Ask about Kerne
Logo of KerneKerne
Total Value Locked$1,113.74

TVL by Chain

Base$1,113.74

Protocol Information

Kerne is a synthetic dollar protocol on Base. kUSD is minted and redeemed one to one against USDC through an on chain peg stability module, and every circulating kUSD is backed by USDC reserves held in the PSM contracts. Backing is published hourly as a signed proof of reserves that anyone can recompute from public RPC reads. kUSD itself pays no yield. skUSD, the staked form of kUSD, is the protocol's yield bearing receipt, designed to earn a delta neutral basis yield. Reported TVL is the USDC held in the PSM reserves that back circulating kUSD one to one.

Category:Basis Trading

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Methodology

TVL: TVL is the USDC reserve held by Kerne's Peg Stability Module (PSM) contracts on Base, which back all circulating kUSD 1:1. kUSD is minted 1:1 from USDC through the live mint PSM (0xaBDE1138) and redeemed 1:1 back to USDC through the redeem PSM (0xFf3025ec); a prior mint PSM (0x07eBb486) still retains USDC from earlier mints. All PSM USDC reserves are summed; the kUSD supply itself is not added (that would double count). This matches the published headline TVL at kerne.fi/api/stats. The v1 KerneVault is intentionally excluded: it has been superseded by a v2 redeploy, its deposits are disabled, and its totalAssets() reports off-chain balances that are not part of the on-chain PSM reserves.View code on GitHub

Competitors

BounceBit CeDeFi Yield ($228.48m)BitFi Basis ($187.72m)ZEROBASE CeDeFi ($53.8m)SoSoValue Basis ($2.95m)Theo Straddle Vaults ($959,178.4)Umoja yBTC

Frequently Asked Questions

What is Kerne?

Kerne is a synthetic dollar protocol on Base. kUSD is minted and redeemed one to one against USDC through an on chain peg stability module, and every circulating kUSD is backed by USDC reserves held in the PSM contracts. Backing is published hourly as a signed proof of reserves that anyone can recompute from public RPC reads. kUSD itself pays no yield. skUSD, the staked form of kUSD, is the protocol's yield bearing receipt, designed to earn a delta neutral basis yield. Reported TVL is the USDC held in the PSM reserves that back circulating kUSD one to one.

What is Kerne's TVL?

Kerne currently has $1,113.74 in total value locked. TVL has increased 851.9% over the past 30 days.

What chains does Kerne operate on?

Kerne operates on Base. Base holds the largest share at 100%.

How does Kerne's TVL compare to similar protocols?

Among Basis Trading protocols tracked by DefiLlama, Kerne ranks #35 by TVL. The category holds $6.961b across 37 protocols, and Kerne accounts for <0.1% of that total. Other leading protocols include Ethena, Falcon Finance, and Solstice.