Every step, a transaction you can open.

We asked the contracts to break the rules. They refused.

From deploy to an LP exit.

1. 1

   Issuer verifies two traders

   The identity registry marks Dana and Eli as verified holders. Fox is never verified. LPs are never verified either — they never hold the asset.

   • ✓ Verify Dana0x53be75…bb0722 ↗
   • ✓ Verify Eli0xe1b9f6…a9f7ae ↗
2. 2

   Open LPs supply dUSD

   Three unverified wallets supply dUSD to the senior tranche. Senior is paid first, in dUSD.

   • ✓ LP · Alice supplies 60,000 dUSD0x88d16f…2e41bb ↗
   • ✓ LP · Ben supplies 30,000 dUSD0xbbd74a…1be80a ↗
   • ✓ LP · Chloe supplies 25,000 dUSD0x1d3d65…8d6f68 ↗
3. 3

   A slice goes to the pool; the rest keeps earning

   The vault pairs ~19% of senior with the issuer’s property inventory in the Uniswap v4 pool. The other ~81% stays in the lending venue.

   • ✓ Deploy 22,000 dUSD of senior into the pool0x3a2455…308b44 ↗
4. 4

   Verified traders trade inside the band

   Dana and Eli buy and sell the property token. Every trade settles inside the appraisal band.

   • ✓ Dana buys with 250 dUSD0xb7a587…c41e33 ↗
   • ✓ Eli buys with 150 dUSD0xb65e7e…001252 ↗
   • ✓ Dana approves the router (property)0x658ce9…09ee84 ↗
   • ✓ Dana sells 1 WCP70x923375…67584f ↗
5. 5

   An unverified wallet is refused

   Refused on-chain

   Fox tries to buy. The property token itself refuses to deliver to an unverified wallet, so the whole swap reverts on-chain.

   • ⨯ Fox (unverified) tries to buy with 100 dUSDNotPermitted: the property token refused to deliver to an unverified wallet (decoded from the chain)0xbc4171…d89fc5 ↗
6. 6

   A trade beyond the band is refused

   Refused on-chain

   A buy large enough to push the price more than ~10% past the appraisal is rejected by the hook.

   • ⨯ Dana tries a 2,500 dUSD buy (would leave the band)PriceOutOfBand: the hook refused a trade that would end outside the appraisal band (decoded from the chain)0x855bb2…2a9dc8 ↗
7. 7

   The appraisal moves, within its limits

   The keeper posts a new appraisal: bounded to ~5% per update and at most once per interval. The band moves with it.

   • ✓ Keeper posts appraisal +2%0x0287c9…29d155 ↗
8. 8

   Idle liquidity earns

   The lending venue realises the interest accrued on the idle senior (simulated testnet yield).

   • ✓ Realise accrued lending interest0xbb56fb…28619a ↗
9. 9

   An LP exits in dUSD only

   Chloe redeems half her senior shares and receives dUSD. She never held, and is not eligible to hold, the property token.

   • ✓ Chloe redeems half her senior0x08b0cf…4867dd ↗

Source-verified on Base Sepolia.