Transparency

Prove it yourself. Every hour.

Continuous on-chain transparency for institutional capital. Proof of reserves and protocol health metrics attested every hour.

Doing diligence?

The data room assembles everything on this page with the contract registry, audit pipeline status, governance, and the deployed-vs-source disclosure. One URL.

Open the Data Room →

0%

Performance Fee • During Genesis Phase

Early adopter incentive

All yield retained by depositors

1

Chain:

Base

Multi-chain expansion planned

1h

Attestation Cycle

Continuous reserve verification

Automated signed proof

Genesis Window: 0% protocol fee, permanent for first depositors

Mint kUSD now and the kUSD you mint carries permanent 0% protocol fee treatment when later staked into skUSD, for the lifetime of that position. Live values from the PSM contract. The Window closes when cumulative kUSD minted crosses $250,000 or on August 5, 2026, whichever is first.

Cumulative kUSD minted

$118

of $250,000 cap

Cap progress

0.05%

Days until time bound

closes 2026-08-05

/Two Yield Sources. Zero Directional Risk

Ethereum Staking Rewards

Deposited collateral continues earning Ethereum proof-of-stake consensus rewards. This yield is highly reliable and flows directly from Ethereum's economic model to kUSD holders.

Perpetual Funding Rates

A matching short perpetual futures position collects funding rate payments from leveraged long traders. This captures the structural long bias in crypto markets to provide a consistent, additive yield stream.

Deposit → Yield Flow

Deposit

User deposits ETH or supported LST/LRT assets

Convert

Assets are converted to optimal LST/LRT mix

Hedge

Matching short perp position opened automatically

Dual Yield

Staking rewards + funding rates accrue continuously

kLP Issued

Yield-bearing ERC-4626 vault shares minted to your wallet

/Proof of Reserves

Every kUSD is backed 1:1. Verified every hour.

kUSD is fully backed by USDC in the Peg Stability Module, and total protocol collateral exceeds outstanding kUSD by a wide margin in USD terms, attested in a signed proof of reserves every hour. The legacy v1 WETH vault is paused and held in a documented protective mode, holds no user funds, and is excluded from this backing. Its raw vault-share figures read alarming in isolation, which is why the signed proof leads with the corrected PSM and USD-aggregate primitives below.

Live Transparency Dashboard

Real-time backing ratio, APY history, and asset allocation, verified on-chain.

View Live Dashboard →

≥100%Backing Ratio

Every kUSD is backed 1:1 by USDC in the PSM, with total protocol collateral exceeding outstanding kUSD in USD terms, verified and signed on-chain every hour

Every Hour

The Sentinel system runs automated solvency checks every hour. Each check verifies total collateral value against outstanding kUSD liabilities and publishes a signed attestation.

What We Verify

Total protocol collateral vs. outstanding kUSD
Hedge position health and margin levels
Insurance fund balance adequacy
Oracle price feed accuracy

On-chain Proof

Every attestation is EOA-signed and published hourly at /api/por/signed. Anyone can recover the signer and verify the current backing ratio, collateral breakdown, and hedge position status.

Insurance Fund

First-loss capital that absorbs losses from negative funding or market dislocations ahead of depositors, capitalized from protocol revenue over time. At the protocol's current early scale the balance is $0 today.

Verify $0 today: 0xE879...0403

/Verify the signature yourself

Three lines of code. One signer to match.

The bot writes a fresh signed Proof of Reserves every hour. The signing key is the strategist EOA 0x09a2780ac8Be6D5d2d1F85A8D92b09D40C9CA37e. Fetch the latest signed JSON, recover the signer from attestation_hash and signature, and confirm it matches.

Latest signed attestation

Hourly cadence, EIP-191 personal_sign, freshness surfaced in the response _meta.

View /api/por/signed →

Read these fields first

Since schema v4 the headline aggregate_solvency_ratio is the PSM stablecoin backing ratio (USDC reserve vs user-held kUSD), consistent with psm_solvent, psm_solvency_ratio, and aggregate_solvency_usd_ratio. The vault-share basis it carried before v4 stays published, demoted to legacy_vault_share_solvency_ratio and the labeled known_issue_vault_v1 block. The _meta.v2_summary block surfaces the PSM-aware primitives, and _meta.degraded_state_explanation documents why the demoted share-basis fields look alarming while the protocol is structurally solvent. Schema version is exposed as schema_version, currently 4.

JavaScript (ethers v6)

import { verifyMessage, getBytes } from "ethers";

const j = await (await
  fetch("https://kerne.fi/api/por/signed")
).json();

const recovered = verifyMessage(
  getBytes(j.attestation_hash),
  j.signature,
);
console.assert(
  recovered.toLowerCase()
    === j.signer.toLowerCase(),
);

Python (eth_account)

import requests
from eth_account import Account
from eth_account.messages import encode_defunct

j = requests.get(
  "https://kerne.fi/api/por/signed"
).json()

msg = encode_defunct(hexstr=j["attestation_hash"])
recovered = Account.recover_message(
  msg, signature=j["signature"],
)
assert recovered.lower() == j["signer"].lower()

CLI (foundry cast)

curl -s https://kerne.fi/api/por/signed > por.json

HASH=$(jq -r .attestation_hash por.json)
SIG=$(jq -r .signature  por.json)
SIGNER=$(jq -r .signer  por.json)

cast wallet verify \
  --address $SIGNER $HASH $SIG

The route response embeds the same three snippets under _meta.verify, a freshness flag at _meta.is_fresh, and an expected-signer check at _meta.signer_matches_expected. On a key rotation the expected-signer constant is updated in the route handler and the boolean reflects the new state on the next deploy.

/Live Risk Status

The runbook, audited live

Every threshold in the runbook is wired to the contract or the Sentinel risk engine, and surfaced here in real time.