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.