| --- |
| license: cc-by-4.0 |
| language: |
| - en |
| pretty_name: The Kerne Honesty Index |
| tags: |
| - finance |
| - stablecoins |
| - defi |
| - ethereum |
| - yield |
| - erc-4626 |
| - onchain |
| - transparency |
| size_categories: |
| - 1K<n<10K |
| source_datasets: |
| - original |
| task_categories: |
| - tabular-regression |
| - time-series-forecasting |
| annotations_creators: |
| - expert-generated |
| configs: |
| - config_name: current |
| default: true |
| data_files: |
| - split: train |
| path: data/current.csv |
| - config_name: history |
| data_files: |
| - split: train |
| path: data/history.csv |
| --- |
| |
| # The Kerne Honesty Index |
|
|
| **What each synthetic dollar advertises, next to what it actually paid.** |
|
|
| Advertised APY versus realized APY for 21 synthetic dollar vaults, recomputed hourly from |
| ERC-4626 share price growth on chain, and signed. |
|
|
| The realized column is not taken from anybody's dashboard. It is measured directly from the vault |
| contract: `convertToAssets(10**decimals)` read at two block heights, divided by `10**asset_decimals`, |
| annualized over the real elapsed time between those two blocks. Every row is reproducible by anyone |
| with an archive RPC endpoint and the block numbers in this file. |
|
|
| - **Live feed (free, ungated, CORS open):** <https://kerne.fi/api/honesty-index> |
| - **Rendered board:** <https://kerne.fi/honesty-index> |
| - **Methodology:** <https://kerne.fi/honesty-index#methodology> |
| - **Snapshot in this release:** `2026-08-16T06:37:15.043Z` |
|
|
| ## Why this exists |
|
|
| A protocol's advertised rate and the rate its holders actually received are different numbers, and |
| almost nobody publishes both. This dataset publishes both, for a category where the difference is |
| material, on one fixed method applied identically to every row **including the publisher's own**. |
|
|
| Kerne Protocol builds and operates this index and is also **row `kerne-skusd` in it**, measured on |
| exactly the same terms as everyone else. In this snapshot Kerne is the worst row on this board on both axes, delivery ratio and absolute gap. That is not a |
| disclaimer bolted onto the bottom of a marketing page: the flags behind that sentence are computed |
| from the data on every build, so the claim changes by itself when the fact does. |
|
|
| ## The board in this snapshot |
|
|
| Gap is **advertised minus realized, in percentage points**, so a positive gap is a shortfall. |
| Delivery is **realized as a percentage of advertised**, so 100 means a protocol paid exactly what it |
| said. |
|
|
| | Protocol | Vault | Chain | Status | Comparability | Gap (pp) | Delivery (%) | |
| |---|---|---|---|---|---|---| |
| | Kerne | `skUSD` | base | live | direct | 4.91 | 0.0 | |
| | Aegis | `sYUSD` | ethereum | live | different-window | (not stated) | (not stated) | |
| | Avant | `savUSD` | avalanche | live | different-window | (not stated) | (not stated) | |
| | Cap | `stcUSD` | ethereum | live | different-window | (not stated) | (not stated) | |
| | Curve | `scrvUSD` | ethereum | live | different-window | (not stated) | (not stated) | |
| | Ethena | `sUSDe` | ethereum | live | direct | -0.05 | 101.3 | |
| | Falcon Finance | `sUSDf` | ethereum | live | different-window | (not stated) | (not stated) | |
| | Frax | `sfrxUSD` | ethereum | live | direct | 0.00 | 100.0 | |
| | Maple | `syrupUSDC` | ethereum | live | context-only | (not stated) | (not stated) | |
| | Maple | `syrupUSDT` | ethereum | live | context-only | (not stated) | (not stated) | |
| | Neutrl | `sNUSD` | ethereum | live | direct | -0.01 | 100.3 | |
| | Noon | `sUSN` | ethereum | live | direct | 0.16 | 98.0 | |
| | Sky | `sUSDS` | ethereum | live | direct | -0.02 | 100.5 | |
| | Spark | `sUSDC` | ethereum | live | direct | -0.02 | 100.5 | |
| | Tori | `strUSD` | ethereum | live | different-window | (not stated) | (not stated) | |
| | Usual | `sUSD0` | ethereum | live | context-only | (not stated) | (not stated) | |
| | Stables Labs | `sUSDX` | ethereum | dormant | context-only | (not stated) | (not stated) | |
