Kerne Honesty Index

Frax sfrxUSD

Live . ethereum . 0xcf62F905562626CfcDD2261162a51fd02Fc9c5b6

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 figure last read on 2026-08-31 and now older than we will difference against a live reading, so no gap is stated.

What Frax published.

Context for this row.

Live and accruing, and the row that shows why the date on an advertised figure matters as much as the figure. Frax renders a current earnings rate of 5 percent inside the widget that deposits frxUSD and returns sfrxUSD, which keys the number to this exact vault, and both token chips in that widget carry the Ethereum mark, so it is the vault this row measures rather than Frax's deployment on its own chain. Read the pair with the dates in front of you, because most of the gap stated on this row is a rate change rather than a shortfall. Frax sets this rate rather than deriving it from live market conditions, and the chain shows that exactly: sfrxUSD grew at 4.10 percent a year, to four decimal places, every single day from 2026-07-30 through 2026-08-26, and at 4.80 percent a year, to four decimal places, every day since 2026-08-27. A thirty day realized reading near 4.2 percent is therefore almost exactly what Frax's own two rates imply across that month, and it is what a holder actually received. What the rate history does not account for is the last fifth of a point: the vault's own reward parameter is set at its ceiling and pays 4.80 percent a year today, while the page renders 5. Two further 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.

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 Frax 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.

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