walerikus 6ea6279d13 docs(snapshots): backfill domain/summary/tags frontmatter + enhance index

Phase 1 of the docs-by-domain reorg. Every snapshot now carries YAML
frontmatter (domain + summary + tags); the auto-guess was hand-corrected
against the full index (T6/interchain -> cross-chain, CDP/MBA/stablecoin
-> fiatm, CitizenToken/Ballot -> governance, etc.). No file renamed/moved.

build-snapshot-index.mjs now reads the frontmatter and emits a greppable
INDEX.md: a top Quick-find table (No | domain | tags | summary) plus
per-domain sections with summary + tags. 224/224 tagged, 8 domains, zero
uncategorised.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>

2026-07-06 20:12:24 +02:00

2.4 KiB

Raw Blame History

domain	summary	tags
fiatm	ADR-0033 Decision 9: leverage + value-flow asymmetry (upside always flows past the holder)

Snapshot 0073: ADR-0033 Decision 9: leverage + value-flow asymmetry (upside always flows past the holder)

Captured 2026-05-28T04:50:31.068Z

Git state

Rev: (no git)
Working tree: clean

File counts

Area	Files
src/	57
contracts/	56
test/	45

Scope

Final dynamic-consequence addition to ADR-0033 — the systemic critique of CDP stablecoins as leverage instruments and the value-flow asymmetry across three actors. No code/contract.

What landed

ADR-0033 — Decision 9 added: leverage + value-flow asymmetry. Compounds with Decisions 7 (volatility paradox) and 8 (secured-not-backed + decoupling).
wiki/asset-landscape.md — "Leverage and the value-flow asymmetry" sub-subsection appended to the Layer-2a CDP block, listing the three actors and the routing.

The three-actor frame

Borrower (vault owner / debtor): captures collateral upside while solvent; bears the full downside on a crash (liquidated).
Keeper / liquidator: buys liquidated collateral at a discount + penalty; in a drop-then-recover sequence captures the upside the liquidated borrower lost.
Stablecoin holder: captures nothing from collateral volatility (flat at peg by design); absorbs the tail (peg break under stress).

Key takeaway

In every scenario, the upside flows past the holder. The asset's "stability" is achieved by routing volatility elsewhere — to borrowers when solvent, to keepers when not — not by eliminating it. CDPs raise the volatility of the asset they depend on (leverage cascades) while routing the resulting value flow away from the holders whose stability the system advertises.

Deferred / next

The taxonomy thread is now complete and consistent: ADR-0033 (9 decisions), asset-landscape.md (3-rung table + structural test + unilateral-redemption + volatility paradox + secured-vs-backed + leverage/value-flow), Knowledgebase corpus (older "soft-backed" wording — predates Decisions 8–9; flag if a full repaint is wanted), glossary (volatility-paradox tag; secured-vs-backed not yet propagated), Avalanche UI sheets.
Open from earlier threads: oracle freshness binding, bilateral STABLE/LONG hedge, ExpiringMBA transfer path, AMM LP-shares + fee.

2.4 KiB Raw Blame History Unescape Escape