The Honesty Index

Kerne skUSD#

Live, and the only row on this page that realizes exactly 0.00 percent while still advertising a rate. The other rows that realize zero publish no figure at all; this one does. skUSD v2 was deployed 2026-07-03 with its share price reset to exactly 1.000000. Its window was shorter than the 30 days used for every other row while the vault was younger than that; it is now a full 30 days and clamped reads false. Read the realized figure with care, including against us: it derives from a single 0.10 kUSD distribution on 2026-07-09 UTC, which the deployment registry records as a plumbing smoke test proving the strategist topology works, not strategy carry. That is not one distribution among several. It is the ONLY one the live vault has ever received. Annualizing one test transfer is annualizing a test transfer, and absent further distributions the figure decays to zero. As of 2026-08-08 it has arrived there: that transfer has passed out of the trailing 30 day window, and the share price at both ends of the window is now the same number, 1.000098667771066974, so the growth this row measures is exactly zero. Kerne has not yet paid meaningful realized yield, and our published APY is a model, not a record. Between 2026-07-30 and 2026-08-01 the advertised figure on this row was 10.5 percent, a TOTAL made of organic carry plus a funded Genesis incentive. It has been WITHDRAWN back to organic carry alone, and the reason is the one this page exists to catch. The escrow is real money, USDC on chain at the address app.kerne.fi/api/apy names, but nothing has ever converted it into a distribution: it sits in a 2-of-3 Safe and holders are paid in kUSD out of the strategist buffer. On 2026-08-03 a manual script was written that joins the two. It has never been run, it needs 2 of 3 signatures so it can never become a scheduled job, and it refuses outright while the vault has no external holder. The vault still has none, so nothing has been paid. So for two days our advertised number carried a component that had never been paid and at that time had no path to being paid, while the share price sat unchanged at 1.000098667771066974. Anyone could have refuted it in one RPC call, which is exactly the check we tell everyone else to run on the rows below. Withdrawing it NARROWS this row, and we would rather say so than be flattered by it, because the only gap worth closing is one that closes because yield landed. None has. The escrow stays published, excluded from the rate, at app.kerne.fi/api/apy.

The two calls behind this number

Aegis sYUSD#

Live and accruing. Aegis runs a delta-neutral book against bitcoin funding, and its own home page renders an sYUSD APR of 6 percent, labelled directly against the vault this row measures rather than against a product name we would have to interpret. Three things a reader should hold rather than a verdict. The figure is rendered as a whole number, and a rounded whole number is a coarser instrument than the four decimal realized column beside it, which is one reason this row states no gap. Aegis calls the figure APR, not APY, so a compounded realized reading is not on quite the same footing either. And its second product, jUSD, advertises its own rate on a different collateral base, so anyone comparing Aegis to this row should be sure which of the two they are looking at.

The two calls behind this number

This figure is a projection off current market conditions, which reprices continuously, and our realized column is a 30 day window. The projection was never in force for that month, so subtracting one from the other would report where the projection happened to be standing when it was read rather than anything the protocol paid or failed to pay. We show both and state no gap.

Avant savUSD#

Live and accruing, with the largest realized figure on this board, and the row that cuts against the easy reading of a shrinking category: avUSD supply grew over the same thirty days in which the delta-neutral category as a whole contracted. Avant's own site renders 9.41 percent for savUSD, up from 9.12 percent two weeks earlier, against a realized reading that moved far less. Read the pair with the structure in mind rather than as a verdict: savUSD is deliberately the senior tranche of a two tranche design, so this figure describes the protected leg only, and the rate carries no window on Avant's surface, so it is recorded as a projection and no gap is stated. One caution about the source, recorded because it nearly caught us: product cards further down that same page render a placeholder 0.00 percent before their widget loads, and on 2026-08-12 all three senior APY cards were still sitting at that placeholder, so the figure quoted here is the loaded hero value, confirmed by reading the page structure rather than the order the text happened to appear in.

The two calls behind this number

This figure is a projection off current market conditions, which reprices continuously, and our realized column is a 30 day window. The projection was never in force for that month, so subtracting one from the other would report where the projection happened to be standing when it was read rather than anything the protocol paid or failed to pay. We show both and state no gap.

Cap stcUSD#

Live and accruing. Cap publishes a 7 day average and it is close to what we compute over 30 days. Note for anyone cross checking this row against an aggregator: DefiLlama lists a Cap pool near 7 percent on a different basis, which is not the figure Cap advertises. We score the protocol against its own number.

The two calls behind this number

This protocol publishes a 7 day average and our realized column is a 30 day window, so the two are not directly comparable. We show both and state no gap rather than manufacture one out of a unit mismatch.

