Market Data Transparency Oracle Specifications

Live Reserves Composition

$1,149 backing 1,110.24 kUSD

PSM reserves $1,111 + WETH vault $37.08 + insurance $0, aggregate 103.4%

Base block #52,005,530 ↗SSR-fetched Wed, 30 Sep 2026 20:33:27 GMT

PSM Reserves (USDC)

$1,1111,111.42 USDC , Redeem reserve + retired mint + live mint PSM combined, back kUSD 1:1

Vault On-Chain

$16.450.0061 WETH , ERC-20 WETH on the vault

Vault Off-Chain Hedge

$00 WETH , CEX collateral, attested

Vault L1 (Hyperliquid)

$20.630.0077 WETH , HL account equity, reconciled to the live venue

Vault Hedging Reserve

$00 WETH , On-chain hedge buffer

Pulled from kerne.fi/api/por. The PSM reserve is USDC.balanceOf on PSM v1; each vault bucket is a separate on-chain getter on KerneVault. Verify any value with one cast call against Base.

kUSD Backing Ratio100.11%PSM USDC reserves vs outstanding kUSD, from /api/por, as of Sep 30, 22:14 UTC. Aggregate incl. vault: 103.4%.

Total Backing (PSM + Vault + IF)

$1,149PSM $1,111 + vault $37.08 + IF $0.00, as of Sep 30, 22:14 UTC

kUSD Total Supply1,145.24

kUSD Price$1.0000Redemption value: min($1.00, backing ratio), from /api/por, as of Sep 30, 22:14 UTC.

Realized Funding Ledger

The hedge account's realized monthly ledger, read from Hyperliquid's public API: funding received (signed; negative-funding periods subtract), trading fees, closed price PnL on the hedge leg, and the net. Genesis-scale dollar amounts, published deliberately. Replay it yourself: the exact curl is embedded in /api/funding-attribution.

Protocol Performance

Live

6.35%Net APY, modeled, deployed basis

Live formula output from current funding and staking inputs, recomputable at /api/apy. It models the DEPLOYED book: the hedge is sized one for one against spot, so the carry is multiplied by L/(L+1), which is below one, never by the venue leverage itself. It is not a record of realized skUSD distributions to date. The separate 3x target at scale that sat beside it was withdrawn on 28 July 2026. The published feasibility analysis caps the sustainable through-cycle rate near 8 to 9.4 percent. For reference, sUSDe currently realizes 5.25% on $1.27B staked (staked total per DefiLlama), per DefiLlama's published data.

Low5.81%

Average6.04%

High6.35%

kUSD Peg Stability

$1.0000Current Price

Overcollateralized by 0.11%Source: /api/por, Base block #52,008,553, as of Sep 30, 22:14 UTC

The primary backing ratio measures the PSM USDC reserves against outstanding kUSD, read on-chain via /api/por. A ratio at or above 100% means every kUSD is backed by at least $1.00 of USDC in the PSM reserves; redemption itself pays 1:1. Aggregate collateralization (currently 103.4%) additionally counts the WETH vault and the Insurance Fund.

Vault Venue Breakdown

WETH vault collateral by venue. The PSM USDC reserves are separate and shown under Backing below.

On-Chain

44.4%

Off-Chain (CEX)

0.0%

L1 (Hyperliquid)

55.6%

Hedging Reserve

0.0%

Insurance Fund

0.0000WETH

$0.00

% of Vault Assets...

The Insurance Fund contract holds nothing and no fees flow into it today. It is not part of the PSM primary backing ratio, but it is counted in aggregate collateralization. kUSD is backed by USDC in the mint (PSM) contracts; deposits do not fund the hedge.

Backing

$1,149 aggregate backing 1,110.24 kUSD outstanding (103.4%), from /api/por, as of Sep 30, 22:14 UTC.

WETH legs priced via the /api/por oracle read, as of Sep 30, 22:14 UTC (live CoinGecko price not yet available in this browser).

