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.
TVL history
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TVL by chain
Key facts
- Category
- Basis Trading
- Chains
- 1
- Token
- —
- Oracles
- —
- Audits
- 2
- Listed
- May 2026
Similar Basis Trading protocols
How this TVL is counted
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 The v1 KerneVault is intentionally excluded: it has been superseded by a v2 redeploy, its deposits are disabled, and its totalAssets() reports off-chain balances that are not part of the on-chain PSM reserves.
Frequently asked questions
What is Kerne’s TVL?
Kerne has $1.11K in total value locked, -0.02% over the last 7 days. TVL is the value of the crypto locked in its smart contracts.
Which chains is Kerne on?
Kerne runs on 1 chain; the most value sits on Base ($1.11K).
What kind of protocol is Kerne?
Kerne is listed under Basis Trading, where it ranks #37 by TVL.
Data aggregated from public third-party market sources. For informational purposes only — not investment advice.