Onboarding verification briefEuler forum #1862

kUSD (Kerne): control-plane state at Base Mainnet block 57,050,397

Read-only verification of who can change kUSD (Kerne) and the Euler (Base) · isolated kUSD/USDC market it is proposed for, pinned to a canonical block and reproducible on any archive node. Forum thread: kUSD/USDC isolated market on Euler Base: deployed, ungoverned, and an underwriting packet for curators ↗.

Asset: kUSD (Kerne)
Venue: Euler (Base) · isolated kUSD/USDC market
Pinned block: Base Mainnet #57,050,397 · 2026-11-13 20:07:35 UTC Canonical (EIP-1898)
Block hash: 0xd6d02efb…eb88a7
Data: /api/v1/onboarding.json · slug kerne-kusd-base

Market governor

address(0)

Vaults + router immutable

kUSD admin

48h timelock

Proposer: 2-of-3 Safe

Oracle

1.00 USDC

Fixed rate per kUSD

LTV (borrow / liq.)

60% / 65%

Set at deploy

1. Findings

The market layer has no governor: governorAdmin() returns 0x0000…0000 on the USDC vault and 0x0000…0000 on the kUSD escrow vault, and EulerRouter.governor() returns 0x0000…0000. Oracle, LTVs and caps cannot be changed by anyone.
Caps are unset and cannot be set: supply cap none (AmountCap 0), borrow cap none (AmountCap 0). Exposure limits exist only in the curator vault that allocates to this market.
kUSD is priced at a fixed rate: getQuote(1e18 kUSD → USDC) = 1.00 USDC from 0x8f27…D2D3. Borrow / liquidation LTV 60.00% / 65.00%. No market price feeds liquidations, so lender recovery depends on kUSD redemption and its backing.
kUSD implements AccessControl (supportsInterface(0x7965db0b) = true). DEFAULT_ADMIN_ROLE on kUSD is held by the TimelockController 0x36A1…0D72 (hasRole = true; getMinDelay() = 172,800s, 48h). The 2-of-3 Safe 0x52d3…4877 is its proposer, executor and canceller (true / true / true) and does not hold DEFAULT_ADMIN_ROLE on kUSD itself.
MINTER_ROLE is held by 0xaBDE…9803 (kUSD() = 0x5C2E…0AA3, paused() = false), whose DEFAULT_ADMIN_ROLE is the same timelock (true). Role changes on kUSD and on the minter pass a 48-hour public queue.
kUSD AccessControl role history (16 events, blocks 44,448,090–57,050,397): DEFAULT_ADMIN_ROLE → 0x36A1…0D72 (contract, 6,536 bytes); MINTER_ROLE → 0xaBDE…9803 (contract, 11,376 bytes).
kUSD admin TimelockController role history (4 events, blocks 49,495,127–57,050,397): DEFAULT_ADMIN_ROLE → 0x36A1…0D72 (contract, 6,536 bytes); PROPOSER_ROLE → 0x52d3…4877 (2-of-3 Safe); EXECUTOR_ROLE → 0x52d3…4877 (2-of-3 Safe); CANCELLER_ROLE → 0x52d3…4877 (2-of-3 Safe).
kUSD minter contract role history (11 events, blocks 48,469,020–57,050,397): DEFAULT_ADMIN_ROLE → 0x36A1…0D72 (contract, 6,536 bytes); MANAGER_ROLE → 0x36A1…0D72 (contract, 6,536 bytes), 0xC47a…Cc8E (contract, 1,012 bytes).

2. Observed state at block 57,050,397

Block hash 0xd6d02efb…eb88a7; every read below used EIP-1898 {blockHash, requireCanonical: true} and returned byte-identical results on 3 independent RPC endpoints.

