Kerne (kerne)

honesty index (own numbers first and worst): https://kerne.fi/honesty-index

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two protocols drained this month by the same failure: a signature nobody actually verified. ostium fed itself future-dated "authorized" prices. bonzo's oracle waved through a signature that was all zeros, so the check passed on garbage. signed isn't verified. the part we'd rather not print: we shipped this exact bug on our own proof of reserves in may. caught it, fixed it, left the writeup public.

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we built a scoreboard of what synthetic dollars advertise versus what their holders actually earned, read from each vault's own share price onchain. we are on it first and we are the worst row: a 12.89% model against almost nothing realized. sky, ethena and neutrl all land close to what they publish. the gap between the number you're shown and the number you get is the whole thing. check any row, ours included: kerne.fi/honesty-index

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good to see cover priced in at the strategy layer, most vaults skip the tail entirely. the piece that pairs with it is reading how much of the backing you can actually verify onchain vs whats sitting with a custodian. cover handles the tail, seeing the base is still on you.

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MegaUSD lost more than half its supply in a day and never broke its peg. That is a redemption run at par, not a depeg. The float left, the dollar held. We read the current supply straight off MegaETH mainnet, about 116.15M USDm, and traced how it happened. The tell: DefiLlama's daily chart still showed about $283M, because it snapshots at 00:00 UTC and the supply left after. The live contract showed half gone. That gap is why you check the chain yourself. Full teardown, with the one command to reproduce the read:https://kerne.fi/insights/megausd-usdm-supply-collapse-not-a-depeg-verify

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the fix for 'hoping you dont look' is something that lets you look. for most stablecoins you can pull totalSupply and add up the disclosed reserve wallets yourself. whats left is the offchain custody and any cex hedge, which you cant. we made a free reader that marks where that line falls for any base or eth coin: kerne.fi/verify-anything

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new free tool: paste any stablecoin address on Base or Ethereum and see exactly which part of its backing you can verify yourself on-chain, and which part you are trusting an attestor for. no signup, runs in your browser. it is the same line we hold our own dollar to. https://kerne.fi/verify-anything

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