--- 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 - **Rendered board:** - **Methodology:** - **Snapshot in this release:** `2026-08-14T06:37:15.328Z` ## 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 | 4.98 | 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 | -0.03 | 100.7 | | Falcon Finance | `sUSDf` | ethereum | live | different-window | (not stated) | (not stated) | | Frax | `sfrxUSD` | ethereum | live | direct | 0.01 | 99.7 | | 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 | 100.2 | | Noon | `sUSN` | ethereum | live | direct | 0.14 | 98.3 | | Sky | `sUSDS` | ethereum | live | direct | -0.02 | 100.6 | | Spark | `sUSDC` | ethereum | live | direct | -0.02 | 100.6 | | 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=&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: - **Neutrl `sNUSD`**, delivering 100.2 percent of its own advertised rate: - **Frax `sfrxUSD`**, delivering 99.7 percent of its own advertised rate: **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: ## Files | Path | Rows | What it is | |---|---|---| | `data/current.csv` | 21 | The board at snapshot time, one line per vault, 37 columns. | | `data/history.csv` | 5550 | 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 **2026-08-14T06:37:15.000Z**: 5550 entries across **320 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:** `0xb2eeab6d735d4fda41759f9ec9a89fc8f80b4cfc9068140175905748709be187` 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 , 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: - **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 . 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: ## 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 2026-08-14T06:37:15.328Z, attestation 0xb2eeab6d735d4fda41759f9ec9a89fc8f80b4cfc9068140175905748709be187} } ```