Check	Contract	Value
kUSD totalSupply()	0x5C2E…0AA3	`1135263248000000000000`
kUSD decimals()	0x5C2E…0AA3	`18`
kUSD symbol()	0x5C2E…0AA3	`kUSD`
kUSD supportsInterface(IAccessControl)	0x5C2E…0AA3	`true`
eUSDC vault governorAdmin()	0xe87c…6AA3	`0x0000000000000000000000000000000000000000`
eUSDC vault oracle()	0xe87c…6AA3	`0xB95407727d33fB2E444966fd0B7D0E7767Ce019E`
eUSDC vault caps() (supplyCap, borrowCap)	0xe87c…6AA3	`0, 0`
eUSDC LTVBorrow(ekUSD)	0xe87c…6AA3	`6000`
eUSDC LTVLiquidation(ekUSD)	0xe87c…6AA3	`6500`
eUSDC totalAssets()	0xe87c…6AA3	`50129596`
eUSDC totalBorrows()	0xe87c…6AA3	`20129596`
ekUSD escrow governorAdmin()	0xD380…509e	`0x0000000000000000000000000000000000000000`
ekUSD escrow asset()	0xD380…509e	`0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3`
ekUSD escrow totalAssets()	0xD380…509e	`80000000000000000000`
EulerRouter governor()	0xB954…019E	`0x0000000000000000000000000000000000000000`
EulerRouter getConfiguredOracle(kUSD, USDC)	0xB954…019E	`0x8f27228f02E798c17B7d6b270F32F8EC6afDD2D3`
FixedRateOracle getQuote(1e18 kUSD -> USDC)	0x8f27…D2D3	`1000000`
Kerne Safe getThreshold()	0x52d3…4877	`2`
Kerne Safe getOwners()	0x52d3…4877	`[3] 0x14f04cE02f35B29Af564A98544dD7e2393993946, 0x0CeC7021f4c20f3D5eBb55c1AC591c15eFBb7895, 0xf4A43C88b7370Bd6e370c7Af5FE663c6D223B3fb`
kUSD hasRole(DEFAULT_ADMIN_ROLE, Kerne Safe)	0x5C2E…0AA3	`false`
kUSD hasRole(DEFAULT_ADMIN_ROLE, admin timelock)	0x5C2E…0AA3	`true`
kUSD admin timelock getMinDelay()	0x36A1…0D72	`172800`
timelock hasRole(PROPOSER_ROLE, Kerne Safe)	0x36A1…0D72	`true`
timelock hasRole(EXECUTOR_ROLE, Kerne Safe)	0x36A1…0D72	`true`
timelock hasRole(CANCELLER_ROLE, Kerne Safe)	0x36A1…0D72	`true`
kUSD hasRole(MINTER_ROLE, minter contract)	0x5C2E…0AA3	`true`
minter contract kUSD()	0xaBDE…9803	`0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3`
minter contract paused()	0xaBDE…9803	`false`
minter hasRole(DEFAULT_ADMIN_ROLE, admin timelock)	0xaBDE…9803	`true`

3. Role maps (replayed from events)

kUSD AccessControl role history · 0x5C2E…0AA3 · 16 events, blocks 44,448,090–57,050,397

Role	Holders at the pinned block	Capability (target · function)
`DEFAULT_ADMIN_ROLE`	0x36A1…0D72 (contract, 6,536 bytes)	—
`MINTER_ROLE`	0xaBDE…9803 (contract, 11,376 bytes)	—

kUSD admin TimelockController role history · 0x36A1…0D72 · 4 events, blocks 49,495,127–57,050,397

Role	Holders at the pinned block	Capability (target · function)
`DEFAULT_ADMIN_ROLE`	0x36A1…0D72 (contract, 6,536 bytes)	—
`PROPOSER_ROLE`	0x52d3…4877 (2-of-3 Safe)	—
`EXECUTOR_ROLE`	0x52d3…4877 (2-of-3 Safe)	—
`CANCELLER_ROLE`	0x52d3…4877 (2-of-3 Safe)	—

kUSD minter contract role history · 0xaBDE…9803 · 11 events, blocks 48,469,020–57,050,397

Role	Holders at the pinned block	Capability (target · function)
`DEFAULT_ADMIN_ROLE`	0x36A1…0D72 (contract, 6,536 bytes)	—
`MANAGER_ROLE`	0x36A1…0D72 (contract, 6,536 bytes) 0xC47a…Cc8E (contract, 1,012 bytes)	—

