Falcon Finance sUSDf
Live . ethereum . 0xc8CF6D7991f15525488b2A83Df53468D682Ba4B0
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
4.47%
7 day average
Realized
5.05%
30 day window
Gap
not comparable
advertised on a trailing-7d basis against a 30 day realized window, so no gap is stated.
What Falcon Finance published.
Estimated APY ~4.47%
Figure we recorded
4.47%
Basis
7 day average (trailing-7d)
Label on their surface
sUSDf estimated APY
Read on
2026-08-12
Age at the end of our window
2.8 days, limit 10
Source
https://app.falcon.finance/earn/classic
Open the page we read it from. It is a first-party surface by rule. An aggregator figure is never recorded in this column, whatever it says.
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
0xc8CF6D7991f15525488b2A83Df53468D682Ba4B0
Method
convertToAssets(uint256)
Argument
1000000000000000000 (one whole sUSDf share, 18 decimals)
eth_call data
0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000
Returns
USDf, 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
1.125331947926011849
At the end of the window
Block
25755112 (0x188fde8)
Timestamp
1786732607 (2026-08-14 18:36 UTC)
Share price returned
1.129898335404101551
Start of window, cast
RPC_URL=... cast call 0xc8CF6D7991f15525488b2A83Df53468D682Ba4B0 "convertToAssets(uint256)(uint256)" 1000000000000000000 --block 25539888 --rpc-url "$RPC_URL"End of window, cast
RPC_URL=... cast call 0xc8CF6D7991f15525488b2A83Df53468D682Ba4B0 "convertToAssets(uint256)(uint256)" 1000000000000000000 --block 25755112 --rpc-url "$RPC_URL"Start of window, raw JSON-RPC
{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0xc8CF6D7991f15525488b2A83Df53468D682Ba4B0","data":"0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000"},"0x185b530"]}End of window, raw JSON-RPC
{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0xc8CF6D7991f15525488b2A83Df53468D682Ba4B0","data":"0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000"},"0x188fde8"]}Both calls return an integer in the smallest unit of USDf. Divide by 10 ** 18 to get the share price printed above. Set RPC_URL to any archive endpoint you trust.
The arithmetic
growth = 1.129898335404101551 / 1.125331947926011849
elapsed = 1786732607 - 1784140607 = 2592000 seconds
annualized = (growth ^ (31536000 / 2592000) - 1) * 100
= 5.0504% (0.405781% 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.
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.
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.
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 Falcon Finance 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/falcon-susdfCitation
Kerne Honesty Index, 2026-08-14: Falcon Finance (sUSDf) advertised 4.47%, realized 5.05% from on-chain share-price growth, gap not comparable (advertised on a trailing-7d basis against a 30 day realized window, so no gap is stated). Source: https://kerne.fi/honesty-index#row-falcon-susdfBadge, markdown
[](https://kerne.fi/honesty-index#row-falcon-susdf)Badge, HTML
<a href="https://kerne.fi/honesty-index#row-falcon-susdf"><img src="https://kerne.fi/honesty-badge.svg?row=falcon-susdf" 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/falcon-susdf
Where these numbers came from.
Snapshot generated
2026-08-14 18:37 UTC
Snapshot source
live store
Signature
verified, signer 0x84949170e0ad0f9bd8686a4aa4922c10f5fdc4ea
Row key
falcon-susdf
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.