{
  "generated_at": "2026-07-26T16:29:55.458946+00:00",
  "unix_timestamp": 1785083395,
  "block_heights": {
    "base": 49147024
  },
  "chains": [
    {
      "chain_id": 8453,
      "chain_name": "Base Mainnet",
      "vault_address": "0x8ccc56B5624e2FDB592F6609d81F4c3798e3292B",
      "total_assets_wei": 14097757930723770,
      "total_assets_eth": 0.01409775793072377,
      "total_supply_wei": 0,
      "total_supply_eth": 0.0,
      "solvency_ratio": 1.0,
      "rpc_healthy": true,
      "timestamp": 1785083395,
      "eth_exposed_eth": 0.0,
      "eth_exposed_complete": true
    }
  ],
  "total_onchain_assets_eth": 0.01409776,
  "total_onchain_liabilities_eth": 0.0,
  "offchain_venue": "Hyperliquid",
  "offchain_equity_usd": 26.33,
  "offchain_equity_eth_equiv": 0.00798007,
  "offchain_net_delta": 0.002721,
  "offchain_short_position_eth": 0.0079,
  "total_assets_eth": 0.01409776,
  "total_liabilities_eth": 0.0,
  "aggregate_solvency_ratio": 1.001059,
  "is_solvent": true,
  "delta_neutral": true,
  "delta_neutral_state": "measured",
  "attestation_hash": "0x17b915e3e2648abc108de4768e469edb5c65b978901edc8bfa521e1116c340e2",
  "signature": "0x55a4e917d1243115a2c4ed4172608034076634cf66cac0a0456915a25d74975c6e3a8c0380774c41f1e6dad967c078adab5b662a5974839fe1e6f553d371d75b1c",
  "signer": "0x09a2780ac8Be6D5d2d1F85A8D92b09D40C9CA37e",
  "status": "SOLVENT",
  "signed_payload_canonical": "{\"aggregate_collateral_usd\":1140.87,\"aggregate_liabilities_usd\":1112.71,\"aggregate_solvency_ratio\":1.001059,\"aggregate_solvency_ratio_basis\":\"psm_usdc_reserve / outstanding_kusd (kUSD stablecoin backing). The pre-v4 vault-share basis is published unchanged in legacy_vault_share_solvency_ratio; see known_issue_vault_v1.\",\"aggregate_solvency_usd_ratio\":1.025307,\"chains\":[{\"chain_id\":8453,\"chain_name\":\"Base Mainnet\",\"eth_exposed_complete\":true,\"eth_exposed_eth\":0.0,\"rpc_healthy\":true,\"solvency_ratio\":1.0,\"timestamp\":1785083395,\"total_assets_eth\":0.01409775793072377,\"total_assets_wei\":14097757930723770,\"total_supply_eth\":0.0,\"total_supply_wei\":0,\"vault_address\":\"0x8ccc56B5624e2FDB592F6609d81F4c3798e3292B\"}],\"delta_neutral\":true,\"delta_neutral_state\":\"measured\",\"eth_price_usd\":1913.9,\"hedge_base_basis\":\"net_delta = abs(1 - offchain.short_position_eth / hedge_base_eth), where hedge_base_eth = hedge_base_vault_exposed_eth + hedge_base_watch_only_eth. The vault leg is the ETH-price-exposed slice of the attested vault (totalAssets minus offChainAssets, l1Assets and hedgingReserve); it is 0.0 while the attested vault holds no user deposits. The watch-only leg is the disclosed, founder-custodied float the hedge engine sizes its Hyperliquid short against (bot WATCH_ONLY_ADDRESSES with HEDGE_INCLUDE_WATCH_ONLY, a read-only balance feed of native ETH plus WETH on Base). That float is NOT protocol collateral: it backs no kUSD, is excluded from every solvency ratio in this payload, and is published in advance under the Seed TVL policy at kerne.fi/api/por under reserves.protocolOwnedReserves.components.founderWatchOnlyFloat. It enters this attestation only as the denominator of the delta measurement. Before schema v6 this bot divided the short by the attested vault leg alone, which is 0.0, so a correctly sized hedge was scored as fully directional (net_delta 1.0) and published a signed WARNING_DELTA while the unsigned /api/por and the daily report both measured the same book as flat. Anyone can reproduce the denominator: the addresses are listed in hedge_base_watch_only_addresses and the balances are public reads.