Elixir sdeUSD
Sunset . ethereum . 0x5C5b196aBE0d54485975D1Ec29617D42D9198326
What this vault advertises, against what it actually paid, measured from its own share price on chain over a 30 day window. Everything below is recomputed hourly and every figure on this page comes from the snapshot named at the bottom. Nothing here is typed by hand.
Advertised
none published
Realized
0.00%
30 day window
Gap
no claim to compare
this protocol advertises no yield figure.
What Elixir published.
Elixir publishes no yield figure we can record for sdeUSD on a first-party surface, so this row carries a realized reading and no comparison. That is a description of what is published, not an accusation.
Recompute it yourself.
The realized figure is two calls and one exponent. Both calls are pinned to a block height, so they return the same values for you as they did for us, forever. Use any archive endpoint. We deliberately do not name one: a reproduction that runs on our RPC is not a reproduction.
The call
Chain
ethereum
Contract
0x5C5b196aBE0d54485975D1Ec29617D42D9198326
Method
convertToAssets(uint256)
Argument
1000000000000000000 (one whole sdeUSD share, 18 decimals)
eth_call data
0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000
Returns
deUSD, 18 decimals
The argument is one whole share in the SHARE token's own decimals, which is not always eighteen. Kerne's own skUSD reports twenty four, so calling it with 1e18 returns a millionth of the right answer. Ask the vault for its decimals rather than assuming, exactly as our collector does.
At the start of the window
Block
25539888 (0x185b530)
Timestamp
1784140607 (2026-07-15 18:36 UTC)
Share price returned
1.07056672845499187
At the end of the window
Block
25755112 (0x188fde8)
Timestamp
1786732607 (2026-08-14 18:36 UTC)
Share price returned
1.07056672845499187
Start of window, cast
RPC_URL=... cast call 0x5C5b196aBE0d54485975D1Ec29617D42D9198326 "convertToAssets(uint256)(uint256)" 1000000000000000000 --block 25539888 --rpc-url "$RPC_URL"End of window, cast
RPC_URL=... cast call 0x5C5b196aBE0d54485975D1Ec29617D42D9198326 "convertToAssets(uint256)(uint256)" 1000000000000000000 --block 25755112 --rpc-url "$RPC_URL"Start of window, raw JSON-RPC
{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0x5C5b196aBE0d54485975D1Ec29617D42D9198326","data":"0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000"},"0x185b530"]}End of window, raw JSON-RPC
{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0x5C5b196aBE0d54485975D1Ec29617D42D9198326","data":"0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000"},"0x188fde8"]}Both calls return an integer in the smallest unit of deUSD. Divide by 10 ** 18 to get the share price printed above. Set RPC_URL to any archive endpoint you trust.
The arithmetic
growth = 1.07056672845499187 / 1.07056672845499187
elapsed = 1786732607 - 1784140607 = 2592000 seconds
annualized = (growth ^ (31536000 / 2592000) - 1) * 100
= 0% (0% over the window)
Simple compounding at the observed rate, on a 365 day year. No fee assumption, no reinvestment assumption, no smoothing. If your arithmetic lands somewhere else, that disagreement is the finding and we want it: liam@kerne.fi.
Context for this row.
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.
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.
This page measures one axis and one only: advertised yield against realized yield. It is not a rating, not an audit, and it says nothing about whether Elixir is safe or whether its reserves are what it says they are. A protocol in an announced wind down paying nothing is behaving correctly. The reserve axis is a different page, at the reserve transparency scorecard.
Take this row with you.
This page
https://kerne.fi/honesty-index/elixir-sdeusdCitation
Kerne Honesty Index, 2026-08-14: Elixir (sdeUSD) advertised none published, realized 0.00% from on-chain share-price growth, gap no claim to compare (this protocol advertises no yield figure). Source: https://kerne.fi/honesty-index#row-elixir-sdeusdBadge, markdown
[](https://kerne.fi/honesty-index#row-elixir-sdeusd)Badge, HTML
<a href="https://kerne.fi/honesty-index#row-elixir-sdeusd"><img src="https://kerne.fi/honesty-badge.svg?row=elixir-sdeusd" width="360" height="112" loading="lazy" alt="Kerne Honesty Index: advertised versus realized yield"></a>Row in the API
https://kerne.fi/api/honesty-index/row/elixir-sdeusd
Where these numbers came from.
Snapshot generated
2026-08-14 18:37 UTC
Snapshot source
live store
Signature
verified, signer 0x84949170e0ad0f9bd8686a4aa4922c10f5fdc4ea
Row key
elixir-sdeusd
The signature is checked on every render rather than assumed from the presence of a field. A snapshot that does not verify is served with that said plainly instead of borrowing the word.
Board last read 2026-08-14. Every figure on this page is regenerated from https://kerne.fi/honesty-index and none of them is stored in this file.