Roadmap

Synthetic dollar minted at 1:1 against USDC through an on-chain PSM with a size-tiered mint fee, 10 bps base stepping down to 5 bps at $1M or more per swap. First mint shipped 2026-05-14 (supply went 0 to 0.312455 in a single tx).

Autonomous bot opens a short perpetual position against the vault's ETH leg, sized to keep delta deviation under the 5% tolerance. Single hedge venue today; multi-venue is a scaling step in the backlog.

Bot publishes a signed JSON attestation every cycle. Total assets, total liabilities, solvency ratio, and delta deviation are all attested with the strategist key and persisted in the on-disk PoR archive.

Computed every minute as the carry multiplier L/(L+1), applied to (Lido staking SMA + Hyperliquid 60-day trailing funding), then net of strategy costs, insurance allocation, and protocol fee. The multiplier is strictly below one because the hedge is sized one for one against on-chain spot: venue leverage reduces the margin that has to be posted, it does not multiply the carry. The published figure is that carry alone; the escrowed Genesis incentive is disclosed in the same response and excluded from the rate. The methodology string in the response spells out the formula with the live values filled in.

Linear forecaster trained on two years of hourly funding data. Refreshed every 30 minutes by the bot. Gated by an isLive freshness flag that returns null when the upstream is stale.

Hourly fragment accrual at 100 frags per kUSD per hour, with a 10% referrer bonus. Backed by a Postgres ledger on the Kerne VPS with TLS verify-full and hostssl-enforced authentication, hardened 2026-05-15.

Staking vault redeployed at 0x96F5102C on 2026-07-03 (pps reset to par, seeded to ~1013 kUSD; supersedes the v1 vault). Source verified on Sourcify (partial match) and BaseScan (2026-07-04). Frontend Stake tab live on app.kerne.fi. On 2026-07-08 the 2-of-3 Safe was granted DEFAULT_ADMIN and the bot strategist EOA was granted STRATEGIST, and the vault executed its first on-chain yield distribution (0.10 kUSD, genesis scale); Rotation completed 2026-08-02: the deployer Trezor renounced STRATEGIST_ROLE and then DEFAULT_ADMIN_ROLE, leaving the Safe as sole admin and the bot as sole strategist.

Two internal audits across all 80 contracts in May 2026, on May 8 and May 11. The triage and the per-finding resolution status are published. The reports themselves are held in the internal security repository because they carry live exploitation detail against contracts that were not yet remediated, and are available to counterparties under NDA.

First external smart-contract audit (scope: kUSD, skUSD, KUSDPSM, KerneVault and esKERNE, the five contracts named in the report's own scope section). Fieldwork started July 13, 2026 and the final report was published in full on July 31, 2026: zero critical, two high, two medium, four low, two informational, with eight fixed and two acknowledged by design. All ten findings sit in KerneVault. The deployed vault runs earlier bytecode than the reviewed commit, so those findings are live on chain, which is why it stays closed to deposits. Two conditions must both hold before it reopens: the remediated build is deployed and verified, and totalAssets is backed by assets the vault can actually pay out rather than by an off-chain bucket asserted against a zero share supply.

Public scope, safe harbor, and discretionary rewards with public credit. Reports go to kerne.systems@protonmail.com.

Submission packets prepared; assisted submission flow running through the canonical kerne.systems support thread for both aggregators.

KerneVault has no live PAUSER_ROLE holder (legacy holder was revoked 2026-04-17). Auto-pause from the sentinel needs a Safe-signed grantRole(PAUSER_ROLE, Safe) followed by an operational pause smoke. Queued for the next 2-of-3 Safe convening. The redeployed skUSD vault received its Safe co-admin and bot strategist grants on 2026-07-08; and the deployer Trezor renounced both roles on 2026-08-02, so the Safe is now its sole admin, see /security/skusd-admin-status.

This sat under Shipping in the next 30 days until August 1, 2026, which was wrong twice over. The stable pool has existed on Base at 0x8ebC3b7A5B44a4319A2bCc53291762D11AA73b0d since May 15, 2026, so it is not upcoming work, and it has recorded zero buys and zero sells in every window since. It is not a redemption route: redemption runs through the PSM contracts named at /api/por, and pool depth has never been counted in published TVL. On August 1, 2026 the founder wallet withdrew the liquidity it had seeded there, which leaves the pool holding roughly 13 USD of third-party depth. A gauge is not reachable on our own either, because Voter.whitelistToken is restricted to the Aerodrome governor. Parked until there is third-party demand to trade against.

KerneVault v2 (0x8ccc56B5) is deployed and Safe-governed, superseding the degraded v1 WETH vault. Deposits into v2 were closed on July 30, 2026 by a 2-of-3 Safe call to setWhitelistEnabled(true); withdrawals were left untouched, and no deposit was ever made while it was open, so totalSupply has been 0 throughout. Two conditions must both hold before it reopens: the remediated build is deployed and verified, and totalAssets is backed by assets the vault can actually pay out rather than by an off-chain bucket asserted against a zero share supply. Reopening is a further 2-of-3 Safe call and will be published before it happens, not after. The PSM mint path is unaffected and remains the live revenue surface.

The dual-feed Pyth and Chainlink router with 200/500 bps tolerance and circuit breaker is deployed on Base at 0x5fAeaB501A33468775DDF929C714890eE7e984bc, has been since June 15, 2026, and is administered by the 2-of-3 Safe. This line previously said it was shipped in source but not yet deployed to Base, which was wrong. What has not happened is the cutover: nothing on the live mint path reads the router, its only configured asset is WETH, and USDC has no feed on it at all. The PSM prices USDC through a single Chainlink feed, with a 48 hour staleness window as of August 3, 2026, widened from 26 hours because the feed is a 24 hour heartbeat and the old window left under two hours of margin. Until 2026-07-28 this line said 1 hour, which is the fallback compiled into the contract rather than the value actually configured on it. The live figure is read on chain and published as psm_chainlink_staleness_max at /api/risk-status.

Yield tokenization on Pendle once skUSD has sufficient TVL and a verifiable APY history. Spec preparation in progress.

A permissionless kUSD/USDC market has existed on Morpho Blue on Base since June 16, 2026, market id 0xdc6a28b2941b3d32affc71cdeeb10e9779ff2a8ba1dcabc258e7b61f9a11beb3, with kUSD as collateral, USDC as the loan asset, a hardcoded 1:1 oracle and a 62.5% LLTV. It has never been used: supply and borrow are both zero, and the market's lastUpdate is still its creation timestamp, so there has never been a single interaction with it. This line previously said curator engagement was in progress with Gauntlet and Steakhouse. That was wrong. Both were emailed on May 23, 2026 and both emails bounced without reaching anyone; contact was re-routed on June 8 through Gauntlet's intake form and a Steakhouse DM, MEV Capital was emailed on June 17, and Clearstar was contacted on July 15. None of them replied, and the outreach was stood down on July 17, 2026. That is contact, not engagement. A curator cap would also not do what it appears to do here: with kUSD as the collateral, the market only offers borrowing back a fraction of the USDC already spent to mint that kUSD, at interest, so it gives nobody a reason to mint and it adds no protocol TVL. A leverage loop would need a market against yield-bearing skUSD, which does not exist, and the carry would be negative at current rates. Parked until kUSD has an observable price and there is third-party demand to lend against, not on a date.

The cross-chain bridge stack is currently quarantined per the 2026-05-08 adversarial audit. Mainnet OFT deployment is deferred until that quarantine clears.

Today the bot hedges on Hyperliquid only. Adding redundant venues is a scaling step gated on a TVL milestone and on the bot multi-venue refactor.