\",\"hedge_base_eth\":0.00792155,\"hedge_base_vault_exposed_eth\":0.0,\"hedge_base_verified\":true,\"hedge_base_watch_only_addresses\":[\"0x14f04cE02f35B29Af564A98544dD7e2393993946\"],\"hedge_base_watch_only_eth\":0.00792155,\"hedge_base_watch_only_included\":true,\"insurance_fund_usd\":0.0,\"insurance_fund_usdc\":0.0,\"insurance_fund_weth\":0.0,\"is_solvent_resolved\":true,\"kusd_total_supply\":1144.707154,\"legacy_vault_share_solvency_ratio\":999999.0,\"offchain\":{\"available\":true,\"equity_eth_equiv\":0.00798007181818182,\"equity_usd\":26.334237,\"net_delta\":0.002720631213908864,\"position_stale\":false,\"short_position_eth\":0.0079,\"venue\":\"Hyperliquid\"},\"outstanding_kusd\":1112.707154,\"psm_kusd_held\":32.0,\"psm_reads_available\":true,\"psm_solvency_ratio\":1.001059,\"psm_solvent\":true,\"psm_usdc_reserve\":1113.885006,\"retired_vault_v1\":{\"address\":\"0x8005bc7A86AD904C20fd62788ABED7546c1cF2AC\",\"attested_in_this_payload\":false,\"explanation\":\"KerneVault v1 is retired and carries a phantom totalSupply on the order of 4.87e36 kLP from the bucket-transition asymmetry documented in ADVERSARIAL_AUDIT_2026-05-08 section 1.3. It holds no user deposits and backs no kUSD. It is NOT the vault attested above: this attestation reads the live KerneVault v2 at the address in chains[].vault_address. v1 is named here because kerne.fi/api/stats still publishes it as vaultAddress with state 'live-vault-degraded' and vaultDegraded true. That endpoint and this one are consistent and describe different vaults: the app deliberately still points at v1 with deposits hard-closed until the final audit report publishes, while this attestation covers v2. Neither field is a backing signal. kUSD backing is the PSM ratio published above as psm_solvency_ratio.\",\"public_deposits\":\"closed\",\"reconciles_with\":\"https://kerne.fi/api/stats\",\"state\":\"degraded_phantom_total_supply\"},\"safe_usd\":0.0,\"safe_usdc\":0.0,\"safe_weth\":0.0,\"schema_version\":6,\"solvency_ratio\":999999.0,\"status\":\"SOLVENT\",\"status_explanation\":\"kUSD is fully backed by the PSM USDC reserves and the hedge book was measured this cycle and tracks its declared base inside tolerance.\",\"timestamp\":1785083395,\"total_assets_eth\":0.01409776,\"total_liabilities_eth\":0.0,\"treasury_usd\":0.0,\"treasury_usdc\":0.0,\"treasury_weth\":0.0,\"vault_v1_degraded_known\":false,\"vault_v1_degraded_known_basis\":\"Computed ONLY over the vault or vaults attested in chains[] above, by testing their combined share totalSupply against a phantom-supply threshold. It reads false here because the attested vault is KerneVault v2, which has a clean zero share supply. It is NOT a claim that the retired v1 vault is healthy. v1 IS degraded, is not attested in this payload, and is disclosed under retired_vault_v1.\"}",
  "vault_v1_degraded_known": false,
  "psm_reads_available": true,
  "kusd_total_supply": 1144.707154,
  "psm_usdc_reserve": 1113.885006,
  "psm_kusd_held": 32.0,
  "outstanding_kusd": 1112.707154,
  "psm_solvent": true,
  "psm_solvency_ratio": 1.001059,
  "insurance_fund_usdc": 0.0,
  "insurance_fund_weth": 0.0,
  "insurance_fund_usd": 0.0,
  "treasury_usdc": 0.0,
  "treasury_weth": 0.0,
  "treasury_usd": 0.0,
  "safe_usdc": 0.0,
  "safe_weth": 0.0,
  "safe_usd": 0.0,
  "aggregate_collateral_usd": 1140.87,
  "aggregate_liabilities_usd": 1112.71,
  "aggregate_solvency_usd_ratio": 1.025307,
  "eth_price_usd": 1913.9,
