The Opal Anchor Tier.
This page publishes the rules of the Opal points program that bear on a founding anchor deposit. Held kUSD from an executed-letter founding anchor accrues Opal fragments at a floor of 6.0x the base rate, for the life of the pre-TGE program. Since August 6, 2026 it also states how the fixed 50,000,000 KERNE allocation is divided, because the floor on its own did not make a large deposit worth more than a small one. These are points rules, not yield terms. The Kerne anchor deposit letter incorporates them by reference, so an executed letter rests on terms published here rather than on its own words.
The anchor floor sits above the public, time-decaying cohort ladder. The public ladder is open to anyone and steps down weekly toward the snapshot; you can read it on the Opal leaderboard. The anchor floor is a separate, higher rate set by an executed anchor letter, not a tier a public mint can select.
Who the anchor tier is for
The tier is not open by minting. It is granted to an anchor that has executed the Kerne anchor deposit letter for a founding deposit, on the letter's terms. The letter is offered to a small number of professional or accredited allocators, for the anchor's own proprietary capital, and it is subject to the eligibility and excluded-jurisdiction gating set out in the letter. Third-party capital routed through a venue an anchor operates is not eligible for this tier. Nothing on this page changes those conditions; the letter governs.
The rule
Held kUSD minted by an anchor that has executed the Kerne anchor deposit letter accrues Opal fragments at a deposit multiplier of no less than 6.0x, that is, six times the base accrual rate applied to unboosted deposits. It is a floor: if the public cohort rate an anchor would otherwise qualify for is ever higher than 6.0x, the anchor takes the higher rate. The 6.0x floor is never reduced for the life of the pre-TGE points program.
The floor is applied to the anchor's designated addresses within one business day of the anchor's first mint, and is maintained for the duration of the pre-TGE Opal points program, or until the program's published termination, whichever is earlier. It is set as an account-level rate, not a one-time grant, so it applies to every fragment those addresses accrue while the program runs.
Accrual is otherwise identical to every other wallet: fragments accrue every hour a wallet holds kUSD, duration-weighted, and the 6.0x floor stands in for the public cohort multiplier in that calculation. The floor attaches to a continuous hold. A full redemption of the position resets accrual to the base rate; we re-apply the held floor on a fresh mint from the same addresses, so a redemption does not permanently forfeit the tier, and a wash round-trip does not multiply it.
Fragments convert pro-rata into the community tranche of the fixed 50,000,000 KERNE Opal allocation (5% of total supply) at token generation, under the same published conversion formula that governs every wallet. Since August 6, 2026 that allocation is split: 5,000,000 KERNE is divided pro-rata by fragments, and 45,000,000 KERNE is the scale tranche in rule 5. The allocation is fixed, so a higher multiplier moves shares of the community tranche toward the anchor and away from every other fragment holder. It is zero-sum between holders, which is who bears it. It does not enlarge the allocation and it does not draw on any other allocation. Points are not yield, carry no guaranteed value, and no token generation event is scheduled or guaranteed.
45,000,000 KERNE of the same fixed allocation is allocated pro-rata by qualifying dollar-hours: for each hour, the part of a wallet's kUSD-equivalent position ABOVE $100,000. No multiplier applies to it, including this floor, and it is open to any wallet that clears the threshold, executed letter or not. It is measured from public chain state rather than from our off-chain fragment ledger, so an anchor can recompute it. If no position ever qualifies, that tranche is simply not allocated: it is never rolled into the community tranche. This is deliberate and it is the reason the rule is worth anything, because a tranche that fell back to everyone would restore the arithmetic it was written to fix.
Why rule 5 exists, and what it costs
Version 1.0 of these rules divided one fixed allocation pro-rata by fragments. On August 4 we excluded our own two wallets from converting, which was right and which collapsed the eligible denominator by about ninety-five times, to roughly two million fragments held by two wallets. A pro-rata share of a fixed pool cannot exceed all of it, so against a denominator that small the arithmetic saturates: on our own published numbers, about sixty dollars deposited on August 6 took half the allocation and about five hundred and fifty took ninety percent. A million dollars took 99.99%. The last $999,456 of it bought roughly eleven percent more than the first $544 already had.
That is not a presentation problem, and we would rather write it down than wait for someone to compute it during diligence. Read literally, the program told an allocator that the rational deposit was five hundred dollars, which makes the August 19 snapshot a deadline with nothing behind it. Rule 5 fixes the marginal incentive, not the average one: it does not make the allocation larger or more likely to be distributed, it makes the second million dollars worth roughly as much as the first, which under a single pro-rata pool it was not.
What it costs, stated plainly. Every existing fragment holder now claims a share of 5,000,000 KERNE rather than of 50,000,000 KERNE, so the maximum any current holder can claim falls by a factor of ten. This is the second unilateral change to this program in three days, and an allocator is entitled to weigh that. What we can offer against it is the discipline: both changes were published in full, with the arithmetic that forced them, before the first snapshot either one affects, and no fragment already credited to anyone has been altered, reset, or clawed back.
Which document governs
Our Terms of Service reserve the right to modify, suspend or terminate the Opal program at any time without notice, to reset fragment balances at our discretion, and to set the conversion rate at our sole discretion. Those reservations govern the program generally. They do not govern the rules on this page, and section 8 of the Terms now says so in terms.
For the variables published here, the multiplier floor, the split of the allocation, the position floor, and the method by which each tranche is divided, this page governs over the general reservations in the Terms. We can still change these rules, and rule 5 is what that looks like. What we have given up is doing it silently: any change to a rule on this page is published here, with a new version number and effective date, before the first snapshot it affects. Where this page and an executed anchor deposit letter differ, the letter governs.
The founding window
An executed-letter anchor also holds priority of access into a capped founding deposit window, opened around the publication of our external audit report. The window is capped and allocated in the order letters were executed. The specific cap, the number of founding allocations, and the window mechanics are set out in the anchor deposit letter and are subject to final terms; we do not publish those numbers here while they can still move. What is fixed and published is the points rule above.
The lower-friction way to signal intent before executing a letter is the audit-window commitment queue, which holds your public cohort rate while you finish diligence. Read the full token reality first in the token disclosure.
Kerne is infrastructure, not a custodian or an investment adviser. Nothing on this page is investment, legal, tax, or accounting advice, and nothing here is an offer to sell or a solicitation to buy any token or security. This page states program rules incorporated by reference into the Kerne anchor deposit letter; where this page and the executed letter differ, the letter governs. kUSD is a protocol-issued synthetic dollar, not a fiat-backed payment stablecoin; kUSD itself pays no yield for holding it, and yield exists only through the separate skUSD staking receipt, whose external-audit gate was met when Hexens published its final report on July 31, 2026. Opal fragments are a points balance denominated in a pro-rata share of the community tranche of the fixed allocation; they are not a token, a price, or a yield promise. That share becomes $KERNE only at a token generation event, and no token generation event is scheduled or guaranteed, so if no distribution ever happens fragments convert to nothing, and so does any scale-tranche standing. Neither tranche is an escrowed on-chain balance; both are published policy commitments over an undivided treasury holding. The anchor tier is offered only to eligible professional or accredited allocators for their own capital, subject to the letter's terms.