Documentation
How the protocol is built, guaranteed, and governed.
Written for reviewers and integrators. This build reads the Sepolia testnet deployment. Test tokens have no value.
Start here
Protocol Overview
What the protocol is: two tokens, identified-per-asset collateral, and the three-layer loss cascade.
Read →Safety spec
Protocol Guarantees
The nine system invariants — backing, value conservation, cascade ordering, the mint gate, FIFO redemption — each mapped to the on-chain mechanism that enforces it and the test that proves it.
Read →Trust model
Roles & Governance
Every privileged role, who holds it in production, and the exact functions it gates — including the timelocked governance setters and the never-pausable cascade.
Read →Valuation
Default Recovery & Exit Pricing
How professional recovery assessments affect the queue, how junior protection is applied, and why any later redeemer top-up is discretionary and separately funded.
Read →Assurance
Security & Testing
Test rigor, exact current evidence, the multi-round internal audit, and the human-owned production assurance gates.
Read →Full findings
Audit Register
Every source-level review run against the protocol, newest first — each round with its own findings and its own remediation history, including the findings that were accepted rather than fixed.
Browse the rounds →