  "aggregate_solvency_ratio_basis": "psm_usdc_reserve / outstanding_kusd (kUSD stablecoin backing). The pre-v4 vault-share basis is published unchanged in legacy_vault_share_solvency_ratio; see known_issue_vault_v1.",
  "legacy_vault_share_solvency_ratio": 999999.0,
  "known_issue_vault_v1": {},
  "hedge_base_eth": 0.00792155,
  "hedge_base_vault_exposed_eth": 0.0,
  "hedge_base_watch_only_eth": 0.00792155,
  "hedge_base_watch_only_addresses": [
    "0x14f04cE02f35B29Af564A98544dD7e2393993946"
  ],
  "hedge_base_watch_only_included": true,
  "hedge_base_verified": true,
  "hedge_base_basis": "net_delta = abs(1 - offchain.short_position_eth / hedge_base_eth), where hedge_base_eth = hedge_base_vault_exposed_eth + hedge_base_watch_only_eth. The vault leg is the ETH-price-exposed slice of the attested vault (totalAssets minus offChainAssets, l1Assets and hedgingReserve); it is 0.0 while the attested vault holds no user deposits. The watch-only leg is the disclosed, founder-custodied float the hedge engine sizes its Hyperliquid short against (bot WATCH_ONLY_ADDRESSES with HEDGE_INCLUDE_WATCH_ONLY, a read-only balance feed of native ETH plus WETH on Base). That float is NOT protocol collateral: it backs no kUSD, is excluded from every solvency ratio in this payload, and is published in advance under the Seed TVL policy at kerne.fi/api/por under reserves.protocolOwnedReserves.components.founderWatchOnlyFloat. It enters this attestation only as the denominator of the delta measurement. Before schema v6 this bot divided the short by the attested vault leg alone, which is 0.0, so a correctly sized hedge was scored as fully directional (net_delta 1.0) and published a signed WARNING_DELTA while the unsigned /api/por and the daily report both measured the same book as flat. Anyone can reproduce the denominator: the addresses are listed in hedge_base_watch_only_addresses and the balances are public reads.",
  "status_explanation": "kUSD is fully backed by the PSM USDC reserves and the hedge book was measured this cycle and tracks its declared base inside tolerance.",
  "vault_v1_degraded_known_basis": "Computed ONLY over the vault or vaults attested in chains[] above, by testing their combined share totalSupply against a phantom-supply threshold. It reads false here because the attested vault is KerneVault v2, which has a clean zero share supply. It is NOT a claim that the retired v1 vault is healthy. v1 IS degraded, is not attested in this payload, and is disclosed under retired_vault_v1.",
  "retired_vault_v1": {
    "address": "0x8005bc7A86AD904C20fd62788ABED7546c1cF2AC",
    "state": "degraded_phantom_total_supply",
    "attested_in_this_payload": false,
    "public_deposits": "closed",
    "explanation": "KerneVault v1 is retired and carries a phantom totalSupply on the order of 4.87e36 kLP from the bucket-transition asymmetry documented in ADVERSARIAL_AUDIT_2026-05-08 section 1.3. It holds no user deposits and backs no kUSD. It is NOT the vault attested above: this attestation reads the live KerneVault v2 at the address in chains[].vault_address. v1 is named here because kerne.fi/api/stats still publishes it as vaultAddress with state 'live-vault-degraded' and vaultDegraded true. That endpoint and this one are consistent and describe different vaults: the app deliberately still points at v1 with deposits hard-closed until the final audit report publishes, while this attestation covers v2. Neither field is a backing signal. kUSD backing is the PSM ratio published above as psm_solvency_ratio.",
    "reconciles_with": "https://kerne.fi/api/stats"
  },
  "notes": [],
  "schema_version": 6
}