| | Resolv | `wstUSR` | ethereum | recovery | context-only | (not stated) | (not stated) | |
| | YieldFi | `yUSD` | ethereum | recovery | context-only | (not stated) | (not stated) | |
| | Elixir | `sdeUSD` | ethereum | wind-down | context-only | (not stated) | (not stated) | |
| | Level | `slvlUSD` | ethereum | wind-down | context-only | (not stated) | (not stated) | |
|
|
| Of 21 rows, **7 state a gap**, **6 publish a figure this dataset declines to compare**, and |
| **8 publish no yield figure at all**. |
|
|
| ## The most important rule in this dataset: a blank is not a zero |
|
|
| `gap_pp` and the delivery ratio are **empty, never zero**, wherever the method is not entitled to |
| state one. A zero would read as "advertised and realized agree exactly" about a company that simply |
| publishes on a different window, which is the single most damaging thing this file could assert |
| about a named third party. |
|
|
| A gap is stated only when the advertised figure is directly comparable to a 30 day realized window: |
|
|
| | `advertised_basis` | `comparability` | Gap stated? | |
| |---|---|---| |
| | `modeled` | `direct` | yes | |
| | `trailing-30d` | `direct` | yes | |
| | `spot` | `direct` | yes, a governance set spot rate is stable over the window | |
| | `trailing-7d` | `different-window` | **no**, both figures are shown and no gap is manufactured | |
| | `inception-to-date` | `context-only` | **no**, a since inception average is not what a holder earns today | |
| | (nothing published) | `context-only` | **no** | |
|
|
| Several protocols publish more than one figure. The picker takes the **comparable** one, not the |
| largest and not the most flattering. Ranking this board by each protocol's highest advertised number |
| produces a different and wrong ordering, and the `comparability` column is here so that a consumer |
| cannot reproduce that mistake by accident. |
|
|
| Delivery is gated on the identical rule: where no gap may be stated, no ratio is published either. |
|
|
| ## If one of these rows is yours |
|
|
| Everything above is free, and stays free whether or not anybody ever buys anything. Nothing on this |
| board is for sale: no row moves for money, no row is added or removed for money, and the method is |
| the same one applied to the publisher's own row. That is the boundary, and this section is the only |
| commercial passage in this file. |
|
|
| There is a longer version of this measurement that a protocol can commission **about itself**. Every |
| non-Kerne row has a scoped landing page, reached by appending its `key` from the table above: |
|
|
| https://kerne.fi/disclosure-audit?row=<key>&src=hf |
| |
| The keys below are picked out of **this snapshot**, closest to exact delivery first, rather |
| than typed into this file. Today the rows landing nearest their own advertised rate are: |
|
|
| - **Frax `sfrxUSD`**, delivering 100.0 percent of its own advertised rate: <https://kerne.fi/disclosure-audit?row=frax-sfrxusd&src=hf> |
| - **Neutrl `sNUSD`**, delivering 100.3 percent of its own advertised rate: <https://kerne.fi/disclosure-audit?row=neutrl-snusd&src=hf> |
|
|
| **What it is:** a Disclosure Integrity Audit, 499 US dollars flat, one report inside 72 hours of |
| scope confirmation, commissioned by the protocol being reviewed and delivered privately to it. It |
| reviews whether your public claims match your chain on three axes: advertised against realized yield |
| (the method in this dataset, run properly over your whole surface rather than one vault), the |
| addresses and figures in your documentation against the live registry, and your oracle and |
| attestation posture. It ends in an EIP-191 signed findings summary you are free to publish or to |
| never mention again. |
|
|
| **What it is not:** it is disclosure review, not a security audit and not assurance. It certifies |
| nothing about your security, your solvency or your compliance, and it is not a rating. Full scope, |
| terms and the checkout: <https://kerne.fi/disclosure-audit> |
|
|
| ## Files |
|
|
| | Path | Rows | What it is | |