Curve scrvUSD#

Live and accruing, with the lowest advertised rate on this board and a realized figure close to it. scrvUSD is the savings vault for crvUSD, and its yield comes from interest paid by crvUSD borrowers rather than from a strategy Curve markets. The figure quoted here is the projected APY published by Curve's own pricing service, the same source its front end reads. It is a forward projection off live borrow demand, not a trailing average and not a rate Curve sets and holds, so it is recorded as a projection and this row states no gap. That distinction is doing real work here rather than being pedantry: across the thirty days this row measures, Curve's own published projection ranged from about 1.00 to about 1.43 and finished near 1.15, so which value a reader catches depends on the morning they look, while the realized column beside it is an average over the whole period. Both numbers are shown with their dates and the reader can do what they like with them. A row this size is on the board deliberately: a scoreboard that only measured the large products would be measuring the survivors.

The two calls behind this number

This figure is a projection off current market conditions, which reprices continuously, and our realized column is a 30 day window. The projection was never in force for that month, so subtracting one from the other would report where the projection happened to be standing when it was read rather than anything the protocol paid or failed to pay. We show both and state no gap.

Ethena sUSDe#

Live and accruing. Share price last moved minutes before this reading. Ethena publishes a current yield and a 30 day average that both track what we compute on chain. It also publishes a since inception average near 11 percent, more than twice the current rate; that figure is correctly labelled on their surface and is shown here with its label intact.

The two calls behind this number

Falcon Finance sUSDf#

Live and accruing, with weekly third party reserve attestations on its own transparency page. One inconsistency on their own surfaces is worth naming precisely, and it has widened again: the classic Earn page still carries the title "Earn Double-Digit APY on USDf Synthetic Dollars" while Falcon itself renders an estimated APY of about 4.47 percent on that same page today, down from about 4.81 percent two weeks earlier and about 6.35 percent a week before that. That is stale marketing copy contradicted by their own live figure, not a claim about current yield, and the compression across those three readings is the same one visible across this whole board. A second point for anyone converting sUSDf back to dollars: USDf, the asset this vault is denominated in, traded a little below a dollar, near 0.996, on 2026-08-12 per DefiLlama, so read this row's share price growth against USDf's own price rather than assume a dollar.

The two calls behind this number

This protocol publishes a 7 day average and our realized column is a 30 day window, so the two are not directly comparable. We show both and state no gap rather than manufacture one out of a unit mismatch.

Frax sfrxUSD#

Live and accruing, and close to its own number. Frax renders a current earnings rate of 4.1 percent inside the widget that deposits frxUSD and returns sfrxUSD, which keys the figure to this exact vault, and our independent thirty day reading lands within a tenth of a point of it. Two things a reader should hold rather than a verdict. Frax calls it a current rate and carries no window on it, so it is recorded here as a spot figure and compared on the same footing as Sky's governance set rate. And sfrxUSD is denominated in frxUSD rather than in dollars, so as with every row on this board the share price growth is measured in the underlying; frxUSD traded at par when this row was added.

The two calls behind this number

Maple syrupUSDC#

Live and accruing, and the largest vault on this board. syrupUSDC is a genuine ERC-4626 vault denominated in USDC, so the quantity measured here is the same one every other row is measured on. The advertised column is empty for a specific and checkable reason rather than for lack of research: on 2026-08-08 Maple's own earn page rendered a single figure, "APY 4.6%", labelled against the combined product "syrupUSDC/USDT/USDG" and sitting beside a combined "AUM $3.66B". Maple publishes no per vault rate on that surface. Differencing one blended number against one vault's realized figure would state a gap, in whichever direction happened to fall out, against a claim Maple did not make about this vault, so we decline to state one. What we can show is that this vault and Maple's syrupUSDT vault, measured by identical code between the same two blocks, realized figures that differ by roughly seven tenths of a percentage point. That spread is the reason a blended rate is not checkable, and it is visible only because both rows are on this page.

The two calls behind this number

Maple syrupUSDT#

Live and accruing, and the sibling of the syrupUSDC row above. Same issuer, same blended advertised figure covering both, and a realized figure that is materially lower than its sibling's over the identical window. The advertised column is empty for the reason set out on the syrupUSDC row: Maple renders one "APY 4.6%" against "syrupUSDC/USDT/USDG" and no per vault rate, so there is no figure this vault can be scored against without inventing an attribution. This row exists precisely because the pair is more informative than either half. Two vaults from one issuer, quoted to holders under one rate, did not pay the same thing.

