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Kerne

Total Value Locked$1,111

TVL by Chain

Base$1,111

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.

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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 The v1 KerneVault is intentionally excluded: it has been superseded by a v2 redeploy, its deposits are disabled, and its totalAssets() reports off-chain balances that are not part of the on-chain PSM reserves.View code on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

BitFi Basis ($233.23m)ZEROBASE CeDeFi ($60.19m)XSY ($12.99m)SoSoValue Basis ($2.93m)Theo Straddle Vaults ($984,337)HRUSD ($2,854)Umoja yBTCEthena USDe ($4.947b)Falcon Finance ($1.659b)Solstice ($201.09m)

Kerne history

TVL is the default DefiLlama definition. Daily values are UTC snapshots from May 15, 2026 to Nov 11, 2026.

All-time high TVL: $1,115 on Jul 8, 2026. All-time low TVL: $6 on May 16, 2026.

Daily TVL, Oct 13, 2026 to Nov 11, 2026

DateTVL
Oct 13, 2026$1,111
Oct 14, 2026$1,111
Oct 15, 2026$1,111
Oct 16, 2026$1,111
Oct 17, 2026$1,111
Oct 18, 2026$1,111
Oct 19, 2026$1,111
Oct 20, 2026$1,111
Oct 21, 2026$1,111
Oct 22, 2026$1,111
Oct 23, 2026$1,110
Oct 24, 2026$1,111
Oct 25, 2026$1,110
Oct 26, 2026$1,111
Oct 27, 2026$1,110
Oct 28, 2026$1,110
Oct 29, 2026$1,110
Oct 30, 2026$1,110
Oct 31, 2026$1,111
Nov 1, 2026$1,111
Nov 2, 2026$1,111
Nov 3, 2026$1,111
Nov 4, 2026$1,111
Nov 5, 2026$1,111
Nov 6, 2026$1,111
Nov 7, 2026$1,111
Nov 8, 2026$1,111
Nov 9, 2026$1,111
Nov 10, 2026$1,111
Nov 11, 2026$1,111

TVL at each month end, May 2026 to Nov 2026

DateTVL
May 31, 2026$6
Jun 30, 2026$117
Jul 31, 2026$1,113
Aug 31, 2026$1,110
Sep 30, 2026$1,111
Oct 31, 2026$1,111
Nov 11, 2026 (latest)$1,111

The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/kerne

Frequently asked questions

What is Kerne's TVL?

As of Nov 11, 2026, Kerne has $1,111 in total value locked. TVL has increased <0.1% 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 $7.859b across 41 protocols, and Kerne accounts for <0.1% of that total. Similar protocols include BitFi Basis, ZEROBASE CeDeFi, XSY, SoSoValue Basis, Theo Straddle Vaults, HRUSD, Umoja yBTC, Ethena USDe, Falcon Finance, and Solstice.