Your Kerne overview

Mint, stake, and manage your digital dollars on Base.

Hedge outside target rangeDetails

Measured hedge deviation is 100.00% against a 5.00% target. The current reading does not confirm delta neutrality. kUSD backing is measured separately, at 100.11% of outstanding kUSD. Read both at the signed attestation.

Getting started

Browse the terminal without a wallet. Connect only when you are ready to make a transaction.

Review the live risk notices and the current quote, fees and available liquidity.
Mint kUSD with USDC on Base. Review any approval and transaction in your wallet before confirming.
Optionally stake kUSD for skUSD after reviewing its current terms and yield disclosures.

To exit, unstake skUSD if needed, then redeem kUSD for USDC. Review the current quote and availability before confirming.

Protocol overview

View on BaseScan

kUSD is backed by USDC. skUSD is its staked form. The APY below models the deployed strategy; it is not a rate currently being paid. Review fees and available liquidity in your transaction quote.

Net APY, modeled

Modeled

A model, not a rate being paid. Deployed basis: the hedge is sized one for one against spot, so the carry is multiplied by L/(L+1), below one, never by L. Inputs are live (Hyperliquid funding, Lido staking). For yield actually paid see the realized figure at kerne.fi/honesty-index. Full formula: /api/apy.

6.1%

kUSD Price

Approximate kUSD price derived from the vault's on-chain solvency ratio.

$1.0000

PSM Mint Fee

Tiered by size on the PSM when minting kUSD from USDC at 1:1: 0.10% is the base rate and larger mints pay less, down to 0.05%. Mint quotes the exact rate for your amount. No cooldown, no slippage.

0.10% to 0.05%

6.1%Modeled APYCurrent inputs

PSM Live · USDC → kUSD

Mint kUSD with USDC1:1 backing, fee from 10 bps and lower at size, no cooldown. Tradable, transferable, redeemable.

Opal Genesis StakeHold kUSD, earn 100 frags per kUSD per hour. Multipliers stack.

WETH vault deposits are closed by choice, not by a pending report. The Hexens final report published on July 31, 2026, but the deployed vault still runs pre-remediation bytecode, so it stays shut until the remediated build is deployed and verified and its share accounting is backed by payable assets. Minting and staking above are the live paths.

Risk Disclosures

Kerne Vaults are engineered to minimize volatility through automated exposure management across highly-liquid, high-grade digital assets. While Kerne's strategies prioritize market neutral stability, no system eliminates risk entirely: systemic market shocks or extreme tail events may still trigger volatility within the underlying protocols Kerne interfaces with.

We encourage all participants to review our Security Architecture and Transparency documentation for a comprehensive breakdown of how we monitor market conditions, manage counterparty risk, and maintain automated safeguards. Detailed specifications on vault logic are available in our Docs. By depositing, each user acknowledges they have reviewed and accepted our Disclaimers. Kerne Vaults are curated and programmatically governed with security in mind.