Kerne Honesty Index

Spark sUSDC

Live . ethereum . 0xBc65ad17c5C0a2A4D159fa5a503f4992c7B545FE

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 negative gap means it realized more than it advertised.

a rate the issuer sets and holds, compared against a 30 day realization.

This row cleared its own number.

Paid 100.6 percent of the rate it advertises and holds over a 30 day window, measured on chain. We state this on exactly the terms we state a shortfall on: the advertised figure has to be on a basis comparable to a 30 day realized window, and it has to have been read from Spark's own surface within 10 days of the end of that window. If either stops being true, this section disappears and so does the claim on the image below.

• The image is generated from the same hourly snapshot as the board, and it carries the read time and both block heights on its face.
• If the row stops clearing its advertised figure, or the advertised figure goes unread for longer than we will difference against, the image quietly becomes the plain measurement card. It will not keep making a claim that has stopped being true.
• It is free, needs no key, and we do not log who embeds it. There is nothing to sign and nothing to buy.
• It measures one axis, realized yield against advertised yield. It is not a rating, not an audit, and says nothing about whether a protocol is safe.

What Spark published.

Context for this row.

Live and accruing, and one of the rows that shows the method can return "this protocol is telling the truth". Spark's own app renders 3.52 percent for its USDC savings account and our independent thirty day reading of the vault share price lands within a few hundredths of a point of it. As with Sky, that agreement is structural rather than virtuous: the rate is set and updated rather than produced by a strategy, and Spark says so on the same page, describing a rate that "updates automatically as it evolves". One note on attribution, recorded because it is the kind of thing that could be got wrong: Spark's app lists a Savings account and a Legacy account for USDC and renders 3.52 percent for both, so the figure quoted here does not depend on which of the two a reader takes it from.

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 Spark 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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