{
  "artifact": "arunights-audit-pack",
  "generated_utc": "2026-07-19T03:07:48+00:00",
  "methodology_version": "0.2.1",
  "ratings_as_of": "2026-07-11",
  "inputs": {
    "ratings_json_sha256": "e50b5dbfc3337a5d712d974802bee8389672889f5c45584251c938003d3c94a3",
    "portfolio_json_sha256": "ecda53a92879db16be24fc58eec337f3281dc8758e21a79a8231cd3d7e2d34fb",
    "portfolio_name": "Demo book (synthetic)"
  },
  "summary": {
    "gross_usd": 27950000,
    "risk_adjusted_usd": 24440000.0,
    "haircut_drag_usd": 3510000.0,
    "haircut_drag_pct": 12.56,
    "exposure_weighted_score": 78.5,
    "policy_checks": [
      {
        "check": "No realized-failure (F) exposure",
        "result": "FAIL"
      },
      {
        "check": "Single instrument <= 25% of gross",
        "result": "FAIL"
      },
      {
        "check": "C+ and below <= 10% of gross",
        "result": "PASS"
      },
      {
        "check": "Low-confidence grades <= 15% of gross",
        "result": "PASS"
      }
    ]
  },
  "positions": [
    {
      "id": "buidl",
      "name": "BUIDL",
      "issuer": "BlackRock / Securitize",
      "class": "RWA wrapper",
      "grade": "A",
      "score": 88.8,
      "confidence": "high",
      "status": "draft",
      "flags": [],
      "amount_usd": 10000000,
      "haircut_pct": 6.0,
      "haircut_derivation": "base 4% (A) x 1.00 (high confidence) + 2pp class + 0pp flags",
      "adjusted_usd": 9400000.0,
      "evidence_links": [
        "https://coinlaw.io/decentralized-finance-market-statistics/",
        "https://securitize.io"
      ],
      "falsifier": "Any gap between token transfers and fund-share registry reconciliation would cut Onchain Implementation."
    },
    {
      "id": "usdc",
      "name": "USDC",
      "issuer": "Circle",
      "class": "Yield dollar",
      "grade": "A",
      "score": 89.6,
      "confidence": "high",
      "status": "draft",
      "flags": [],
      "amount_usd": 6000000,
      "haircut_pct": 4.0,
      "haircut_derivation": "base 4% (A) x 1.00 (high confidence) + 0pp class + 0pp flags",
      "adjusted_usd": 5760000.0,
      "evidence_links": [
        "https://defillama.com/stablecoins",
        "https://www.circle.com/en/transparency",
        "https://www.spglobal.com/ratings/en/products/stablecoin-assessments"
      ],
      "falsifier": "Evidence of reserve composition drifting from cash/T-bills, or loss of a primary banking/custody relationship without replacement, would cut Backing and Counterparty scores."
    },
    {
      "id": "usdy",
      "name": "USDY",
      "issuer": "Ondo Finance",
      "class": "Yield dollar",
      "grade": "B+",
      "score": 77.2,
      "confidence": "medium",
      "status": "draft",
      "flags": [],
      "amount_usd": 3000000,
      "haircut_pct": 12.5,
      "haircut_derivation": "base 10% (B+) x 1.25 (medium confidence) + 0pp class + 0pp flags",
      "adjusted_usd": 2625000.0,
      "evidence_links": [
        "https://defillama.com",
        "https://ondo.finance"
      ],
      "falsifier": "Verified instant-redemption facility at scale would raise Redemption; any commingling finding would collapse the grade."
    },
    {
      "id": "usde",
      "name": "USDe",
      "issuer": "Ethena",
      "class": "Yield dollar",
      "grade": "B",
      "score": 64.4,
      "confidence": "high",
      "status": "draft",
      "flags": [
        "No retail redemption (institutional mint/redeem only)"
      ],
      "amount_usd": 4000000,
      "haircut_pct": 17.0,
      "haircut_derivation": "base 14% (B) x 1.00 (high confidence) + 0pp class + 3pp flags",
      "adjusted_usd": 3320000.0,
      "evidence_links": [
        "https://ethena.fi",
        "https://www.forbes.com/sites/digital-assets/2026/06/15/ethenas-usde-pays-yield-legally-and-the-genius-act-has-no-answer-for-it/",
        "https://www.htx.com/en-us/news/428511/"
      ],
      "falsifier": "A major hedging-venue failure handled without holder loss would raise Counterparty; a prolonged deep-negative funding regime draining the reserve fund would cut Backing materially."
