Yield without directional risk

The number

The APY could not be read for this page load, so none is printed rather than a pinned or stale one. It is published at kerne.fi/api/apy, decomposed into its parts and never realized yield.

The ceiling

Our published feasibility band puts the sustainable through-cycle rate near 8 to 9.4 percent, on a levered design basis that does not bound the deployed figure.

Realized

Realized yield, the on-chain growth of the skUSD share price, publishes beside the figure above whenever its hourly attestation is current. It is not, so none is printed here rather than a stale one. Distributions to date are one small strategist test transfer, so it sits near zero and decays until more land.

Audit posture

First external audit complete: Hexens, fieldwork from 13 July 2026, final report 31 July 2026, ten findings, none critical, eight fixed and two acknowledged. That is five contracts at one commit, not a guarantee of safety, and the deployed vault runs earlier bytecode than the reviewed commit. Bug bounty live, proof of reserves signed hourly.