Kerne Honesty Index

Kerne skUSD

Live . base . 0x96F5102C15b839757f811A98CEc3725Ac21DfA14

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.

A positive gap means the protocol advertised more than its holders realized.

a modeled forward rate compared against a 30 day realization of what the vault actually paid.

This is Kerne's own row. We publish it first on the board, by rule, and we are the worst row on it. The reason is written up in full at what we still owe.

What Kerne published.

Context for this row.

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 It has been WITHDRAWN back to organic carry alone, and the reason is the one this page exists to catch.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.

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 Kerne 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.