    },
    {
      "id": "susde",
      "name": "sUSDe",
      "issuer": "Ethena",
      "class": "Yield dollar",
      "grade": "B-",
      "score": 60.0,
      "confidence": "high",
      "status": "draft",
      "flags": [
        "No retail redemption (institutional mint/redeem only)"
      ],
      "amount_usd": 1500000,
      "haircut_pct": 23.0,
      "haircut_derivation": "base 20% (B-) x 1.00 (high confidence) + 0pp class + 3pp flags",
      "adjusted_usd": 1155000.0,
      "evidence_links": [
        "https://ethena.fi",
        "https://www.htx.com/en-us/news/428511/"
      ],
      "falsifier": "Cooldown removal or demonstrated orderly mass-unstake under stress would raise Redemption."
    },
    {
      "id": "syrupusdc",
      "name": "syrupUSDC",
      "issuer": "Maple Finance",
      "class": "Yield dollar",
      "grade": "B-",
      "score": 60.3,
      "confidence": "medium",
      "status": "draft",
      "flags": [],
      "amount_usd": 2000000,
      "haircut_pct": 25.0,
      "haircut_derivation": "base 20% (B-) x 1.25 (medium confidence) + 0pp class + 0pp flags",
      "adjusted_usd": 1500000.0,
      "evidence_links": [
        "https://defillama.com",
        "https://maple.finance"
      ],
      "falsifier": "A full credit cycle with sub-1% realized losses would raise Backing; borrower-book opacity increasing (or withdrawal queue growth) would cut it."
    },
    {
      "id": "mbasis",
      "name": "mBASIS",
      "issuer": "Midas",
      "class": "Yield dollar",
      "grade": "C+",
      "score": 56.3,
      "confidence": "medium",
      "status": "provisional",
      "flags": [],
      "amount_usd": 800000,
      "haircut_pct": 37.5,
      "haircut_derivation": "base 30% (C+) x 1.25 (medium confidence) + 0pp class + 0pp flags",
      "adjusted_usd": 500000.0,
      "evidence_links": [
        "https://midas.app",
        "https://morpho.org/stories/midas/"
      ],
      "falsifier": "Published third-party verification of strategy positions and drawdown controls would raise Backing and Counterparty."
    },
    {
      "id": "lvlusd",
      "name": "lvlUSD",
      "issuer": "Level",
      "class": "Yield dollar",
      "grade": "C+",
      "score": 51.7,
      "confidence": "low",
      "status": "provisional",
      "flags": [
        "Reserves not fully verifiable"
      ],
      "amount_usd": 400000,
      "haircut_pct": 55.0,
      "haircut_derivation": "base 30% (C+) x 1.50 (low confidence) + 0pp class + 10pp flags",
      "adjusted_usd": 180000.0,
      "evidence_links": [
        "https://level.money"
      ],
      "falsifier": "Published, verifiable breakdown of reserve deployment with conservative venue caps would raise Backing and confidence."
    },
    {
      "id": "xusd",
      "name": "xUSD",
      "issuer": "Stream Finance",
      "class": "Yield dollar",
      "grade": "F",
      "score": 9.8,
      "confidence": "high",
      "status": "tombstone",
      "flags": [
        "Realized loss event \u2014 tombstone",
        "Undisclosed external manager",
        "Hardcoded-par oracle while used as collateral"
      ],
      "amount_usd": 250000,
      "haircut_pct": 100.0,
      "haircut_derivation": "realized loss event -> 100%",
      "adjusted_usd": 0.0,
      "evidence_links": [
        "https://blockeden.xyz/blog/2025/11/08/m-defi-contagion/",
        "https://www.panewslab.com/en/articles/c306e7e1-ccc2-41b2-928b-da78146a8daa"
      ],
      "falsifier": "None. Realized loss event."
    }
  ],
  "disclaimer": "Research opinions under a published methodology. Not credit ratings, not investment advice, not margin requirements. Grades marked draft/provisional are pending verification and right of reply.",
  "hash_scope": "sha256 over this manifest serialized with Python json.dumps(manifest, sort_keys=True) \u2014 default separators, ensure_ascii \u2014 after removing the volatile generated_utc field and the manifest_sha256 field itself",
  "manifest_sha256": "2a4268ba977b617a3f4c2e75097a35a7d64aa917016f3ba9347ac0a7b30db203"
}