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Logo of KerneKerne
Total Value Locked$1,116

TVL by Chain

Base$1,116

Protocol Information

Kerne is a delta-neutral yield protocol on Base. The vault (ERC-4626) holds WETH collateral and runs a delta-neutral basis trade: stETH on the long leg, Hyperliquid perp short on the short leg.

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 mint PSM (0x07eBb486) and redeemed 1:1 back to USDC through the redeem PSM (0xFf3025ec); both hold USDC backing and are summed. The kUSD supply itself is not added (counting both would double count). This matches the published headline TVL at kerne.fi/api/stats. The v1 KerneVault is intentionally excluded: it is in a known degraded accounting state, deposits are disabled pending a v2 redeploy, and its totalAssets() includes off-chain hedge balances that are not on-chain TVL.View code on GitHub

Competitors

BounceBit CeDeFi Yield ($308.98m)BitFi Basis ($191.66m)ZEROBASE CeDeFi ($54.7m)SoSoValue Basis ($2.96m)Theo Straddle Vaults ($945,492)Umoja yBTC ($58,760)