The two calls behind this number

Neutrl sNUSD#

Live and accruing. Neutrl labels the basis on every APY it publishes, which is better discipline than most of this sector manages, it stamps its performance page with the date it was computed, and its own 30 day average lands within a basis point or two of what we compute independently on chain. It leads that page with a since inception figure of 8.3 percent, more than twice its current 7 day rate. That label is present and accurate on their own surface, so the figure is shown here as context and not as a claim about what a holder earns today.

The two calls behind this number

Noon sUSN#

Live and accruing, and the closest match on this board. Noon publishes a 28 day average APY of 7.83 percent on its own app, beside the date range it covers, and our independent thirty day reading of its vault share price lands within a few hundredths of a point of it. That is the result this page exists to be able to return, and it is worth more than any of the gaps: it shows the method can say "this protocol is telling the truth" precisely. Three notes for a reader. Noon labels its window 28 days rather than 30, so it is not quite our window and the row is scored on the figure Noon itself calls comparable while saying so here. Noon is multi strategy rather than purely delta-neutral: its own app breaks its book into private credit, DeFi lending, US Treasuries, CLOs and undeployed cash, so its yield is not a pure funding-rate carry. And this row is the clearest illustration on the page of why the advertised column now expires: read on 2026-07-29 Noon published 8.75, and against a realized figure that has hardly moved, carrying that fortnight old number forward would have shown Noon a full point short of its own rate instead of level with it.

The two calls behind this number

Sky sUSDS#

Live and accruing. The Sky Savings Rate is a governance set rate rather than a strategy return, which is why advertised and realized agree so exactly. That is a structural property of the design, not a virtue Sky has and others lack, but it does mean a holder gets what the label says.

The two calls behind this number

Spark sUSDC#

Live and accruing, and one of the rows that shows the method can return "this protocol is telling the truth". Spark's own app renders 3.52 percent for its USDC savings account and our independent thirty day reading of the vault share price lands within a few hundredths of a point of it. As with Sky, that agreement is structural rather than virtuous: the rate is set and updated rather than produced by a strategy, and Spark says so on the same page, describing a rate that "updates automatically as it evolves". One note on attribution, recorded because it is the kind of thing that could be got wrong: Spark's app lists a Savings account and a Legacy account for USDC and renders 3.52 percent for both, so the figure quoted here does not depend on which of the two a reader takes it from.

The two calls behind this number

Tori strUSD#

Live and accruing, and one of the two dollars on this board that grew while the category shrank. strUSD is an ERC-4626 vault that began accruing in early July, so its realized figure here is measured over the few weeks it has actually paid rather than a full thirty days, and is labelled as such. Tori's own app reports a current APY near 11.3 percent, taken from the last week of vault profit, down from about 12.3 percent when we first read the same endpoint in July and unchanged across the two weeks since, and our realized reading over that short life is close to it, so we show both and state no gap between a seven day figure and our window. Two things deserve a reader's attention rather than a verdict. The 13.75 percent this token is widely quoted at is DefiLlama's computed figure, not one Tori itself publishes: Tori's own surfaces show about 11.3 percent, and market a 15 percent target and 'the highest delta-neutral yield in the market'. And the trUSD behind it, about 54 million dollars now, has pushed past Tori's own stated 50 million dollar pre-deposit cap, earns a points program paying 30 Cores per dollar per day, and is only partly staked into the strUSD this row measures. Audited by Sherlock and Nethermind.

The two calls behind this number

This protocol publishes a 7 day average and our realized column is a 30 day window, so the two are not directly comparable. We show both and state no gap rather than manufacture one out of a unit mismatch.

Usual sUSD0#

Live and accruing, with no advertised figure to compare against, and that absence is a deliberate reading rather than a gap in our research. Usual's own documentation for sUSD0 states that the yield rate is set by governance and varies with market conditions, and neither the product page nor its factsheet publishes a current number. Its app does render percentages nearby, and none of them belong in this column: a 13 percent staking rate and a 51 percent locking rate are for USUAL, the governance token, and a 17 percent figure appears inside a positions widget rather than as a rate the protocol offers on this vault. Sourcing any of those here would have accused Usual of a claim it did not make. What can be said is checkable and comes from Usual itself: sUSD0 is a non-rebasing ERC-4626 vault whose value accrues through a rising exchange rate, denominated in USD0 rather than in tokens, which is exactly the quantity this board measures. So the realized column stands on its own for this row.