| |---|---|---| |
| | `data/current.csv` | 21 | The board at snapshot time, one line per vault, 37 columns. | |
| | `data/history.csv` | 6558 | The realized series, one line per vault per hourly read, 6 columns. | |
| | `snapshot/honesty-index-api-response.json` | - | The signed snapshot, so the signature can be checked against these exact bytes. | |
| | `verify.py` | - | Independent verification: recomputes the attestation hash, recovers the signer, and cross checks the CSV. | |
|
|
| ### `data/current.csv` columns |
|
|
| `key`, `protocol`, `symbol`, `chain`, `vault_address`, `status`, `advertised_pct`, `advertised_label`, `advertised_basis`, `advertised_captured_at`, `advertised_source_url`, `advertised_verbatim`, `comparability`, `gap_pp`, `realized_ok`, `realized_apy_pct`, `realized_reason`, `share_price_from`, `share_price_to`, `share_price_growth_pct`, `from_block`, `to_block`, `from_ts_utc`, `to_ts_utc`, `elapsed_seconds`, `realized_window_days`, `window_clamped`, `total_assets`, `total_supply`, `asset_symbol`, `is_kerne`, `permalink`, `badge_svg`, `snapshot_generated_at`, `snapshot_window_days`, `snapshot_signer`, `snapshot_attestation_hash` |
|
|
| Column order is **frozen**. New columns are appended at the end and existing ones are never moved or |
| renamed, because somebody will index by position no matter how loudly a README says not to. |
|
|
| ### `data/history.csv` columns |
|
|
| `read_at_utc`, `read_at_unix`, `row_key`, `protocol`, `symbol`, `realized_apy_pct` |
|
|
| The series in this release runs **2026-08-01T00:37:16.000Z** to **2026-08-16T06:37:15.000Z**: 6558 entries |
| across **368 hourly reads**. One entry is one vault in one read, so entries are not hours and |
| this file is not as deep as its line count suggests. An earlier archive of the same series exists, |
| predates a storage migration, and is not in this release; it will be merged when it becomes readable |
| again. Nothing here should be read as a claim to depth this file does not have. |
|
|
| ## Provenance of every column |
|
|
| **Realized figures** (`realized_apy_pct`, `share_price_from`, `share_price_to`, `from_block`, |
| `to_block`, `total_assets`, `total_supply`): read directly from the vault contract at the two block |
| heights named in the row, over public archive RPC. Reproducible by anyone. This is the column this |
| project exists to produce. |
|
|
| **Advertised figures** (`advertised_pct`, `advertised_label`, `advertised_basis`, |
| `advertised_captured_at`, `advertised_source_url`, `advertised_verbatim`): read off the public |
| surface named in `advertised_source_url` on the date in `advertised_captured_at`. In most rows that |
| surface is the issuer's own site, app or public API; where it is not, it is the public data endpoint |
| that the issuer's own information site is itself built on, and the URL says so plainly rather than |
| being laundered into a claim that the issuer published it directly. `advertised_verbatim` carries |
| the short factual snippet exactly as that surface rendered it, so a reader can check that the figure |
| was not paraphrased into something the issuer never said. Where an issuer publishes no figure the |
| field is empty and no figure is invented. |
|
|
| **Advertised figures are captured periodically, not hourly**, so `advertised_captured_at` will |
| normally be older than `snapshot_generated_at`. Both dates are in every row, so the lag is visible |
| rather than hidden. |
|
|
| **Status** (`live`, `recovery`, `wind-down`, `dormant`): `wind-down` is used only where the issuer |
| itself announced one. `dormant` exists precisely so that a vault whose accrual has stopped with |
| nothing announced is not labelled with a decision its issuer never made. Read the delivery ratio |
| beside this column: a protocol in an announced wind down paying nothing is behaving correctly. |
|
|
| ## Verification |
|
|
| Each snapshot is signed. `attestation_hash` is `"0x" + sha256(utf8(signed_payload_canonical))` and |
| `signature` is an EIP-191 `personal_sign` over the raw 32 bytes of that hash. |
|
|
