Security Model
What the protocol must protect and from whom.
Assets at risk
- Stockpile holdings — the entire economic substance of the protocol
- Fee balances in transit between the router and the reserve engine
- The claim accounting that determines redemption amounts
Adversaries
| Adversary | Objective |
|---|---|
| External attacker | Drain the Stockpile or mint unbacked claim |
| Privileged operator | Extract value through parameters or upgrades |
| Oracle manipulator | Distort NAV to over-borrow or over-redeem |
| MEV actor | Extract value around acquisitions and redemptions |