1.07056672845499187","from_block":25352865,"to_block":25567995,"clamped":false},"stated_gap_pp":null,"comparability":"context-only"}]},"verify":{"reserves":"Recompute the reserves from the on-chain reads listed under /api/por -> attestation.verifyVia, or read the hourly EIP-191 signed statement at /api/por/signed.","realized_yield":"For any Honesty Index row: read decimals() and convertToAssets(10**decimals) at from_block and at to_block, divide by 10**asset_decimals, and annualize the ratio over the real elapsed time between those two blocks.","signature":"When honesty_index.signed is true, the /api/honesty-index snapshot carries attestation_hash = 0x + sha256(utf8(signed_payload_canonical)) and an EIP-191 personal_sign over those raw 32 bytes. Hash the published bytes; do not re-serialize.","methodology":"https://kerne.fi/honesty-index#methodology"},"sources":{"reserves":"https://kerne.fi/api/por","reserves_signed":"https://kerne.fi/api/por/signed","apy":"https://kerne.fi/api/apy","honesty_index":"https://kerne.fi/api/honesty-index","risk":"https://kerne.fi/api/risk-status","llms":"https://kerne.fi/llms.txt","llms_full":"https://kerne.fi/llms-full.txt"},"disclaimer":"Figures with a date or an as_of age. Live sections carry their own timestamp and fail closed when unreadable. This document is informational and is not financial advice. Kerne is not affiliated with any similarly named project."}