ADCP controlled pilotBase SepoliaTest assets — no real value
Direct on-chain state, read live. Balance-sheet-first: custody, reserves, and productive capacity before anything else.
Custody reconciliation and the protocol's accounted USDC position.
Committed reserve buckets, and the two DIFFERENT uncommitted-capacity concepts: accounting-free capital, and the smaller ALM-authorized ceiling for productive credit deployment.
What the protocol has realized and recovered to date — never unrealized or projected.
A permissionless, protocol-determined execution — any wallet may trigger it. It allocates already-realized surplus across reserves, PBR, operations, and distribution in a fixed priority order; it never creates revenue, and outstanding senior principal is never itself surplus.
Permanent Equity Unit supply is fixed at genesis and never inflatable.