Ask about Kerne · freeProtocol 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.
Audits:
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 The v1 KerneVault is intentionally excluded: it has been superseded by a v2 redeploy, its deposits are disabled, and its totalAssets() reports off-chain balances that are not part of the on-chain PSM reserves.View code on GitHubCompetitors
Kerne history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from May 15, 2026 to Oct 28, 2026.
All-time high TVL: $1,115 on Jul 8, 2026. All-time low TVL: $6 on May 16, 2026.
Daily TVL, Sep 29, 2026 to Oct 28, 2026
| Date | TVL |
|---|---|
| Sep 29, 2026 | $1,111 |
| Sep 30, 2026 | $1,111 |
| Oct 1, 2026 | $1,111 |
| Oct 2, 2026 | $1,111 |
| Oct 3, 2026 | $1,111 |
| Oct 4, 2026 | $1,111 |
| Oct 5, 2026 | $1,111 |
| Oct 6, 2026 | $1,111 |
| Oct 7, 2026 | $1,111 |
| Oct 8, 2026 | $1,111 |
| Oct 9, 2026 | $1,110 |
| Oct 10, 2026 | $1,111 |
| Oct 11, 2026 | $1,111 |
| Oct 12, 2026 | $1,111 |
| 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 |
TVL at each month end, May 2026 to Oct 2026
| Date | TVL |
|---|---|
| May 31, 2026 | $6 |
| Jun 30, 2026 | $117 |
| Jul 31, 2026 | $1,113 |
| Aug 31, 2026 | $1,110 |
| Sep 30, 2026 | $1,111 |
| Oct 28, 2026 (latest) | $1,110 |
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 Oct 28, 2026, Kerne has $1,111 in total value locked. TVL has decreased <0.1% over the past 30 days.
How does Kerne's TVL compare to similar protocols?
Among Basis Trading protocols tracked by DefiLlama, Kerne ranks #37 by TVL. The category holds $7.556b 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 Solv Basis Trading.