The backing ratio measures total vault assets against kUSD supply. A ratio above 100% means every kUSD is backed by more than $1.00 in collateral. The Insurance Fund provides additional protection beyond this ratio.
Off-Chain (CEX)
L1 (Hyperliquid)| Asset | Allocation | Value (USD) | % of Total |
|---|---|---|---|
 On-Chain Collateral (WETH) | ... | $0.00 | ... |
| Off-Chain Hedge Positions (CEX) | ... | $0.00 | ... |
| L1 Assets (Hyperliquid) | ... | $0.00 | ... |
 Hedging Reserve | ... | $0.00 | ... |
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 v3 (live mint) | 0x07eB...5993 | BaseScan |
| kUSD PSM v1 (redeem reserve) | 0xFf30...5Fbc | BaseScan |
| Staking | 0x032A...D582 | BaseScan |
| esKERNE | 0x29c1...5b34 | BaseScan |
| Treasury | 0x7c07...60d5 | BaseScan |
| Referral | 0x1A04...4D9f | BaseScan |
| Yield Distributor | 0x096e...D878 | BaseScan |
| Multisig (2/3) | 0x52d3...4877 | BaseScan |