| - **Signing key (public address):** `0x84949170e0ad0f9bd8686a4aa4922c10f5fdc4ea` |
| - **This snapshot's attestation hash:** `0x2329b7206cbc669ff74262160ddc2b6692b3f3d0abdb8748ea2139ad82141c16` |
|
|
| Hash the published `signed_payload_canonical` string **bytes**. Do not re-serialize the JSON: any |
| re-serialization changes key order or spacing and the hash will not match. That is the check |
| working, not a bug. Run `verify.py` in this repo to check the hash, the recovered signer, and that |
| the CSV describes the same snapshot as the JSON. |
|
|
| The signature covers the snapshot rows. Any `delivery` and `cite` blocks served by the live API sit |
| **outside** the signed payload on purpose, because they are arithmetic on numbers already inside it |
| and must not appear to be attested by the signature. |
|
|
| ## Update cadence, and which copy wins |
|
|
| The upstream collector runs **hourly** and writes a fresh signed snapshot. `window_days` is |
| `30`. |
|
|
| **This copy is a lagging mirror and is refreshed on a schedule.** When it disagrees with |
| <https://kerne.fi/api/honesty-index>, which is always current, free and needs no key, **the live endpoint is |
| correct and this file is stale**. Check `generated_at` in |
| `snapshot/honesty-index-api-response.json` before using this copy for anything time sensitive, and |
| cite the live endpoint rather than this mirror. |
|
|
| ## Limits, stated plainly |
|
|
| - **The roster is not the category.** It covers vaults that are readable ERC-4626 contracts on |
| chains this collector supports. Protocols that are not ERC-4626, or that live on chains not yet |
| wired up, are absent, and absence is not a judgment. The full coverage limits are published on |
| the rendered board: <https://kerne.fi/honesty-index#methodology> |
| - **A 30 day realized window is a choice.** Long enough to survive a bad day, short enough to |
| describe the present. It is not the only defensible window, and it is why the trailing-7d |
| publishers get no gap here. |
| - **This is a measurement, not a rating and not a grade.** There are deliberately no letters, no |
| scores and no rankings of companies in this file. A low delivery ratio is not by itself evidence |
| of dishonesty; read it beside `status`. |
| - **Not investment advice.** Nothing here is a recommendation to buy, hold or redeem anything. |
|
|
| ## Licence and attribution |
|
|
| The compilation, the schema, and every figure Kerne computed (the realized columns and everything |
| derived from them) are released under **Creative Commons Attribution 4.0 International (CC BY 4.0)**. |
| Attribute to *The Kerne Honesty Index, Kerne Protocol*, with a link to <https://kerne.fi/honesty-index>. |
|
|
| Two carve outs, stated so that reuse is safe: |
|
|
| 1. **`advertised_verbatim` is quotation, not Kerne's work.** Each value is a short factual snippet |
| reproduced from the third party surface named in `advertised_source_url`, so that a reader can |
| verify the advertised figure is reported accurately. Kerne asserts no ownership of those snippets |
| and grants no rights in them. They are factual matter, quoted with attribution and a date, and |
| each is a handful of words. |
| 2. **Protocol names, token symbols and marks belong to their owners.** They appear here as |
| nominative references identifying the product being measured. Their presence is neither an |
| endorsement by them of this dataset nor a claim by Kerne of any affiliation. |
| |
| If you are one of the issuers listed and something in your row is wrong, the correction path is |
| public and the row will be fixed: <https://kerne.fi/honesty-index> |
| |
| ## Citation |
| |
| ```bibtex |
| @misc{kerne_honesty_index, |
| title = {The Kerne Honesty Index: advertised versus realized APY for synthetic dollars}, |
| author = {{Kerne Protocol}}, |
| year = {2026}, |
| howpublished = {\url{https://huggingface.co/datasets/kerne-protocol/honesty-index}}, |
| note = {Snapshot 2026-08-16T06:37:15.043Z, attestation 0x2329b7206cbc669ff74262160ddc2b6692b3f3d0abdb8748ea2139ad82141c16} |
| } |
| ``` |
| |
