This is a short, public demonstration of a review we now sell, run on a token that is not a customer. Our Disclosure Integrity Audit checks whether a yield protocol's public claims line up with what its chain actually shows. To show what one part of it looks like, advertised yield against realized yield, we pointed it at Curve savings crvUSD, the token ticker scrvUSD. Everything below reads from public data and reproduces in two on-chain calls. None of it is an accusation. Most of it confirms what Curve already documents, which is exactly what a clean disclosure check should do when a protocol has its house in order.
What scrvUSD is, from its own repository
scrvUSD is the savings version of crvUSD, Curve's stablecoin. It is an ERC-4626 vault at 0x0655977feb2f289a4ab78af67bab0d17aab84367 on Ethereum, and the asset it holds is crvUSD itself (0xf939e0a03fb07f59a73314e73794be0e57ac1b4e). Curve's own scrvUSD repository is unusually plain about what the vault does. It calls the contract "an unmodified instance of a Yearn v3 multi-strategy vault" that "doesn't contain any strategies," and states that "funds deposited in the vault are not moved anywhere and are always available to be redeemed." The vault holds crvUSD and receives a share of the fees crvUSD's markets generate, routed to it through Curve's fee splitter and sized by a rewards handler. Yield shows up as the vault's share price rising against crvUSD, and nothing more exotic than that. At the block we read it, the vault held about 19.5 million crvUSD.
The number it shows, and the number it paid
Curve's own pricing API reports a projected APY for scrvUSD. At block 25,563,295 on July 19, 2026 it returned proj_apy of about 1.55 percent, and the field is labeled a projection, not a record of what holders received. That is the advertised figure, sourced first-party, no aggregator involved.
The realized figure is not published as a headline anywhere, because it does not need to be. It lives in the share price, and any holder can read it. An ERC-4626 vault reports convertToAssets, the amount of the underlying one share is worth right now. Read it at two blocks a month apart and the change is exactly what a holder earned, net of everything, with no projection in it.
Over 29.28 days the share price rose from 1.1028278682 to 1.1050550423 crvUSD, a gain of 0.2020 percent. Annualized, that is a realized yield of about 2.52 percent. So a holder who watched the projected 1.55 percent actually earned closer to 2.52 percent over the trailing month. The realized number was higher than the projection, not lower, which is worth saying plainly: this is not a case of a protocol overstating its yield. It is a case of two honest numbers that are not the same number.
Why the two differ, and why neither is wrong
The projection is a forward estimate of the rate at this moment. The realized figure is what the vault actually distributed over a past window. scrvUSD's yield is a variable share of crvUSD's fee revenue, set by the rewards handler within a floor and a cap that Curve's governance controls, and that revenue rises and falls with how much crvUSD is being borrowed. When borrowing was busier earlier in the window, the realized month came in above where the rate sits today. A month from now the two could cross the other way. Both figures are legitimate, and a holder is better served knowing that the number on the screen is a projection and the number in their wallet is the share price, than being handed one figure and left to assume it is the other.
This is the entire premise of our free Honesty Index, which runs this same advertised-against-realized read across a field of synthetic dollars and signs the result hourly. Kerne's own token sits in row one of that board and currently carries the widest gap on it, because we hold ourselves to the check first.
A smaller gap, in the write-ups rather than the chain
There is a second kind of drift a disclosure check looks for, and scrvUSD shows a mild version of it. Several third-party trackers describe scrvUSD as deploying deposits into strategies to earn yield. Curve's own repository says the opposite in as many words: the vault contains no strategies and the funds are not moved. The token's own source is the more accurate description, and the looser one lives downstream in other people's copy. That gap is harmless here, but the same shape, a doc or a listing that no longer matches the contract, is exactly where the costly errors hide when a protocol has redeployed a contract, moved a role, or changed a number and updated some surfaces but not all of them. Reading the source of record against every place a protocol repeats itself is the second axis of the full audit.
What the full audit adds
This was one axis, run in public, on one token, to show the method. The paid Disclosure Integrity Audit runs all three: advertised yield against realized yield as above, document and address consistency across a protocol's docs and listings against its live registry, and how the peg or price oracle is sourced and whether its signature is actually verified. It ships as a written report plus a short findings summary signed with a named key, so the subject can publish it and anyone can confirm it was issued by us and not altered. It is disclosure review, not a security audit, and it never claims a protocol is safe or solvent. It reports where the claims and the chain agree, where they diverge, and where public data runs out.
If you issue a yield token
A Disclosure Integrity Audit is a fixed 499 dollars and delivered within 72 hours, with a signed findings summary you can publish. If you would rather run the free version first, the Honesty Index compares advertised and realized yield across the field, and Verify Any Stablecoin runs the on-chain read on any token right now, for nothing.
Figures are as of the blocks stated and reproduce from public data; a different window gives a different realized number, which is the point. Kerne holds no scrvUSD position. The scrvUSD share prices are convertToAssets(1e18) read at blocks 25,353,333 and 25,563,285; the projected APY is from Curve's pricing API at prices.curve.finance; the vault description is quoted from Curve's scrvUSD repository. Nothing here is an audit, a solvency opinion, a rating, or investment advice.
Verify it yourself
Run the same check on any reserve, or have it run for you.
Paste any issuer's signed attestation into the free verify tool and recover the signer, rehash the figures, and check freshness in your own browser. For a machine-signed, point-in-time read of an address you name, delivered on the page in about two minutes, the instant self-serve read is $29; a human-reviewed read is $149. A teardown like this one, commissioned on any target you name, is $499. An independent read of a counterparty you hold or allocate to is $2,500. Attestation tooling, not an audit, and not a solvency opinion.