Where kUSD can be used outside Kerne

Read live on every request. The market is empty. Nothing has been supplied to it by anyone, including Kerne.

What argues against lending here

• •Kerne deployed this market and controls nothing in it. Governance on both vaults and on the router is the zero address, set inside the deploy transaction itself, so the oracle, the LTVs and the interest rate model cannot be changed by anyone including Kerne.
• •Because governance is renounced, this market CANNOT have a supply cap or a borrow cap. Any cap belongs at a curator vault on top of it. Kerne does not operate such a vault and does not curate this market.
• •The oracle prices kUSD at exactly 1.000000 USDC and is hard-coded. It is not a market price and it will not depeg on its own. A lender is taking the risk that kUSD is worth a dollar, not relying on a feed to tell them when it is not.
• •kUSD has almost no secondary liquidity. The Aerodrome pool held about 13 US dollars of total depth when this shipped, so a liquidator cannot sell seized kUSD on a DEX in any meaningful size. The only real exit is redemption through the Kerne PSM, which is a claim on the PSM reserve rather than on a market.
• •Kerne has not distributed meaningful realized yield. Realized staking yield measured on chain is roughly 0.05 percent of the advertised figure, and Kerne publishes itself as the worst row on its own Honesty Index.
• •The kUSD book is small and it is almost entirely Kerne's own. External holders are under one percent of supply.
• •A governance action on kUSD takes 48 hours and is public for all of it, but it could still mint kUSD. Any market that prices kUSD at par is exposed to that, and it is the real constraint on what a sane allocation ceiling looks like.
• •The live KerneVault does not run the audited commit. The Hexens report is published in full and its vault findings are open on the deployed bytecode.