Asset	Allocation	Value (USD)	% of Total
PSM Reserves (USDC, redeem reserve + live mint PSM, back kUSD 1:1) API-sourced from /api/por, as of Sep 30, 22:14 UTC	1,111.42 USDC	$1,111	96.8%
Vault On-Chain Collateral (WETH)	0.0061 ETH	$16.46	1.4%
Vault Off-Chain Hedge (CEX)	...	$0.00	0.0%
Vault L1 Assets (Hyperliquid)	0.0077 ETH	$20.63	1.8%
Vault Hedging Reserve	...	$0.00	0.0%

Protocol Parameters

WETH Vault Performance Fee0%

Genesis Phase...

WETH Vault Withdrawal Cooldown...Applies to WETH vault withdrawals only. PSM redemptions and skUSD unstaking have no cooldown.

WETH Vault Deposit Fee...Applies to WETH vault deposits only. Minting kUSD is priced by the PSM swap ladder, 0.10% stepping down to 0.05%, and staking kUSD into skUSD is free.

Network

Base

Attestation CycleHourlySigned PoR regenerates hourly; /api/por re-reads the chain on a 60 second cache.

Mint Readiness

Ready

/api/psm-status

These gates describe the MINT path on the live mint PSM (0xaBDE...9803); its exposure counter tracks USDC minted through it since the 2026-07-10 redeploy. The USDC reserves shown here ($1,111, from /api/por, as of Sep 30, 22:14 UTC) sit on the redeem-reserve PSM (0xFf30...5Fbc) plus any USDC accumulated in the live mint PSM, itemized under Backing above. The retired mint PSM (0x07eB...5993) can no longer mint but still holds the USDC reserve backing the kUSD minted through it, counted in /api/por.

Minting Enabled

Yes

Circuit Breaker

Active

USDC Whitelisted

Yes

PSM Has MINTER_ROLE

Yes

Mint Cap (USDC)

10,000,000 USDC

Mint PSM Exposure

30.537 USDC

Cap Headroom

9,999,969.463 USDC

PSM Fee

10 to 5 bps

kUSD Total Supply

1,145.2432 kUSD

Mint fee by sizegetFee(USDC, amount) on 0xaBDE...9803

$25,00010 bps$25

$50,0008 bps$40

$250,0007 bps$175

$1,000,0005 bps$500

The ladder is set on chain, not in this page. A mint below the first threshold pays the 10 bps base rate; larger mints pay less. Capacity above is the same subtraction the endpoint publishes as capHeadroom.

Verified Contracts on Base

Contract	Address	Explorer
Kerne Vault v1 (PoR-attested)	`0x8005...F2AC`	BaseScan
Kerne Vault v2 (live mint)	`0x8ccc...292B`	BaseScan
kUSD Token	`0x5C2E...0AA3`	BaseScan
KERNE Token (v2)	`0x230f...186c`	BaseScan
Insurance Fund	`0xE879...0403`	BaseScan
Yield Oracle	`0x8DE2...9CdB`	BaseScan
kUSD PSM (live mint)	`0xaBDE...9803`	BaseScan
kUSD PSM (retired mint, still holds reserve)	`0x07eB...5993`	BaseScan
kUSD PSM (redeem reserve)	`0xFf30...5Fbc`	BaseScan
skUSD (staked kUSD)	`0x96F5...fA14`	BaseScan
esKERNE	`0x29c1...5b34`	BaseScan
Treasury	`0x7c07...60d5`	BaseScan
Referral	`0x1A04...4D9f`	BaseScan
Yield Distributor	`0x096e...D878`	BaseScan
Multisig (2/3)	`0x52d3...4877`	BaseScan

Independent Third Party Data Links

DefiLlamaTVL & protocol metrics

BaseScanOn-chain transactions

Dune AnalyticsTVL, deposits & protocol health