{
  "generated_at": "2026-07-28T08:31:10.036689+00:00",
  "unix_timestamp": 1785227470,
  "block_heights": {
    "base": 49219061
  },
  "chains": [
    {
      "chain_id": 8453,
      "chain_name": "Base Mainnet",
      "vault_address": "0x8ccc56B5624e2FDB592F6609d81F4c3798e3292B",
      "total_assets_wei": 14183947753451624,
      "total_assets_eth": 0.014183947753451625,
      "total_supply_wei": 0,
      "total_supply_eth": 0.0,
      "solvency_ratio": 1.0,
      "rpc_healthy": true,
      "timestamp": 1785227470,
      "eth_exposed_eth": 0.0,
      "eth_exposed_complete": true
    }
  ],
  "total_onchain_assets_eth": 0.01418395,
  "total_onchain_liabilities_eth": 0.0,
  "offchain_venue": "Hyperliquid",
  "offchain_equity_usd": 26.63,
  "offchain_equity_eth_equiv": 0.00807038,
  "offchain_net_delta": 0.405345,
  "offchain_short_position_eth": 0.0079,
  "total_assets_eth": 0.01418395,
  "total_liabilities_eth": 0.0,
  "aggregate_solvency_ratio": 1.001059,
  "is_solvent": true,
  "delta_neutral": false,
  "delta_neutral_state": "measured",
  "attestation_hash": "0x1b28486a7b4a55eb5413a84a72ce1688398ec6e39bf11bc3454508a8c75821e5",
  "signature": "0x098170a0f800275a3eaf1d8d768d1bf36143e1383e7aa94eed4370fed16ad2c57f51e9b25caa40119c68abbd3be1796b977e720c160310684bb6915ca405d8f21c",
  "signer": "0x09a2780ac8Be6D5d2d1F85A8D92b09D40C9CA37e",
  "status": "WARNING_DELTA",
  "signed_payload_canonical": "{\"aggregate_collateral_usd\":1140.59,\"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\":1.025056,\"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\":1785227470,\"total_assets_eth\":0.014183947753451625,\"total_assets_wei\":14183947753451624,\"total_supply_eth\":0.0,\"total_supply_wei\":0,\"vault_address\":\"0x8ccc56B5624e2FDB592F6609d81F4c3798e3292B\"}],\"delta_neutral\":false,\"delta_neutral_state\":\"measured\",\"eth_price_usd\":1882.55,\"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\":0.00562139,\"hedge_base_vault_exposed_eth\":0.0,\"hedge_base_verified\":true,\"hedge_base_watch_only_addresses\":[\"0x14f04cE02f35B29Af564A98544dD7e2393993946\"],\"hedge_base_watch_only_eth\":0.00562139,\"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\":0.00807038,\"equity_usd\":26.632254,\"net_delta\":0.405345466425028,\"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\":\"WARNING_DELTA\",\"status_explanation\":\"This is a hedge-tracking flag, NOT a solvency failure and NOT a backing shortfall. It fires when the measured hedge book deviates from its declared base by more than the published tolerance of 5 percent. Backing is reported independently in the same payload: read psm_solvent, psm_solvency_ratio and aggregate_solvency_usd_ratio, and note that aggregate collateral can exceed liabilities while this flag is set. Kerne publishes this flag rather than suppressing it, so seeing it here is the disclosure working, not the protocol failing.\",\"timestamp\":1785227470,\"total_assets_eth\":0.01418395,\"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": 1140.59,
  "aggregate_liabilities_usd": 1112.71,
  "aggregate_solvency_usd_ratio": 1.025056,
  "eth_price_usd": 1882.55,
  "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": 0.00562139,
  "hedge_base_vault_exposed_eth": 0.0,
  "hedge_base_watch_only_eth": 0.00562139,
  "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": "This is a hedge-tracking flag, NOT a solvency failure and NOT a backing shortfall. It fires when the measured hedge book deviates from its declared base by more than the published tolerance of 5 percent. Backing is reported independently in the same payload: read psm_solvent, psm_solvency_ratio and aggregate_solvency_usd_ratio, and note that aggregate collateral can exceed liabilities while this flag is set. Kerne publishes this flag rather than suppressing it, so seeing it here is the disclosure working, not the protocol failing.",
  "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
}