4. Reproduce

Reproduce every value on any archive node

# Base Mainnet block 57050397
cast block 57050397 --field hash --rpc-url "$BASE_RPC_URL"
# expect 0xd6d02efb420f81b3f0e095d78453362c4488afb9adc0f8e1c411bb265beb88a7

# kUSD totalSupply()
cast call 0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3 "totalSupply()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# kUSD decimals()
cast call 0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3 "decimals()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# kUSD symbol()
cast call 0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3 "symbol()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# kUSD supportsInterface(IAccessControl)
cast call 0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3 "supportsInterface(bytes4)" 0x7965db0b00000000000000000000000000000000000000000000000000000000 --block 57050397 --rpc-url "$BASE_RPC_URL"
# eUSDC vault governorAdmin()
cast call 0xe87c294E1139C31770727193e3Be0ccEd73d6AA3 "governorAdmin()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# eUSDC vault oracle()
cast call 0xe87c294E1139C31770727193e3Be0ccEd73d6AA3 "oracle()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# eUSDC vault caps() (supplyCap, borrowCap)
cast call 0xe87c294E1139C31770727193e3Be0ccEd73d6AA3 "caps()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# eUSDC LTVBorrow(ekUSD)
cast call 0xe87c294E1139C31770727193e3Be0ccEd73d6AA3 "LTVBorrow(address)" 0xD3800ceb6bBeB90101ed5d5A46017fE846c9509e --block 57050397 --rpc-url "$BASE_RPC_URL"
# eUSDC LTVLiquidation(ekUSD)
cast call 0xe87c294E1139C31770727193e3Be0ccEd73d6AA3 "LTVLiquidation(address)" 0xD3800ceb6bBeB90101ed5d5A46017fE846c9509e --block 57050397 --rpc-url "$BASE_RPC_URL"
# eUSDC totalAssets()
cast call 0xe87c294E1139C31770727193e3Be0ccEd73d6AA3 "totalAssets()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# eUSDC totalBorrows()
cast call 0xe87c294E1139C31770727193e3Be0ccEd73d6AA3 "totalBorrows()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# ekUSD escrow governorAdmin()
cast call 0xD3800ceb6bBeB90101ed5d5A46017fE846c9509e "governorAdmin()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# ekUSD escrow asset()
cast call 0xD3800ceb6bBeB90101ed5d5A46017fE846c9509e "asset()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# ekUSD escrow totalAssets()
cast call 0xD3800ceb6bBeB90101ed5d5A46017fE846c9509e "totalAssets()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# EulerRouter governor()
cast call 0xB95407727d33fB2E444966fd0B7D0E7767Ce019E "governor()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# EulerRouter getConfiguredOracle(kUSD, USDC)
cast call 0xB95407727d33fB2E444966fd0B7D0E7767Ce019E "getConfiguredOracle(address,address)" 0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913 --block 57050397 --rpc-url "$BASE_RPC_URL"
# FixedRateOracle getQuote(1e18 kUSD -> USDC)
cast call 0x8f27228f02E798c17B7d6b270F32F8EC6afDD2D3 "getQuote(uint256,address,address)" 1000000000000000000 0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913 --block 57050397 --rpc-url "$BASE_RPC_URL"
# Kerne Safe getThreshold()
cast call 0x52d3E450bA6c299B1B07298F1E87DD74732D4877 "getThreshold()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# Kerne Safe getOwners()
cast call 0x52d3E450bA6c299B1B07298F1E87DD74732D4877 "getOwners()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# kUSD hasRole(DEFAULT_ADMIN_ROLE, Kerne Safe)