The two calls behind this number

Stables Labs sUSDX#

Accrual has stopped and we found no announcement saying so, which is why this row is labelled dormant rather than sunset: asserting a wind-down Stables Labs never declared would be a claim we cannot source. What we can show, we can show precisely. The sUSDX share price has not moved since 2025-11-07, a date we locate by binary searching the chain for the last block at which it changed, and it has now been flat for about two hundred and seventy eight days, having grown about 1.3 percent over the trailing year entirely before that date. Neither the share count nor the assets behind it moved at all over the last thirty days, to the wei, so nobody deposited and nobody left. Their own documentation states that sUSDX is a reward-bearing token whose value appreciates rather than rebasing, so share price is the correct measure for this protocol and not an artifact of our method. That documentation carries no yield figure and was last updated about a year ago. Their app, where a current figure would render, did not resolve on 2026-07-29 and still did not on 2026-08-12: usdx.money, app.usdx.money and stableslabs.com all returned a Cloudflare origin error on both dates, while their separately hosted documentation stayed up. USDX is a delta-neutral synthetic dollar by their own description, so it belongs on this board.

The two calls behind this number

Read the realized column for this row with care, and read it as the smaller of two facts. A share price is denominated in the underlying, and the underlying here is USDX, which traded near nine tenths of one cent on 2026-08-12 per DefiLlama rather than at a dollar. A flat share price in USDX terms says almost nothing about the dollar outcome for a holder, and the dollar outcome is the one that matters here.

Resolv wstUSR#

In recovery, and publishing no yield figure at all. Resolv disclosed a security incident involving unauthorized minting of USR and states that most protocol operations are paused. Its own staking APR endpoints now return "Deprecated: staking APR is not available", so there is no advertised number to compare against. A recovery framework is running with claims open until 2026-08-26. The share price has not moved since 2026-03-22, which is the date of the incident named in Resolv own postmortem. Reading this row as deception would be wrong: a paused protocol that stops accruing and stops advertising is behaving correctly.

The two calls behind this number

Read the realized column for this row with care. A share price is denominated in the underlying, and the underlying here is USR, which traded near 0.13 dollars on 2026-08-12 rather than at 1. wstUSR holding steady in USR terms says nothing about the dollar outcome for a holder.

YieldFi yUSD#

Paused and publishing no yield figure. YieldFi's own site carries a notice at the top of the page stating that mint and redeem operations for yUSD are paused until it seeks remediation from a named counterparty under a contractual agreement, and its APY widget renders no loaded figure. The share price has not moved for months and over the trailing year it FELL rather than rose, which is unusual on this board and is the reason this row was held back when the vault was first measured on 2026-07-29: a decline has a cause, and we said at the time that we would not publish the number until the cause could be stated. It now can be, from the issuer's own surface, so the row is here. Read it as a paused protocol rather than as a verdict. A vault that stops accruing while its operator says publicly that it is pausing and seeking remediation is disclosing, which is more than a silent one does. The dollar itself traded within a fraction of a cent of par when this row was added, so the fall is in the vault's share price rather than in the peg of the asset it is denominated in.

The two calls behind this number

Elixir sdeUSD#

Sunset, and publishing no yield figure. Elixir own documentation states that deUSD "holds no value and the asset has been sunset", and directs holders to 1 to 1 USDC claims. Its marketing site now renders a single notice stating that the Elixir Network has shut down. The share price has not moved since 2025-11-05, a date we locate by binary searching the chain for the last block at which it changed, and which sits one day after Stream Finance disclosed a loss of roughly 93 million dollars; Elixir held a majority of deUSD collateral with Stream and announced the sunset days later. The frozen share price here is a record of that, not a hidden fee.

The two calls behind this number

Read the realized column for this row as arithmetic and nothing more. A share price is denominated in the underlying, and the underlying here is deUSD, which Elixir itself says holds no value and which priced at one hundred millionth of a dollar on 2026-08-12. A share price that has stopped moving in deUSD terms carries no information about a dollar outcome, because there is no dollar outcome left to describe.

Level slvlUSD#

In redeem-only mode, no longer accruing, and publishing no yield figure. Level's own documentation for this vault carries the notice that Level is now in redeem-only mode and directs holders to unstake, the same page states that yield reaches slvlUSD holders by share price appreciation, so the quantity this board measures is the one Level itself describes, and its home page now carries a further announcement that the team is joining another protocol and sunsetting the product. The share price has not moved since 2025-10-31, a date we locate by binary searching the chain for the last block at which it changed, and it has now been flat for about two hundred and eighty six days; over the trailing year it grew about 5.46 percent, all of it before that date. Reading a flat share price here as deception would be wrong. A protocol that announces a wind-down, stops accruing and tells holders to leave is behaving correctly, and this figure is the record of that rather than a hidden fee.

The two calls behind this number