Stake kUSD. Earn what the basis actually pays.
skUSD is the yield-bearing ERC-4626 wrapper around kUSD. Deposit kUSD, receive skUSD shares. Share price rises as Kerne distributes basis yield from Hyperliquid funding plus a Lido staking baseline. No cooldown, instant redeem.
The second figure is realized yield, a different thing: on-chain growth of the skUSD share price, annualized over 30 days. It is what has actually been paid, and the figure beside it is a forward model. Distributions to date are one small strategist test transfer, so it sits near zero and decays until more land.
A model of the deployed book, not a realized distribution: 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. The separate 3x target at scale was withdrawn on 28 July 2026. Our published feasibility analysis caps the sustainable through-cycle rate near 8 to 9.4 percent. For reference, sUSDe, the largest delta-neutral dollar, currently realizes 4.82%, per DefiLlama's published data.
Kerne has completed its first external audit: Hexens fieldwork ran from July 13, 2026 and the final report published on July 31, 2026 with ten findings, none critical, eight fixed and two acknowledged. That is a review of five contracts at one commit, not a guarantee of safety, and the deployed vault runs earlier bytecode than the reviewed commit. A public bug bounty is live and proof of reserves is signed hourly. Audit status and findings-response protocol. Staking reflects your own diligence.
Live Stats
The APY above is a forward model on the deployed basis, not yield already paid: the hedge is sized one for one against spot, so the carry is multiplied by L/(L+1), which is below one. The separate 3x target at scale was withdrawn on 28 July 2026. It used to sit at kerne.fi/api/apy under its own label. Realized yield shows here as Share Price rising above 1.000000. skUSD shares carry 24 decimals (kUSD's 18 plus skUSD's 6 offset). totalAssets is pinned to an internal ledger so direct kUSD donations cannot inflate the share price (Resolv-class defense).
Trust Receipts
- Admin: 2-of-3 Safe, soleRedeployed 2026-07-03. On 2026-07-08 the 2-of-3 Safe was granted DEFAULT_ADMIN and the bot was granted STRATEGIST. On 2026-08-02 the founder Trezor renounced both roles irreversibly, so the Safe is the only admin today and the bot the only strategist. The Safe can still re-grant with two signatures and there is no timelock, so read that as one admin today, not one admin forever.View →
- Hourly signed PoREOA-signed attestation hash every hour. Verify in three lines of Python.View →
- Source verified on SourcifyVerified on Sourcify and BaseScan (partial match) for skUSD 0x96F5102C.View →
kUSDskUSD is a yield-bearing ERC-4626 wrapper around kUSD. A modeled APY on the deployed basis, where the hedge is sized one for one against spot, is published as the organicAPY field at kerne.fi/api/apy.
A 1,000 kUSD stake earns roughly $60.80 in a full year at 6.08%. Realized yield depends on the strategist's distribution cadence; share price math compounds.
That is the model. Annualized on-chain growth of the share price so far is 0.00%, over the same window as the figure at the top of this page.
Don't have kUSD yet? Mint kUSD with USDC or any major token on /mint, then come back to stake.
Why stake kUSD?
Yield-bearing wrapper
skUSD is a standard ERC-4626 vault with kUSD as the underlying asset. The share price climbs as the strategist distributes basis yield. Holding skUSD is mathematically equivalent to holding more kUSD as time passes.
No cooldown, instant redeem
Unlike the WETH vault leg, skUSD has no withdrawal cooldown. Burn shares any time to receive the underlying kUSD pro-rata. Built for institutional flexibility, not lockup friction.
Verifiable admin posture
The skUSD vault was redeployed on 2026-07-03. On 2026-07-08 the 2-of-3 Safe was granted DEFAULT_ADMIN and the bot operator EOA was granted STRATEGIST. The founder Trezor deliberately held both roles through the external audit so an admin-fixable finding could be remediated without waiting on a second signer, and on 2026-08-02 it renounced both irreversibly, mirroring the full rotation completed for the prior vault on 2026-05-18. The Safe is the sole admin today and the bot the sole strategist, and the Safe can still re-grant either role with two signatures.