cast call 0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3 "hasRole(bytes32,address)" 0x0000000000000000000000000000000000000000000000000000000000000000 0x52d3E450bA6c299B1B07298F1E87DD74732D4877 --block 57050397 --rpc-url "$BASE_RPC_URL"
# kUSD hasRole(DEFAULT_ADMIN_ROLE, admin timelock)
cast call 0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3 "hasRole(bytes32,address)" 0x0000000000000000000000000000000000000000000000000000000000000000 0x36A14976980B7Dd33136f6613545EB0A2C0a0D72 --block 57050397 --rpc-url "$BASE_RPC_URL"
# kUSD admin timelock getMinDelay()
cast call 0x36A14976980B7Dd33136f6613545EB0A2C0a0D72 "getMinDelay()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# timelock hasRole(PROPOSER_ROLE, Kerne Safe)
cast call 0x36A14976980B7Dd33136f6613545EB0A2C0a0D72 "hasRole(bytes32,address)" 0xb09aa5aeb3702cfd50b6b62bc4532604938f21248a27a1d5ca736082b6819cc1 0x52d3E450bA6c299B1B07298F1E87DD74732D4877 --block 57050397 --rpc-url "$BASE_RPC_URL"
# timelock hasRole(EXECUTOR_ROLE, Kerne Safe)
cast call 0x36A14976980B7Dd33136f6613545EB0A2C0a0D72 "hasRole(bytes32,address)" 0xd8aa0f3194971a2a116679f7c2090f6939c8d4e01a2a8d7e41d55e5351469e63 0x52d3E450bA6c299B1B07298F1E87DD74732D4877 --block 57050397 --rpc-url "$BASE_RPC_URL"
# timelock hasRole(CANCELLER_ROLE, Kerne Safe)
cast call 0x36A14976980B7Dd33136f6613545EB0A2C0a0D72 "hasRole(bytes32,address)" 0xfd643c72710c63c0180259aba6b2d05451e3591a24e58b62239378085726f783 0x52d3E450bA6c299B1B07298F1E87DD74732D4877 --block 57050397 --rpc-url "$BASE_RPC_URL"
# kUSD hasRole(MINTER_ROLE, minter contract)
cast call 0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3 "hasRole(bytes32,address)" 0x9f2df0fed2c77648de5860a4cc508cd0818c85b8b8a1ab4ceeef8d981c8956a6 0xaBDE1138aa1Ce88d1dF06422C0c3b05D70569803 --block 57050397 --rpc-url "$BASE_RPC_URL"
# minter contract kUSD()
cast call 0xaBDE1138aa1Ce88d1dF06422C0c3b05D70569803 "kUSD()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# minter contract paused()
cast call 0xaBDE1138aa1Ce88d1dF06422C0c3b05D70569803 "paused()" --block 57050397 --rpc-url "$BASE_RPC_URL"
# minter hasRole(DEFAULT_ADMIN_ROLE, admin timelock)
cast call 0xaBDE1138aa1Ce88d1dF06422C0c3b05D70569803 "hasRole(bytes32,address)" 0x0000000000000000000000000000000000000000000000000000000000000000 0x36A14976980B7Dd33136f6613545EB0A2C0a0D72 --block 57050397 --rpc-url "$BASE_RPC_URL"

# kUSD AccessControl role history: replay 16 events
cast logs --from-block 44448090 --to-block 57050397 --address 0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3 --rpc-url "$BASE_RPC_URL"

# kUSD admin TimelockController role history: replay 4 events
cast logs --from-block 49495127 --to-block 57050397 --address 0x36A14976980B7Dd33136f6613545EB0A2C0a0D72 --rpc-url "$BASE_RPC_URL"

# kUSD minter contract role history: replay 11 events
cast logs --from-block 48469020 --to-block 57050397 --address 0xaBDE1138aa1Ce88d1dF06422C0c3b05D70569803 --rpc-url "$BASE_RPC_URL"

5. Scope

Observations of on-chain state only. They do not assess code correctness, reserves, legal structure or off-chain key custody, and they are not investment advice.
Issuers can clear or document these findings with a 24h Collateral Onboarding & Delta Clearance Attestation ($5,000 USDC flat): block-pinned audit, docs / config reconciliation PR, Base EAS Aligned attestation and a Curator Diligence Dossier for the forum thread.

For issuers

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