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
4.10%
set rate
Realized
4.09%
30 day window
Gap
+0.01 points
99.8 percent of advertised
A positive gap means the protocol advertised more than its holders realized.
a rate the issuer sets and holds, compared against a 30 day realization.
What Frax published.
Current earnings rate 4.1% APY
Figure we recorded
4.1%
Basis
set rate (spot-administered)
Label on their surface
Current earnings rate
Read on
2026-08-12
Age at the end of our window
2.8 days, limit 10
Source
https://frax.com/earn
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
0xcf62F905562626CfcDD2261162a51fd02Fc9c5b6
Method
convertToAssets(uint256)
Argument
1000000000000000000 (one whole sfrxUSD share, 18 decimals)
eth_call data
0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000
Returns
frxUSD, 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
1.202075262158062676
At the end of the window
Block
25755112 (0x188fde8)
Timestamp
1786732607 (2026-08-14 18:36 UTC)
Share price returned
1.206042837558404321
Start of window, cast
RPC_URL=... cast call 0xcf62F905562626CfcDD2261162a51fd02Fc9c5b6 "convertToAssets(uint256)(uint256)" 1000000000000000000 --block 25539888 --rpc-url "$RPC_URL"End of window, cast
RPC_URL=... cast call 0xcf62F905562626CfcDD2261162a51fd02Fc9c5b6 "convertToAssets(uint256)(uint256)" 1000000000000000000 --block 25755112 --rpc-url "$RPC_URL"Start of window, raw JSON-RPC
{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0xcf62F905562626CfcDD2261162a51fd02Fc9c5b6","data":"0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000"},"0x185b530"]}End of window, raw JSON-RPC
{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0xcf62F905562626CfcDD2261162a51fd02Fc9c5b6","data":"0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000"},"0x188fde8"]}Both calls return an integer in the smallest unit of frxUSD. Divide by 10 ** 18 to get the share price printed above. Set RPC_URL to any archive endpoint you trust.
The arithmetic
growth = 1.206042837558404321 / 1.202075262158062676
elapsed = 1786732607 - 1784140607 = 2592000 seconds
annualized = (growth ^ (31536000 / 2592000) - 1) * 100
= 4.0906% (0.33006% 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, 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.
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.
Take this row with you.
This page
https://kerne.fi/honesty-index/frax-sfrxusdCitation
Kerne Honesty Index, 2026-08-14: Frax (sfrxUSD) advertised 4.10%, realized 4.09% from on-chain share-price growth, gap +0.01 points (a rate the issuer sets and holds, compared against a 30 day realization). Source: https://kerne.fi/honesty-index#row-frax-sfrxusdBadge, markdown
[](https://kerne.fi/honesty-index#row-frax-sfrxusd)Badge, HTML
<a href="https://kerne.fi/honesty-index#row-frax-sfrxusd"><img src="https://kerne.fi/honesty-badge.svg?row=frax-sfrxusd" 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/frax-sfrxusd
Where these numbers came from.
Snapshot generated
2026-08-14 18:37 UTC
Snapshot source
live store
Signature
verified, signer 0x84949170e0ad0f9bd8686a4aa4922c10f5fdc4ea
Row key
frax-sfrxusd
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.