The listed print

One published USD list, the same for everyone. The listing / methodology licence is the new primary SKU. Freeze remains on the schedule as residual integrity, not as the demand engine of v0.17/v0.18.

Each of these raises a headline number faster than anything in this plan. Each is refused. They are listed so that the board, and any investor who reads this, can see that the refusals are deliberate.

Live as of 11 September 2026: 0 named firms, 5 lab seats, F2 0.5737 sealed #169, bond pool $275.0k USD, readers free. Seventeen claims, dated.

entity_structure_v0.19. The v0.18 number already prices a benchmark administrator. Attaching it to CSAI mixes it with advisor suites, x402 and the DFY lane. Investors buy the publisher on MSCI / CF Benchmarks comparables without a conglomerate discount. Line 1 stands unamended because the publisher holds no token.

Working figures, USD thousands. Year 1 is twelve months from adoption and opens at zero paid licences. Counts are end-of-year; in-year revenue is below exit run-rate because of growth during the year. Listing-path run-rates are constructed so the path is comparable to v0.18, not so it wins.

• Year-3 recurring run-rate base of $4.8M is the listed-path working figure in the Decision Support model, not a v0.18 published number. v0.18’s bonded base was $5.4M of run-rate on a Freeze flywheel that has not started.
• Year 1 opens at zero licences sold. F2 is listed as a funding mark; it is not yet a paid methodology licence. The year-1 revenue line is a conversion of what is already running, not a continuation of v0.18’s ramp.
• Net in year 1 is approximately nil post-raise because the raise pulls commercial and counsel forward. The plan does not need the money to survive; it needs it so a slow conversion does not also stop hiring.
• The royalty is still barely an option. In the base case it sits on the minimum. It is the high case where listed notional lifts the variable leg.

The bonded-path flywheel was $219k to CSAI, induced by five named signers a sponsor had to hire. This is the listing-path restatement: the sponsor lists a wrapper against a signed print. Signers are still paid, by the sponsor, never through us.

1. F2 · Live now

   Density freeze — perp funding mark

   Genus II. Already paying on ETH Sepolia and Canton. First commercial motion is to convert the funding-mark use into a methodology licence at the USD list, not to wait for Freeze licences to sell.

2. P3 · 8 February 2027

   Tail mass — 30-day listed wing

   Genus I. First dated money line. Prediction-market contract. The harbor, if it exists by then, is a listing convenience. Do not wait to sell Freeze licences first.

3. P4 · Once the strip lists

   Curve digest — oracle / margin

   On-chain lending and options protocols. Channel licences carry the quorum forward; we do not operate the bridge.

4. P6 · Year 2

   Term set — 9 / 30 / 90 vs VIX / DVOL

   The comparability trade. This is what an OTC dealer or a structured-products desk wants, and it is how the book sits beside VIX on VIX’s own surface.

5. P7 · Once the strip lists

   Shortfall — tail products

   Risk-budgeted products. One live product per print, each on a different sponsor, so no sponsor exceeds a fifth of royalties.

Functions of a publisher: rule stewardship, Read operations, licensing and benchmark administration, commercial (venues, not nodes), finance and the board’s attestation of the fourteen lines. No compliance officer for a licence we do not hold; no treasury for deposits we do not take; no token function.

1. 01List prices are fixed, public and the same for everyone (line 2). They change once a year by a published schedule, announced in week 40 for the following September, and never by negotiation.
2. 02The schedule published here (Read $12k; Freeze, desk and channel $24k; listing / methodology $48k; royalty max($25k, 0.5 bp); history $6k) is honoured through year 2 in full.
3. 03The year-3 schedule is announced in week 40 of year 2, thirteen months before it binds anyone. A change applies on renewal or new signature, never mid-term.
4. 04A price change must be justifiable by content added. Year-3 Read at $15k carries three underliers where the $12k Read carried one; year-3 listing licence at $54k covers prints on all of them.
5. 05No DFY column on the schedule. No investor, sponsor, node or desk receives any price other than the published USD price, including as consideration in a financing.
6. 06A prospective investor asking for the Read during diligence gets the published product at the published price, or gets nothing. Diligence is conducted on the public registry states, the reference implementation, the test vectors and the book.

A financing is the one lever that could change the structure later, through a controlling investor who wants the refused list. The answer is structural. If the charter clause cannot be agreed, the round should not be taken; the listed path does not require it to survive.

1. 01The fourteen standing lines are adopted into the publisher’s certificate as a purpose-and-limitation clause and may be amended only by a supermajority of the preferred and a majority of the independent directors.
2. 02Line 1 stands in its v0.17 strength at the publisher: it sells, issues, prices, accepts, references and holds no token. DFY as a listed-wrapper unit lives at the venue, not in that sentence.
3. 03No protective provision, board veto or consent right may be drafted so as to require, permit or induce the publisher to hold, issue, price, accept or reference any token; take custody of any person’s assets; collect a sponsor’s fee for onward payment; operate a front-end, relayer or wallet; or price the Read other than at the published USD schedule.
4. 04The annual attestation that the fourteen lines held is delivered to investors as an information right, in the same form the board receives it. Fourteen of fourteen, dated, or an explanation.
5. 05A director appointed by an investor is bound by the same policy and the appointment letter says so.
6. 06No investor may be a party whose economic interest is in W, in DFY as a rail, in a venue that lists either, or in a sponsor, without disclosure to the board and recusal from any licensing decision touching that party.
7. 07CSAI as controlling stockholder is bound by the same policy in the stockholders’ agreement. The parent may not vote to take the publisher across a line.
8. 08Two independent directors at formation. CSAI’s nominees recuse on licensing decisions that touch CSAI, NetCo, or the DFY lane.

1. This week · 11–18 Sep 2026

   Form the publisher. Contribute the rule, the record, the Read and the feeds under §351. Two independents. Instruct data agreements.

2. Week 2 · by 25 Sep 2026

   Drop the v0.17 SAFE. Charter the fourteen lines. Publish F2 funding-mark terms at the USD list. First listing-licence conversations with venues already settling F2.

3. Harbor window · 1 Oct 2026

   Assumed tokenization harbor opens. Scenario switch, not a statute. Nothing in this calendar waits on it.

4. Week 7 · by standing condition 5

   OPRA derived-data and Deribit agreements in the publisher’s name.

5. The gate · 23 Nov 2026

   Five unrelated named firms live; counsel’s pre-deployment opinion. Lab keys do not satisfy it. If it fails, F2 remains a funding mark; the administrator packet is not complete; the second tranche does not close.

6. Week 20 · early 2027

   Publish the full list-price schedule, including the listing licence, in USD. No DFY column. History licence subject to counsel on L4.

7. First dated money · 8 Feb 2027

   P3 listed wing. Proceed on listed-wing terms. Do not wait to sell Freeze licences, and do not wait to make DFY the rail.

8. Year 2 Q1 · 2027 Q3–Q4

   ETH prints licensable (already on the tape as a rail; this is the Freeze-licence-cohort date, pulled forward because the rail is live).

9. Week 40 of year 2 · 2028

   Announce the year-3 schedule. Third underlier selected on observed demand, not on preference now.

Risks to the numbers, not to the design. The design’s risks remain in omeganet_v0.17. These are the price of converting a live funding mark into a paid listing business.