kerne-protocol/solana-yield-honesty

Solana Honesty Index

What each Solana stablecoin product says it pays, next to what it actually paid, measured from a share price rather than from a claim.

Snapshot generated 2026-08-09T07:41:35.073Z. Window 30 days. 7 products tracked, 7 comparable, 0 published but not comparable. Realized figures: 5 by issuer_share_price_history, 2 by thirdparty_rate_series.

product	advertised	realized	gap	delivered	realized method
Kamino Lend USDC (Main market)	3.9808	4.106	-0.1252	103.15	issuer_share_price_history
Kamino Lend USDG (Main market)	2.4888	2.8851	-0.3963	115.92	issuer_share_price_history
Kamino Lend PYUSD (Main market)	4.9498	4.7203	0.2295	95.36	issuer_share_price_history
Kamino Lend USDT (Main market)	2.6844	3.6387	-0.9543	135.55	issuer_share_price_history
Kamino Lend USDS (Main market)	3.9425	4.2987	-0.3562	109.04	issuer_share_price_history
Save USDC (Main pool)	2.53	2.3633	0.1667	93.41	thirdparty_rate_series
Save USDT (Main pool)	1.43	1.3903	0.0397	97.23	thirdparty_rate_series

The widest gap in this snapshot belongs to kamino-lend-pyusd, at 0.23 percent.

Read the gap column with this next to it

A lending reserve's advertised supply APY is an instantaneous rate set by utilisation, not a forecast and not a trailing average. On a reserve sitting near a kink in its own rate curve, that number moves by multiples within a single day while the realized 30 day figure moves by hundredths of a point. Subtracting a 30 day realized figure from one spot reading therefore measures when the collector ran at least as much as it measures the product.

This is not hypothetical and it is not somebody else's mistake. This project reported a 2.32 point gap on Kamino's PYUSD reserve on 2026-08-04 and a gap of the opposite sign on the same reserve three days later, and very nearly published the first one as a finding. So every row that can support it now carries the distribution its spot reading was drawn from:

product	advertised now	advertised min	median	max	range	spot percentile	gap vs median
Kamino Lend USDC (Main market)	3.9808	3.2082	3.8536	24.3491	7.59x	54.8	-0.2524
Kamino Lend USDG (Main market)	2.4888	1.8958	2.4842	11.7439	6.19x	51.6	-0.4009
Kamino Lend PYUSD (Main market)	4.9498	1.3223	4.016	24.3431	18.41x	79.9	-0.7043
Kamino Lend USDT (Main market)	2.6844	2.2113	3.7693	4.2655	1.93x	8.4	0.1306
Kamino Lend USDS (Main market)	3.9425	3.3428	4.2785	4.7902	1.43x	8.8	-0.0202
Save USDC (Main pool)	2.53	not published	not published	not published	n/a	n/a	n/a
Save USDT (Main pool)	1.43	not published	not published	not published	n/a	n/a	n/a

Widest range in this snapshot: kamino-lend-pyusd, whose advertised figure ran from 1.32 percent to 24.34 percent over the window, a factor of 18.41.

3 row(s) in this snapshot were captured outside the middle half of their own recent range (kamino-lend-pyusd, kamino-lend-usdt, kamino-lend-usds). For those rows, prefer gap_vs_median_pct over gap_pct.

gap_vs_median_pct is the same subtraction done against the median of the advertised figure's own published history rather than against one reading of it. Where both exist, it is the more honest number, and it is the one to quote.

How realized is measured

A share price is the only measure of a yield product a holder cannot be talked out of. It moves when value lands and it does not move when value does not.

Solana has no ERC-4626, so there is no single call that returns a share price across products. Each adapter is responsible for producing a series of { timestampSeconds, pricePerShare } and everything after that is one piece of arithmetic applied identically to every row:

annualized = ((ppsTo / ppsFrom) ^ (365 / days) - 1) * 100

The realized_method column says how each row's series was obtained, and the three values are not equally strong:

• onchain_share_price reads the protocol's own account data over plain JSON-RPC and derives the share price ourselves.
• issuer_share_price_history uses a share price series the issuer publishes.
• thirdparty_rate_series is the weakest, a time weighted mean of a third party's daily rate observations, used only where no share price series exists yet. A row on this method has not been independently measured, and it says so.

The comparability gate

A protocol quoting a since inception average is not answering the same question as a protocol quoting what a holder earns today. Ranking a board by whichever number is largest on each protocol's own page produces a ranking of marketing copy, so this dataset refuses to do it.

An advertised figure is compared only when its basis is spot-apy or trailing-30d. Everything else is still published, with the reason it was not compared in the reason column. Where a protocol publishes several comparable figures, the most conservative one is used, never the largest, so no protocol can improve its standing here by adding a bigger number to its page.

Every row in this snapshot was comparable.

Columns

column	meaning
advertised_pct	the figure the issuer publishes on the surface named in advertised_source_url
realized_pct	annualized share price growth over the window, computed here
gap_pct	advertised minus realized, in percentage points
delivered_pct	realized as a percentage of advertised
advertised_basis	what question the advertised figure answers
realized_method	how the realized figure was obtained, weakest to strongest above
advertised_verbatim	the issuer's own words or payload, quoted and dated
advertised_min_pct, advertised_max_pct	the range the advertised figure covered over the same window, from the issuer's own published history
advertised_median_pct	the median of that history. Against a volatile spot rate this is the figure a holder is more likely to have lived through
advertised_spread_ratio	max divided by min. A value near 1 means the advertised figure is stable and the spot gap is trustworthy; a large value means it is not
spot_percentile	where the reading in advertised_pct sat inside that history, 0 to 100
spot_is_representative	true when the reading fell inside the middle half of its own range
gap_vs_median_pct	advertised median minus realized. Prefer this to gap_pct wherever it is present

Licence and scope

The compilation and every column computed here are released under CC BY 4.0.

advertised_verbatim is short factual quotation from each issuer's own public surface, attributed and dated, and is not claimed under that licence. Protocol names and marks are used nominatively to identify the products measured.

Limitations, stated rather than buried

• 7 of 7 rows in this snapshot carry a comparable pair. The rest are published with their reason.
• Rows on thirdparty_rate_series depend on a third party and are labelled as such.
• The independently collected share price series in this repository starts on the day this collector first ran. It does not backfill, and a row will say insufficient_history rather than annualize a window it does not have.
• A figure read from an issuer API is the figure that API served at captured_at. It is not a claim about what a human sees in that issuer's app at any other moment.